Zur steuerlichen Vorteilhaftigkeit von Kapitallebensversicherungen
[The tax advantages of life insurance policies]
This paper carries out an analysis of individual profitability of life insurance in form of endowment policies which have been very popular in Germany for several decades. We integrate taxes, transaction costs and the possibility of early termination into a model of capital budgeting. The aim of this paper is to model the benefits of endowment policies as a form of saving. In a first step a riskless world with full foresight and a therefore deterministic investment horizon is assumed. After this, the occurrence of a random liquidity need and thus a stochastic investment horizon is analyzed. We discuss different benchmarks and decision criteria to reflect the individual advantages of the endowment insurance as well as the extent of their special tax treatment compared to alternative investments.
|Date of creation:||Mar 2002|
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- Kiesewetter, Dirk, 2001. "Für wen lohnt sich die Riester-Rente?," Tübinger Diskussionsbeiträge 224, University of Tübingen, School of Business and Economics.
- King, Mervyn A. & Fullerton, Don, 2010. "The Taxation of Income from Capital," National Bureau of Economic Research Books, University of Chicago Press, edition 0, number 9780226436319.
- Westerheide, Peter, 2001. "Kosten der privaten Altersvorsorge: Private Rentenversicherungen und Fondssparpläne im Vergleich," ZEW Discussion Papers 01-02, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
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