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Life Insurance Ownership Among Seniors—A Perspective of Spousal Quality Among the Elderly

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  • Yuanshan Cheng
  • Philip Gibson
  • Tao Guo
  • Yanine Sam

Abstract

Life insurance is commonly used to protect against the loss of future human capital earnings. Using data from the Health and Retirement Study (HRS) Leave Behind survey, this study investigates the impact that the quality of a marriage has on the demand for life insurance ownership. The results suggest that spousal relationship quality is a strong and dominating factor in life insurance ownership among the elderly. Our findings indicate that elderly individuals are more motivated to provide financial protection to their spouse when the quality level of their marriage is “good”—in addition to the influence of other factors predicted by classic economic theories. We perform several robustness tests and find consistent results.

Suggested Citation

  • Yuanshan Cheng & Philip Gibson & Tao Guo & Yanine Sam, 2022. "Life Insurance Ownership Among Seniors—A Perspective of Spousal Quality Among the Elderly," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 45(2), pages 58-81.
    • Handle: RePEc:wri:journl:v:45:y:2022:i:2:p:58-81
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