Life Insurance Demand Under Health Shock Risk
研究家庭在面临健康冲击风险时，由于保险调整成本高且仅能在健康时修订，导致长期人寿保险需求显著降低，年轻家庭甚至完全退出市场。
Abstract This article studies the consumption‐investment‐insurance problem of a family. The wage earner faces the risk of a health shock. The family can buy long‐term life insurance that can only be revised at significant costs. A revision is only possible as long as the insured person is healthy. The combination of unspanned labor income and the stickiness of insurance decisions reduces the long‐term insurance demand significantly. Since such a reduction is costly and families anticipate these potential costs, they buy less protection at all ages. In particular, young families stay away from long‐term life insurance markets altogether.