Defined terms for the annuity market and lifetime income landscape.
Hazard rate is the instantaneous rate at which an event of interest occurs at a specified age, conditional on the event not yet having occurred — in mortality applications, the rate of death at a given age among those still alive at that age.
Healthspan versus lifespan is the distinction between the years of life lived in good health (healthspan) and total years of life (lifespan), with the gap between them representing the years lived with significant disease, disability, or functional limitation.
Healthy life expectancy is the number of years of life a person is expected to live in good health, distinct from total life expectancy, which counts all remaining years regardless of health status.
