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This article was first published in Dr. ***t teaches you to buy insurance.
For those who are considering pensions, it is better to buy insurance sooner rather than later.
Recently, there has been another major trend in the insurance industry, and on January 2, the China Association of Actuaries issued a notice to all life insurance and reinsurance companies to test and solicit opinions on the "Chinese Life Insurance Industry Experience Life Table (2023) (Draft for Comments)". This means that the insurance industry will usher in a fourth set of life cycle tables.
13 actuaryThe update of the life cycle table has a great impact on friends who consider pensions, because the price of the product will increase in price with a high probability. Why? The life cycle table is one of the important bases for the pricing of insurance products, which will involve statistics such as mortality and average life expectancy. Today's insurance products are almost always priced according to the third set of life cycle tables, which are compiled based on data from 2010-2013. Ten years have passed, the level of medical technology and people's living conditions have been further improved, and these data have also changed. Compared to the third set,The mortality rate of the fourth set of life cycle tables decreased by 20%-30%, with an average decrease of about 20% for men and about 24% for women; Life expectancy increases by about 2 years for men and 2 years for womenAround 5 years old. To sum up the difference in one sentence, it is: die less, live longer. 
13 Actuaries How long do you live to receive a pension, and the increase in life expectancy means that the pension period is getting longer and longer, which is not good for the insurance company, and it will become more expensive to reflect the premium. For the same amount received, the pension priced according to the fourth set of life cycle tables requires more premiums. It is also worth paying special attention to the change of the life cycle tableA new experience life table for the Greater Bay Area has also been addedCompared with ordinary life cycle tables, the GBA-specific experience life table has a lower mortality rate, which means that its products** are likely to be higher compared to other products priced by ordinary life tables. Therefore, friends in the Greater Bay Area, including friends in 9 cities in Guangdong Province such as Guangzhou, Shenzhen, and Zhuhai, the sooner they buy an annuity, the more cost-effective it is. What's more, compared with other parts of the country, friends in Guangdong have more advantages in buying pensions. According to a study published by The Lancet**, the life expectancy of women in Guangdong Province is expected to reach 91 by 2035At 6 years old, second in the country, the life expectancy for men will reach 82At the age of 2, it ranks fourth in the country, much higher than the national average, and it is more cost-effective to buy an annuity. The new life cycle table will not be implemented immediately, but it is recommended that friends who consider pensions, and it is best to configure it as soon as possible. And you know what? Now there are still opportunities in the market to pick up leaksAt present, there are still one or two pensions that are priced according to the second set of life cycle tables, based on data from 20 years ago, is 4 years lower for men and 4 for women than the upcoming fourth set8 years old and 6 years old2 years old. This means that for the same premium, if other things are equal, you can get more for such a product. If you receive 100,000 yuan a year, if you choose such a product, you will receive four or five years more than the fourth set of life tables, which is four or five hundred thousand.