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Determinants of individual life insurance purchase

By Nguyen Thi Thuy Tram (VNP 22)

Supervisor: Dr. Truong Dang Thuy

Abstract:

The aim of this paper is to discovery the life insurance owner portrait, explain consumer’s behavior concerning. It is expected to provide a better understanding of how and why life insurance purchases are made by an individual. We attempt to examine the marginal change in demand as well as the change in the probability of purchasing life insurance of individual by analyzing survey data in Ho Chi Minh City with 120 individuals. The questionnaire was designed in order to collect information on individual demographic characteristics, psychographics and related family aspects. The Tobit was applied for examining the relationship between hypothesized factors and life insurance consumption. We found the life insurance owner portrait is an aged woman, a skilled labor, a decision maker, an intermediate or moderate risk averter, a fatalist, an introvert, who has high income and less dependents, finally who does not feel satisfied with the social benefit system.

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