Yearly Probability Of Dying
Categories: Insurance, Retirement, Trusts and Estates
Yep, you guessed it: the yearly probability of dying does have to do with insurance. Because insurance covers the most fun...er, morbid...topics.
The yearly probability of dying is a figure that estimates annual death rates for a population. Usually in table form, it shows how many people per 1,000 will die per year, split up by age groups and gender. Time’s a-tickin'.
Insurance companies need the yearly probability of dying for market research. They need to know how to price their products, what to offer, and estimate what they can expect for income. Insurance companies are businesses, too. Hopefully not dying ones, for their sake.