Research On The Impact Of Family Children Structure On The Demand For Family Life Insurance

From the "one-child" policy in the last century to the "separate two-child" policy,"comprehensive two-child" policy after 2011,and now to the "liberalized three-child"policy,the change of China’s fertility policy and the change of fertility concept have brought about the change of family structure."The change of fertility policy and the change of fertility concept in China have brought about changes in the structure of family children,resulting in the gradual differentiation of the number of children in different families and the increase of differences in the structure of children.The number and gender of children in a family will undoubtedly have an important impact on family financial asset allocation,education investment and retirement planning,and these factors will also directly affect the demand for commercial life insurance.This paper explores the impact of family child structure on the demand for commercial life insurance,i.e.,how it affects the possibility and extent of participation in the commercial life insurance market,in order to gain a deeper understanding of the theory of family commercial life insurance demand behavior,to enrich the empirical research with children as the main perspective,and to help various families assess their family insurance preferences as accurately as possible based on the characteristics of their own child structure,and to make rational commercial life insurance choices.It also helps families to make rational choices of commercial life insurance based on their children’s structure,provides a basis for insurance institutions to carry out innovative business,stimulates families’ demand for commercial life insurance from the supply level,and supports the healthy development of China’s commercial life insurance market.This paper analyzes the current situation of China’s family child structure and commercial life insurance market,and analyzes the influence mechanism of family child structure on commercial life insurance demand by combining the research results of existing literature and relevant theories.In the empirical part,this paper selects the2019 China Household Financial Survey data as the main sample data and uses Probit and Tobit models to explore the effects of different number of children and gender of children on the demand for commercial life insurance.Second,robustness tests are conducted by three ways: replacing the baseline regression model,replacing the core explanatory variables,and reducing the sample size.Finally,the heterogeneous effects of family child structure on the demand for commercial life insurance are explored by classifying the sample households into four different perspectives: urban-rural,regional,income level,and owner-occupied housing.The empirical results find that: the number of children in a family has a significant negative effect on the demand for commercial life insurance,indicating that the relaxation of the fertility policy will have a dampening effect on the demand for commercial life insurance;having a boy will dampen the demand for commercial life insurance in a family,while having a girl will boost the demand for commercial life insurance in a family.The conclusions still hold after a series of robustness tests.The effect of family child structure is heterogeneous across groups,with the effect of family child structure being significantly higher in urban groups than in rural groups,in high-income groups than in low-income groups,and in groups with homeownership than in groups without homeownership.Based on this,this paper suggests that the government should improve the birth subsidy system and strengthen the publicity of life insurance;insurance companies should innovate life insurance products and provide differentiated products and services for families with different child structures;society should deepen the concept of gender equality and build a new culture of marriage and childbirth.