Preferences for annuity, critical illness, and long‐term care insurance portfolios: Evidence from an online survey
基于中国城市居民的在线调查，研究了在财务约束下人们对长寿、重大疾病和长期护理保险组合的需求，发现最受欢迎的保单组合包含50%的预期自付重疾和护理费用覆盖以及月年金约为城市人均可支配收入的20%。
Abstract In many low‐ and middle‐income countries, social insurance provides basic pension benefits with limited cover for illness and care costs, while private insurance markets are underdeveloped. Using an online survey of retirement portfolio choices in urban China, we examined the stated demand for longevity, critical illness, and long‐term care (LTC) insurance under realistic financial constraints. The most preferred portfolios had 50% cover for expected out‐of‐pocket critical illness and LTC costs, and a monthly annuity of around 20% of average urban disposable income. Access to critical illness and LTC insurance increased annuity demand in some cases, with effects varying by wealth and level of cover. Product knowledge, higher financial competence, stronger bequest motives, and lower risk tolerance were linked to higher demand for critical illness and LTC cover but lower demand for annuities. Results inform the development of retirement insurance markets in countries with ageing populations and social and private insurance gaps.