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

Abstract

This paper presents a framework-based systematic review of existing research to understand the purchase behaviour of consumers for life insurance products. The TCM framework is adopted to provide an organized review of the theory, context and methods used in the articles under review. Antecedents, decisions and outcomes in the context of consumers' life insurance purchase behaviour are also discussed in detail using the ADO framework. The review aggregates 136 unique antecedents derived from 76 relevant articles and classifies them into eight broad categories.Further, the reasons for obtaining a positive or negative effect of a particular antecedent on life insurance purchase decisions or outcomes are also fully explored.Finally, TCM and ADO frameworks are used to identify the research gaps in the extant life insurance literature. Some of the important future avenues of the research, especially from the perspective of behavioural economics and pandemic scenarios such as COVID-19, are then explored.

Scientific procedures and rationales for systematic literature reviews (SPAR‐4‐SLR)

“…Other systematic literature reviews that form an extended part of the inaugural special issue (i.e., reviews that were submitted around a similar time under the regular “review” category) that will be worthwhile exploring include Bhatia et al. 's (2021) review on life insurance purchase behavior, Cavalinhos et al. 's (2021) review on in‐store mobile device usage, Goyal and Kumar's (2021) review on financial literacy, Kapoor and Banerjee's (2021) review on brand scandal, Mamun et al's (2021) review on Islamic marketing, Mishra et al.…”

A systematic review on halal cosmetic consumption: application of theory method context – attributes decision outcome framework

“…Outcomes signify the consumers’ behavioral responses (Bhatia et al , 2021). Our study found four significant outcomes: repurchase intention, purchase decision, loyalty and WOM.…”

“…In turn, this will help identify themes to halal cosmetics consumption antecedents, decisions and outcomes (ADO). According to Bhatia et al (2021), the integration of TMC and ADO enables scholars to analyze the structure and offers much more explicit future directions.…”

“…The third step is eligibility: To maintain the focus and relevance of this study, selected articles were content analyzed to ensure that only articles that discuss halal cosmetics were included. Following Bhatia et al ’s (2021) recommendation, content screening was based on the following criteria: the objective and the focal discussion (halal cosmetic consumption) of the study. Any article that did not meet these criteria was excluded from further analysis.…”

Exploring behavioural bias affecting investment decision-making: a network cluster based conceptual analysis for future research

“…A recent research paper by Bhatia et al. (2021a, b) analysed the theories of traditional finance and behavioural finance that are generated based on behavioural aspects.…”