Journal of Families and Better Life (가정과삶의질연구)

Korean Home Management Association (가정과삶의질학회)
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Determinants of the Demand for Cash-Value Life Insurance

저축성 보험 보유 및 보유액에 영향을 미치는 요인 분석

  • Baek Eun-Young (School of Economics, Sungkyunkwan University) ;
  • Joung Soon-Hee (Dept. of Consumer Science & Human Development, Ewha Womans University)
  • 백은영 (성균관대학교 경제학부) ;
  • 정순희 (이화여자대학교 소비자 인간발달학과)
  • Published : 2005.06.01
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Abstract

The purpose of this study was to examine factors related to the purchase of cash-value life insurance of households. Based on human capital and bequest motive theories of the demand for life insurance, this study developed a conceptual model of the demand for life insurance of households. In addition, in order to capture the beneficiaries' preference and expected lifetime utility, expected future financial needs were included in the conceptual model. Using Heckit analysis, the model was estimated by two stages. The results supported that human capital, bequest motives and expected future financial needs were significant factors on both decision to have insurance and the mont of insurance. Specifically, if the household's head expected to have a higher potential in the future, the household was more likely to have insurance. If a household had dependents, the household was more likely to have insurance. As income or monthly expenditure increased, the probability of haying insurance and the amount of the insurance increased However, savings or social insurance were positively related to the purchase of insurance.

Keywords

References

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