Life Insurance Products

Massimiliano Maggioni and Giuseppe Turchetti
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Massimiliano Maggioni: University of Milano
Giuseppe Turchetti: Sant’Anna School of Advanced Studies

Chapter 8 in Fundamentals of the Insurance Business, 2024, pp 127-160 from Springer

Abstract: Abstract This chapter illustrates the main life insurance products. Different types of cover have been divided into four macro-categories, based on the individual’s needs, and the characteristics of each are described: 1. Covers for the risk of death include “traditional” life insurance policies with death benefit: ordinary life insurance, Term life insurance and decreasing term policy. 2. Accumulation and savings consist of two main areas: life insurance products for family planning and financial insurance products. 3. Retirement provision products describe pension funds and Pan-European Pension Product (PEPP). Capitalisation system and PAYGO system. 4. Protection of health places special focus on health policies similar to life products (SLT Health), based on the duration of the covered risk. Serious illness (Dread Disease), Long-term care (LTC) and Activities of Daily Living (ADLs). A special section describes the insurance products for professional investors, such as Portfolio bonds (or wrapper products), Reverse Mortgage (or Equity release), impaired life annuity (or enhanced annuity), preferred lives, Longevity bonds, Constant Proportion Protection Insurance (CPPI). Finally, the classifications of PRIIPs insurance products and IBIPs are illustrated.

Keywords: Life insurance contract; Demographic risk; Financial risk; Ordinary life insurance; Term life insurance; Decreasing term policy; Waiting period; Accidental death clause; Endowment life insurance; Family income policy; Adjustable life insurance; Universal life insurance; Variable life insurance; Universal variable life insurance; Assured; Health History Questionnaire (HHQ); Suicide; Natural premium; Surrender; Paid up; Return of premiums; Loan on policy; Living benefit; Group life insurance; Index-linked policy; Guaranteed capital index-linked policy; Unit-linked policy; Hybrid or composite insurance products; Variable annuity policy; Option roll-up/option ratchet; Portfolio bonds (or wrapper products); Reverse Mortgage (or Equity release); Impaired life annuity (or enhanced annuity); Preferred lives; Longevity bonds; Constant Proportion Protection Insurance (CPPI); First; Second; Third Pillar (pension system); Capitalisation system; PAYGO system; Fixed contributions; Defined benefit funds; Closed pension funds; Open pension funds; Pan-European Pension Product (PEPP); Dread Disease policy; Long-Term Care insurance (LTC); Activities of Daily Living (ADLs); PRIIPs; IBIPs (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/978-3-319-52851-9_8

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