JL function

Actuarial Excel Addin

The JL function returns the value at Age1/Age2 of a joint and life annuity ceasing (or reducing ...) on the first death of $1 of pension per year starting in Deferred years, discounted with interest and mortality and payable:

during the annuitant's and co-annuitant's joint lifetime and ceasing (or reducing) on first death,
ceasing after a number of years (when 'Years paid' parameter is used),
with ou without a guaranteed period (100% paid during guaranteed period), and
with or without indexation.

See also JS to calculate a single life annuity or an annuity ceasing on second death.

* : Required parameter

Parameters

Default

Description

Interest *

Interest rate(s): single rate or vector of rates

Age1 *

Age of annuitant at valuation, fraction allowed

LX1 *

LX or LX_aea function: annuitant's mortality

Age2 *

Age of co-annuitant at valuation date, fraction allowed

LX2 *

LX or LX_aea function: co-annuitant's mortality

Deferred

Deferment of first annuity payment (in years), fraction allowed

Guarantee

Payments guaranteed (in years), fraction allowed

Years paid

Period of payments (in years), by default, ends at age 120, fraction allowed

Indexation

0 %

Indexation rate(s): single rate or vector of rates

First age index

First age annuity is indexed (annuitant's age), by default, starts at Age1 + Deferred + 1, fraction allowed

Fraction first indexation

Fraction, between 0 and 1, applied to the first indexation

Frequency

Number of payments per year, must be an integer, e.g.: 1, 12, 24, 26, 52

Due

True

False: first payment further deferred by 1/Frequency (in years)

Qx-pre 1

True

True: Mortality of annuitant during deferment period

Qx-pre 2

True

True: Mortality of co-annuitant during deferment period

Continuarion rate

Portion of pension continuing after first death (between 0 and 1).