Influence of religious beliefs and spirituality on decision to insure

Abstract

Purpose The purpose of this paper is to examine the influence of the level of religious beliefs and individual spirituality of small business owners on their decision to insure. Design/methodology/approach Small business owners from India were asked about their perceptions regarding the relationship between their level of religious beliefs and spirituality and their decision to insure. Findings The results of this study show that the level of religious beliefs and individual spirituality of small business owners positively influence their decisions to purchase commercial insurance and life insurance to manage financial risk in India. Research limitations/implications This is a co-relational study that investigated the association between the level of religious beliefs, spirituality, and decision to insure. There is not necessarily a causal relationship between the two. The findings of this study may only be generalized to individuals similar to those that were included in this research. Originality/value This study adds to literature on the relationship between the level of religious beliefs, spirituality, and decision to insure. The findings may be useful for financial planners, small business owners and financial management consultants.

Life insurance purchase behaviour: A systematic review and directions for future research

“…Kakar and Shukla (2010) found that households engaged in the financial activity of either purchasing jewellery and durable products or investing in the financial market, instead of borrowing money from the market, have a high propensity to own LIP. Gill et al (2018) pointed out that religious belief is associated with the consumer's risk-taking behaviour and is positively correlated to the LIPD of the small business owner. Similarly, the author identified a positive correlation between consumers' spirituality and their decision to insure.…”

“…Similarly, the author identified a positive correlation between consumers' spirituality and their decision to insure. As religious belief derives consumer's spirituality, both the antecedents are examined to have a positive effect on LIPD (Gill et al, 2018).…”

Influence of Commercial Insurance Purchase on the Health Status of Chinese Residents

“…The research by Liu and Wang and Li et al showed that enhancing social medical care could significantly increase the demands of residents on commercial health insurance ( 22 , 23 ). In the research by Gill et al and Li et al, it was discovered that participating in commercial health insurance could significantly improve the health status of residents ( 23 , 24 ).…”

Building a More Intimate Connection Between Spirituality and Quality Service Performance at Work

“…Spirituality is the ultimate level of intelligence without any religious bias to help one understand self. Although some literature argues that SQ is about religiosity (Crisp, 2018;Gill, Mand, Biger, & Mathur, 2018;Petrosko & Alagaraja, 2017), quite some studies have however attempted to show the positive effects of religiosity in managing conflict or as a research strategy in management. For instance, Shaikh (2018) argues that although there is a mutual co-existence of both empirical knowledge (science) and religion, only religiosity can be the arbiter of moral, philosophical, political and social matters.…”