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The effects of risk aversion on life insurance ownership of single-parent households

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  • Youngwon Nam
  • Sherman D. Hanna

Abstract

This study investigates the effect of risk aversion of single-parent households with at least one child under 18 on life insurance ownership. Analysing the 1992–2013 Survey of Consumer Finances datasets, we found that the likelihood of owning term life insurance decreases as risk aversion increases, but the likelihood of owning cash-value life insurance increases as risk aversion increases. Smokers were less likely to own term life insurance but more likely to own cash-value life insurance than comparable non-smokers.

Suggested Citation

  • Youngwon Nam & Sherman D. Hanna, 2019. "The effects of risk aversion on life insurance ownership of single-parent households," Applied Economics Letters, Taylor & Francis Journals, vol. 26(15), pages 1285-1288, September.
    • Handle: RePEc:taf:apeclt:v:26:y:2019:i:15:p:1285-1288
    DOI: 10.1080/13504851.2018.1546044
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    Cited by:

    1. Eling, Martin & Ghavibazoo, Omid & Hanewald, Katja, 2021. "Willingness to take financial risks and insurance holdings: A European survey," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 95(C).
    2. Rabbani, Abed G., 2020. "Cash value life insurance ownership among young adults: The role of self-discipline and risk tolerance," Journal of Behavioral and Experimental Finance, Elsevier, vol. 27(C).
    3. Wookjae Heo & Eun Jin Kwak & John Grable & Hye Jun Park, 2024. "Ownership of Cash Value Life Insurance among Rural Households: Utilization of Machine Learning Algorithms to Find Predictors," Mathematics, MDPI, vol. 12(16), pages 1-27, August.
    4. Mohammad Farhan Khan & Farnaz Haider & Ahmed Al-Hmouz & Mohammad Mursaleen, 2021. "Development of an Intelligent Decision Support System for Attaining Sustainable Growth within a Life Insurance Company," Mathematics, MDPI, vol. 9(12), pages 1-22, June.

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