The Influence Of Family Demographic Structure On Life Insurance Participation Behavior ——An Empirical Analysis Based On CHFS Micro Data

The accelerating process of population aging has an important impact on China’s economy and society.By the end of 2020,the proportion of the elderly population over 65 years old in the total population is about 13%.On the one hand,due to the change of fertility concept and the unsatisfactory effect of two child policy,the declining trend of fertility rate in China has not slowed down.On the other hand,family structure miniaturization,inverted triangle presents a general trend,family and society are facing increasing pension pressure,and even the bad phenomenon of empty account operation,which challenges the smooth operation of the current social security system.Life insurance has the function of transferring the risk of the elderly and ensuring the healthy life of the elderly.It has gradually become an extremely effective means to deal with the aging population.Although China’s life insurance industry has developed rapidly in recent years,compared with developed countries,it still has the problems of low participation rate and insufficient participation.Under the social background of aging population and changes in family population structure,it is of great theoretical and practical significance to study the influencing factors of life insurance participation behavior for promoting the development of China’s life insurance industry and making up for the shortcomings of the third pillar commercial endowment insurance for government departments.Firstly,this paper summarizes the relevant theories such as the population composition that affect the life insurance participation behavior,and explains the path of the population structure affecting the life insurance participation behavior.Secondly,it summarizes the evolution process of China’s life insurance policy,and summarizes the evolution process of China’s life insurance policy according to the data.The next part is the empirical analysis.Based on the data of China’s household finance survey in 2017,this paper establishes Probit model and Tobit model to make an empirical analysis on the participation rate and degree of family life insurance respectively.Considering the different effects of population structure on the participation behavior of life insurance under the different situations of urban and rural level,regional development level and cultural level,this paper analyzes the influence of population structure on the participation behavior of life insurance according to the interviewees Residence,education level,family expenditure and region were analyzed.Finally,it puts forward corresponding policy suggestions for the development and improvement of China’s life insurance industry.The study draws the following conclusions: first,the increase of family size will greatly help family members to actively participate in life insurance,which is conducive to the improvement of life insurance participation rate and degree;second,the proportion of family elderly population has a significant negative impact on life insurance participation behavior.Due to the increasingly serious phenomenon of population aging in China,the number of elderly population has a negative impact on the life insurance market Third,the increase of the proportion of children in the family has a significant impact on the participation behavior of family life insurance.The increase of the proportion of children in the family promotes the participation of family members in life insurance,which is conducive to promoting the development of life insurance market.Fourth,from other factors,the influence of age on the participation behavior of life insurance increases first The inverse "U" shape of the latter subtraction.Family annual expenditure,family total assets and years of education have a significant role in promoting the participation behavior of life insurance.Marital status significantly reduces the degree of family life insurance coverage,that is,married family life insurance coverage is lower.From the perspective of urban and rural areas,family size has a significant negative impact on the participation rate and degree of rural family life insurance,but has no significant impact on urban families.Compared with the western region,the higher the proportion of children in the total family population in the eastern and central regions,the more likely they are to participate in life insurance.Through research,the following suggestions are made for insurance companies,governments,and residents: insurance companies should combine insurance technology to differentiate insurance product designs,and at the same time strengthen the construction of rural outlets and communities,and enhance insurance brand promotion.The government should coordinate all aspects of regional development,promote the development of resources in the life insurance industry and education resources in the central and western regions,and adjust the corresponding population policies in a timely manner in response to the new situation of population structure changes.Residents must consciously use emerging Internet resources to understand and learn insurance knowledge,improve insurance awareness,and consciously establish risk prevention awareness.