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Produtos de desacumulação : o uso de life-care annuities em Portugal
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Orientador(es)
Resumo(s)
A poupança efetuada com o objetivo de consumo na fase de reforma deve ser gerida por forma a impedir consumos excessivos quando ocorre a fase de desacumulação, onde os indivíduos utilizam as poupanças acumuladas.
Nesta tese pretende-se explorar a possibilidade de aplicação no mercado português de um produto de desacumulação que não é comercializado em Portugal, a life-care annuity. Este tipo de renda é um produto que combina o pagamento periódico de um montante previamente estipulado com benefícios semelhantes aos oferecidos pelos tradicionais seguros de saúde.
O produto já foi objeto de estudo noutros países e existem modelos desenvolvidos que permitem calcular o fator atuarial a aplicar na tarifação de uma life-care annuity. Para adaptação à realidade portuguesa, foi escolhido um modelo de multiestados com transições anuais, que prevê a hipótese de recuperação quando ocorrem situações de incapacidade. Assim, será criada uma tábua de mortalidade dinâmica, com base nos dados relativos à mortalidade, disponibilizados online na The Human Mortality Database.
Os resultados obtidos demonstram que este produto tem as características necessárias para ser implementado em Portugal, mitigando uma das razões que leva as pessoas a desistirem da compra das rendas vitalícias: falta de cobertura do risco de despesas com saúde durante a reforma.
The savings made with the consumption objective for the retirement phase should be well managed in order to prevent excessive consumption when the decumulation phase occurs and individuals use the accumulated savings. This thesis intends to explore the possibility of applying a decumulation product into the portuguese market. This product is not commercialized in Portugal yet and it is the life-care annuity. This type of annuity is a product that combines periodic payments of a stipulated amount with benefits that are similar to those offered by traditional health insurance. The product has already been applied in other countries and there are already developed models that allow the calculation of the actuarial factor to be used in the pricing of a life-care annuity. To adapt to the Portuguese reality, a multistate model with annual transitions was chosen. This model incorporates the hypothesis of recovery from disability situations. To implement it, a dynamic mortality table will be created, based on mortality data, made available online at The Human Mortality Database. The results show that this product has the necessary characteristics to be implemented in Portugal, mitigating one of the reasons why people choose not to purchase life annuities: the lack of coverage for the risk of health expenses during retirement.
The savings made with the consumption objective for the retirement phase should be well managed in order to prevent excessive consumption when the decumulation phase occurs and individuals use the accumulated savings. This thesis intends to explore the possibility of applying a decumulation product into the portuguese market. This product is not commercialized in Portugal yet and it is the life-care annuity. This type of annuity is a product that combines periodic payments of a stipulated amount with benefits that are similar to those offered by traditional health insurance. The product has already been applied in other countries and there are already developed models that allow the calculation of the actuarial factor to be used in the pricing of a life-care annuity. To adapt to the Portuguese reality, a multistate model with annual transitions was chosen. This model incorporates the hypothesis of recovery from disability situations. To implement it, a dynamic mortality table will be created, based on mortality data, made available online at The Human Mortality Database. The results show that this product has the necessary characteristics to be implemented in Portugal, mitigating one of the reasons why people choose not to purchase life annuities: the lack of coverage for the risk of health expenses during retirement.
Descrição
Dissertation presented as the partial requirement for obtaining a Master's degree in Statistics and Information Management, specialization in Risk Analysis and Management
Palavras-chave
Life-Care Annuity Longevidade Poupança Reforma Renda Vitalícia Seguros Longevity Savings Retirement Life Annuity Insurance