Factors affecting the purchase of commercial endowment insurance for the Chinese adults

Abstract

The study aimed to explore factors affecting the purchase of commercial endowment insurance for the Chinese adults. It used secondary data from “China Health and Retirement Longitudinal Study”, this data was based on family and individual who are 45 and over years old with a total of 17,000 individuals in 2015. In this study the percent of people with commercial endowment insurance is 0.93%, while the percent of people without is 99.07% so it used the Binary logistic model. Factors are studied from individual characteristic consists of age, gender, education, health status and income, and family characteristic composes of number children of family and marital status, and external characteristic was made up of living place for Chinese adults. The study summarized statistics of individual characteristic, family characteristic and external characteristic, summarized the mean and standard error of age and income, as well as the cross-tabulation of gender, health status, education level, number children of family, marital status and live place for full sample and with and without commercial endowment insurance. In the logistic regression model, the results showed that age influenced at level of 10% significance, and income influenced at level of 1% significance.