Research On The Influencing Factors Of Consumers’ Life Insurance Willingness

In recent years,along with the development of the economy and the increase in people’s income levels,life insurance in China has gained rapid development and played a certain role in protecting against life risks.However,the density of life insurance is still low and the effective demand for life insurance is insufficient.The fact that the effective demand for life insurance is still low despite the increasing purchasing power of consumers in China indicates that many consumers do not have the will to take out life insurance.Therefore,increasing consumers’ willingness to take out life insurance has become an important tool to increase the effective demand for life insurance and promote the development of life insurance in China.This paper analyses the current situation of life insurance development in China based on the theory of planned behaviour and the theory of life insurance demand,and empirically investigates the influence of various factors on the willingness to take out life insurance by means of a questionnaire and makes suggestions to improve consumers’ willingness to take out life insurance.The analysis of the current situation of life insurance development shows that in recent years,life insurance premium income,life insurance density,li fe insurance depth and life insurance payout expenses have all increased to different degrees,but in general,the structure of life insurance business is unreasonable,the proportion of investment-type life insurance is too high,the professional quality of life insurance salespersons is low,and irregularities in business development and misleading sales occur from time to time.Through statistical analysis of the questionnaire data,it was found that 161 people had never purchased life insurance in the past five years and 118 people had purchased life insurance,accounting for 57.5% of those who had not purchased life insurance;among those who had not purchased life insurance in the past five years,94 people had no intention to take out life insurance in the next year or two,accounting for 58.4%;among those who had purchased life insurance in the past five years,86 people had the intention to take out life insurance in the next year or two.Of those who have purchased life insurance in the past five years,86 have the intention to take out life insurance in the next year or two,while 32 have no intention to take out life insurance(27.5%).Overall,consumers’ willingness to take out life insurance is not high.Logistic regression analysis was conducted with consumers’ willingness to take out life insurance as the dependent variable and a total of 14 influencing factors of gender,age,education level,annual household income,marital status,household size,current level of risk,current possession of protection,attitude,basic financial literacy,current life insurance purchase,perceived behavioural control,subjective norms and risk preference as the independent variables,which showed that The older the consumer is,the stronger the consumer’s willingness to insure;the higher the level of education,the stronger the consumer’s willingness to insure;those who perceive themselves to be less healthy also have a stronger willingness to insure;the attitude of those around them towards life insurance significantly affects the consumer’s willingness to insure,and the more supportive those around them are,the stronger the consumer’s willingness to insure;consumers who have purchased life insurance have a stronger willingness to insure compared to those who have never purchased life insurance The more convenient the process,the stronger the consumer’s willingness to take out insurance.Gender,income and household size do not have a significant impact on consumers’ willingness to take out life insurance.Based on the above analysis,this paper concludes that in order to improve consumers’ willingness to take out life insurance and promote the further development of life insurance in China,it is necessary to strengthen the innovation of life insurance pr oducts to drive the demand for life insurance,improve the professionalism of agents,smooth the online application channels,improve consumers’ risk awareness and insurance awareness,optimise the supply structure of life insurance products and improve the awareness and level of insurance services.