The Determinants of Life Insurance Demand: A Focus on Saving Motives and Financial Literacy

Abstract

This paper investigates the determinants of life insurance demand among life insurance policyholders of five major life insurance companies in Kuala Lumpur, Malaysia. From a sample of 259 individuals, the study analysed the influence of demographic variables, saving motives and financial literacy, on life insurance demand. To determine the relationship between the demographic factors and life insurance demand one way ANOVA tests were conducted. The relationship between financial literacy and saving motives (precautionary, bequest, life cycle and wealth accumulation motives) with life insurance demand was then analysed using a multiple regression. Results revealed that demographic variables and saving motives were significantly related to life insurance demand. Financial literacy, however, was found to be insignificant in determining life insurance demand.

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