Defined terms for the annuity market and lifetime income landscape.
Floor-and-upside approach is a retirement income strategy that covers essential expenses through a floor of guaranteed lifetime income and funds discretionary expenses through more flexible investment-based arrangements.
Force of mortality is the continuous-time formulation of the hazard rate for death at a specified age — the instantaneous rate at which death is occurring among those still alive at that age, expressed as a rate per unit of time.
