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Life expectancy in individuals with type 2 diabetes: implications for annuities
Hermione C Price1, Philip M Clarke, Alastair M Gray
1Diabetes Trials Unit, Oxford Centre for Diabetes, Endocrinology and MetabolismUniversity of Oxford, Oxford, UK. Hermione.Price@dtu.ox.ac.uk
Summary
People with type 2 diabetes have a significantly reduced life expectancy, yet current annuity rates do not reflect this. A diabetes-specific model is needed for fairer "enhanced impaired life annuity" pricing.
Area of Science:
- Diabetology
- Gerontology
- Actuarial Science
Background:
- Insurance companies offer preferential annuity rates for individuals with diabetes due to reduced life expectancy.
- Type 2 diabetes is a growing global health concern impacting longevity.
Purpose of the Study:
- To evaluate the fairness of "enhanced impaired life annuity" rates for type 2 diabetes patients.
- To compare life expectancy estimates for diabetics versus the general population.
Main Methods:
- Utilized the UK Lipids in Diabetes Study cohort (4026 subjects).
- Estimated individual life expectancy using the UK Prospective Diabetes Study (UKPDS) Outcomes Model.
- Compared UKPDS model results with UK Government Actuary's Department data.
Main Results:
- Type 2 diabetes patients had a median life expectancy reduction of 4.3 years (almost 25%) compared to the general population.
- Annuity rates for a 60-year-old male with type 2 diabetes did not significantly differ from non-diabetic rates.
- Current annuity offerings do not adequately account for diabetes-related life expectancy reduction.
Conclusions:
- UK Government Actuary's data overestimates life expectancy for type 2 diabetes patients.
- "Enhanced impaired life annuity" rates are currently inequitable for individuals with type 2 diabetes.
- Implementing diabetes-specific life expectancy models can lead to fairer annuity pricing.
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