The Influence Of Marriage On The Demand Of Family Commercial Life Insurance

In recent years,China’s insurance industry has a good development opportunity and achieved rapid development,and continued to play a social "safeguard" to escort the high-quality development of China’s economy.Although China’s insurance premium income is now the second in the world,compared with western developed countries,there is still a big gap in insurance density and depth,and the diversity and innovation of insurance products are insufficient.It can be seen that the popularization of insurance and the development level of insurance industry in China still need to be improved.This paper is helpful for insurance institutions to think about how to expand the market from a new perspective,and provides new reference for promoting the healthy development of China’s insurance market.Generally speaking,the family bears the function of resisting risks and ensuring the life of family members.The ancient Chinese tradition of "raising children for old age" reflects the family’s guarding against risks.Based on the social background of the development of China’s insurance industry and the diversity of marriage status,this paper analyzes the influence mechanism of marriage on the demand for commercial life insurance theoretically and empirically with the help of data from the 2017 Chinese Household Finance Survey.Based on Probit model,baseline regression,heterogeneity analysis and robustness test were carried out in this paper.Empirical analysis found that: First,marriage has a significant impact on the demand for family commercial life insurance.Compared with unmarried families,marriage increases the probability of demand by 3.1% and the degree of demand by 3.7%.Secondly,we further study the influence of marriage on the demand of purchasing commercial life insurance in different situations,and find that the promotion effect of marriage on the purchase of commercial life insurance is more significant in the family with higher education background.For male heads of household who buy commercial life insurance,marriage encourages them to behave more prudently,thus increasing the demand for insurance.Based on the above research conclusions,this paper puts forward some policy suggestions,such as strengthening the publicity of insurance knowledge,regulating the insurance market,enriching the insurance forms and narrowing the gap between the rich and the poor.