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Abstract
This study examined factors related to the ownership of life insurance by focusing on the role of the psychological characteristics of the respondents. Using a recent online consumer survey, logistic regres- sion analyses were utilized based on four groups: (a) not having any term life insurance or cash value life insurance; (b) having term life insurance policy only; (c) having cash value life insurance policy only; and (d) having both term life insurance policy and cash value life insurance policy. We found that all of the financial status and psychological characteristics were significant, while some of the demographic characteristics were not significant. The specific effects of the characteristics differ by types of ownership. The ownership of term value life insurance was better explained by financial and psychological character- istics, whereas demographic characteristics factored more in the ownership of cash value life insurance. Discussion and implications are provided.
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