Why Do Life Insurance Policyholders Lapse? The Roles of Income, Health and Bequest Motive Shocks

Hanming Fang, Edward Kung

NBER Working Paper No. 17899
Issued in March 2012

---- Acknowledgements -----

We have received helpful comments and suggestions from Steven Berry, Xu Cheng, Han Hong, Aprajit Mahajan, Panle Jia, Alessandro Lizzeri, Jim Poterba, Xun Tang, Ken Wolpin, Motohiro Yogo and seminar/conference participants at New York University, Cowles Foundation Summer Conference in Structural Microeconomics (2010), AEA/CEANA (2011) and SED (2012) for many helpful comments, questions and suggestions. Fang would also like to gratefully acknowledge the generous financial support from the National Science Foundation through Grant SES-0844845. All remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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