An Empirical Study Of The Key Factors Affecting Consumers' Purchase Behavior On Life Insurance

Life insurance is a kind of special product, which to take risk as object, provide promises to the long-term future and provide guarantee to accident and loss. Beneficiaries can not receive the insurance proceeds (insurance compensation) before the accident. Because of this unique particularity of life insurance, consumers'life insurance purchase behavior will be more complicated. In this paper, the factors that affect consumers'life insurance purchase behavior are researched on the basis of the market investigation. The life insurance companies will benefit from the result of the empirical research.The systems of the index and the questionnaire for pilot study are formed on the basis of relative literature. Meanwhile, the reliability and validity of the systems of the index are analyzed, and the questionnaires for large sample are formed based on it.Next, based on the factor analysis and the data of large sample, the factor score of six factors, namely the extent of worrying about future, economical condition, cognition about life insurance and daily habit, adventure activities preference, health status, which are the three indexes of risk classification, are calculated. Then, logistic regression is adopted to select the significant influencing factors from all possible influencing factors. Results of factor analysis and logistic analysis indicate that the extent of worrying about future, economical condition, cognition about life insurance, adventure activities preference and life insurance purchase experience have significant positive effects on the intention of purchasing life insurance.Then, the structure equation model are used to analyze the relationship between the intention of purchasing life insurance and the premium of purchasing life insurance, which are the two indexes of life insurance purchase behavior. The result indicate that the intention of purchasing life insurance has significant positive effect on the premium of purchasing life insurance, economical condition has significant positive effect on the premium of purchasing life insurance, health status has significant negative effect on the premium of purchasing life insurance.Finally, some marketing strategies are put forward on the basis of the result of the empirical research and life insurance situation in our country.