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Steuervorteile und die Rendite des Lebensversicherungssparens / Tax Incentives and the Rate of Return on Saving through Life Insurance

Author

Listed:
  • Brunsbach Stefan

    (Universität Mannheim)

  • Lang Oliver

    (Prognos AG, Missionsstr. 62, CH-4012 Basel)

Abstract

Saving through life insurance is heavily subsidized within the German income tax system. We investigate the effect of these tax subsidies on the rate of return of life insurance contracts. We develop a method of separating the savings component of life insurance premiums from their risk component. Using a large cross section data source we calculate household specific rates of return of the savings component taking into account the idiosynchratic variation in the eligibility for the tax subsidies. We find that the tax induced dispersion of the rate of return among households is considerable. However, the tax incentives do not foster the demand for life insurances

Suggested Citation

  • Brunsbach Stefan & Lang Oliver, 1998. "Steuervorteile und die Rendite des Lebensversicherungssparens / Tax Incentives and the Rate of Return on Saving through Life Insurance," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 217(2), pages 185-213, April.
    • Handle: RePEc:jns:jbstat:v:217:y:1998:i:2:p:185-213
    DOI: 10.1515/jbnst-1998-0203
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    Citations

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    Cited by:

    1. Börsch-Supan, Axel, 2004. "Mind the Gap: The Effectiveness of Incentives to boost Retirement Saving in Europe," MEA discussion paper series 04052, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    2. Thaut, Michael, 2003. "Die individuelle Vorteilhaftigkeit der privaten Rentenversicherung: Steuervorteile, Lebenserwartung und Stornorisiken," Tübinger Diskussionsbeiträge 264, University of Tübingen, School of Business and Economics.
    3. Börsch-Supan, Axel, 2002. "International Comparison of Household Savings Behaviour: The German Savings Puzzle," MEA discussion paper series 02006, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    4. Joachim Winter, 2002. "The impact of pension reforms and demography on stock markets," MEA discussion paper series 02021, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    5. Börsch-Supan, Axel & Essig, Lothar, 2002. "Stockholding in Germany," MEA discussion paper series 02019, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.

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