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Tax incentives, bequest motives and the demand for life insurance: evidence from Germany

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Author Info

  • Walliser, Jan

    (International Monetary Fund)

  • Winter, Joachim

    ()
    (Mannheim Research Institute for the Economics of Aging (MEA))

Abstract

Life insurance, in particular whole life insurance, plays an important role for private saving in Germany. Whole life insurance combines the insurance against uncertain death with a savings plan. Accordingly, a stylized model of life-cycle behavior would predict that whole life insurance purchases respond to both bequest motives and the tax advantages of life insurance compared with other forms of saving. Using data from the German Consumer Expenditure Survey (EVS), the paper shows that tax advantages and bequest motives indeed have an important impact on life insurance demand in Germany, if the empirical specification explicitly recognizes the censoring of life insurance face values.

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Bibliographic Info

Paper provided by Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim in its series Sonderforschungsbereich 504 Publications with number 99-28.

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Length: 0 pages
Date of creation: 01 Feb 1998
Date of revision:
Handle: RePEc:xrs:sfbmaa:99-28

Note: Financial Support from the Deutsche Forschungsgemeinschaft, SFB 504 at the University of Mannheim, is gratefully acknowledged.
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Cited by:
  1. Axel Börsch-Supan, 2000. "Was lehrt uns die Empirie in Sachen Rentenreform?," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 1(4), pages 431-451, November.
  2. Ernesto Villanueva, 2005. "Inter vivos transfers and bequests in three OECD countries," Economic Policy, CEPR;CES;MSH, CEPR;CES;MSH, vol. 20(43), pages 505-565, 07.
  3. Lothar Essig, 2005. "Household Saving in Germany: Results from SAVE 2001-2003," MEA discussion paper series, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy 05083, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  4. Börsch-Supan, Axel & Reil-Held, Anette & Rodepeter, Ralf & Schnabel, Reinhold & Winter, Joachim, 2000. "The German Savings Puzzle," Sonderforschungsbereich 504 Publications, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim 01-07, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  5. Börsch-Supan, Axel & Reil-Held, Anette & Rodepeter, Ralf & Schnabel, Reinhold & Winter, Joachim, 2000. "Household Savings in Germany," Discussion Papers 577, Institut fuer Volkswirtschaftslehre und Statistik, Abteilung fuer Volkswirtschaftslehre.
  6. Axel Börsch-Supan & Anette Reil-Held & Ralf Rodepeter & Reinhold Schnabel & University of Mannheim & Germany, 2000. "Household Savings in Germany," Macroeconomics, EconWPA 0004053, EconWPA.
  7. Börsch-Supan, Axel & Lührmann, Melanie, 2000. "Prinzipien der Renten- und Pensionsbesteuerung," Discussion Papers 584, Institut fuer Volkswirtschaftslehre und Statistik, Abteilung fuer Volkswirtschaftslehre.
  8. Börsch-Supan, Axel & Eymann, Angelika, 2000. "Household Portfolios in Germany," Discussion Papers 603, Institut fuer Volkswirtschaftslehre und Statistik, Abteilung fuer Volkswirtschaftslehre.
  9. Axel Börsch-Supan, 2005. "Risiken im Lebenszyklus: Theorie und Evidenz," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 6(4), pages 449-469, November.
  10. Börsch-Supan, Axel, 2001. "Blaupause für eine nachhaltige Rentenreform in Deutschland," Discussion Papers 599, Institut fuer Volkswirtschaftslehre und Statistik, Abteilung fuer Volkswirtschaftslehre.
  11. Axel Börsch-Supan, 2002. "A Blue Print For Germany’s Pension Reform," MEA discussion paper series, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy 02002, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  12. Lothar Essig, 2005. "Measures for savings and saving rates in the German SAVE data set," MEA discussion paper series, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy 05086, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.

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