How do loss aversion and technology acceptance affect life insurance demand?

Life insurance purchase behaviour: A systematic review and directions for future research

“…Furthermore, males have higher mortality rates than females and are assumed to hold the key responsibility of the financial well-being of his family in case of his premature death (Lim & Tan, 2019). Eisenhauer and Halek (1999), Nagy et al (2019) and Sauter (2014) found a significant positive effect of the marital status of the head of the household on their willingness to insure and life insurance ownership, respectively. Married head of the households purchases a LIP to cover the uncertain risk of their premature death and to fulfill their financial commitment towards their spouse and children in that case.…”

“…Various studies found both positive and negative influences on LIPD. The positive effect is because couples with children of smaller age groups tend to be more responsible and have a longer horizon to invest in life insurance (Nagy et al, 2019).…”

“…The higher the price of the LIP, the lesser is the amount of LIP purchased. Thus, the price of the life insurance product has a negative influence on its demand (Nagy et al, 2019). Other factors that contribute to the price of the policy are premium and its loading factors.…”

“…Nagy et al (2019) andTan et al (2009) determined the negative effect of the number of children on LIPD.Tan et al (2009) conducted a study on Malaysian households. They found that households with many children do not purchase life insurance as they believe that their children will look after them at their old age.…”

“…They found that households with many children do not purchase life insurance as they believe that their children will look after them at their old age. Also, as the number of children in the household increases, the amount of time devoted to bringing up the children also increases, resulting in the reduced time and capability in income generation leading to less amount to purchase a LIP Nagy et al (2019). conducted their study in the context of the Romanian population that has a negative rate of savings; thus, households with many children do not have a sufficient amount of savings to purchase the LIP.…”