Life Insurance Asset And Other Family Assets Selection In Middle Aged And Elderly Families

Since the reform and opening up,the constant accumulation of wealth has led to an increase in the share of financial assets held by families.At the same time,the trend of population aging is becoming more and more obvious.From the whole society,the middle-aged and elderly family has more assets than other groups,which make it meaningful to study the assets allocation problem.Besides,life insurance as a qualified financial asset,its demand is still not developed completely.Therefore,we need to focus on the study of middle-aged and elderly families' business life insurance and other family assets allocation,to explore the impact of middle aged and elderly families' life insurance asset allocation factors.This paper first defines the main concepts involved in the paper and the importance of life insurance in family assets selection of middle-aged and elderly families,and then analyzes the factors that affect the family financial assets selection,as well as the present situation of family assets allocation of middle aged and elderly families.In the empirical study,based on the Chinese health and pension tracking data(CHARLS)updated in 2015,this paper uses the SUR regression and Probit regression to estimate whether the family holds certain types of assets and uses the SUR regression to estimate life insurance and savings.In this paper,the following conclusions are obtained through empirical analysis:(1)China's middle-aged family's life insurance asset holding rate is very low.(2)Real estate has "extrusion" effect on life insurance,savings and stock assets.(3)Families holding stock assets are more likely to hold life insurance assets.(4)The probability of holding the life insurance assets of middle-aged and old families shows the reverse "U"relationship with the average age of the family.(5)The greater the total assets of the family,the greater the probability and proportion of life insurance holdings;Liabilities will reduce the family life insurance assets holding probability and proportion.(6)The higher the average degree of education of family members,the greater the probability and proportion of life insurance holdings;Registered residence's influence on life insurance asset allocation is not significant.