Articlegreen2012

Can the Life Insurance Market Provide Evidence for a Bequest Motive?

Joachim Inkmann · Alexander Michaelides Z

71 citations0/0 files storedJournal of Risk & Insurance

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Insurance and Financial Risk Management Financial Literacy, Pension, Retirement Analysis Decision-Making and Behavioral Economics

Abstract

Abstract Using U.K. microeconomic data, we analyze the empirical determinants of participation in the life insurance market. We find that term insurance demand is positively correlated with measures of bequest motives like being married, having children, and/or subjective measures of strong bequest motives. We then show that a life‐cycle model of life insurance demand, saving, and portfolio choice can rationalize quantitatively the data in the presence of a bequest motive. These findings provide evidence supporting the presence of a bequest motive.

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References

1989Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework 2006Household Finance 2006Entrepreneurship, Frictions, and Wealth 2002Limited Asset Market Participation and the Elasticity of Intertemporal Substitution 2004Portfolio Choice in the Presence of Housing 2010Why Do the Elderly Save? The Role of Medical Expenses 1981The Role of Intergenerational Transfers in Aggregate Capital Accumulation 2004Wealth Inequality and Intergenerational Links

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