This research presents trends in life insurance purchases and ownerships in the United States and examines the factors related to their purchases and ownerships at both the macro and micro level. Despite an increase in the value (in current dollars) of life insurance purchased or owned, the number of life policies purchased and owned has declined in recent years. This study develops and uses purchase and owning rates to measure how Americans are protected by life insurance. These rates are better than absolute numbers for measuring the level of protection of a population. Besides looking at the effects of socio-economic factors on life insurance purchases and ownerships, this research focuses on the effects of demographic changes, specifically, the changes in the American population structure and household composition. Results show that most of the decline in purchase and owning rates resulted from the decline in the rate schedules; demographic changes accounted for only a small part of the decline. In addition, this research examines the relationship among different life insurance products within purchases or/and ownerships at both the macro and micro level, especially the relationship between the group and individual life insurance purchases or ownerships. This study shows that there is no evidence that the relationship between the two products is substitutive.
Source: Dissertation Abstracts International, Volume: 54-12, Section: A, page: 4595. Supervisors: S. Philip Morgan; Jerry S. Rosenbloom. Thesis (Ph.D.)--University of Pennsylvania, 1993.