| dc.description.abstract | The objective of this study was to examine the factors the lapsing of life insurance policies in Uganda. Secondary data was obtained from Insurance Company of East Africa. This quantitative study involved distribution of 113 policyholders. Univariate analysis, bivariate analysis and multivariate analysis were performed on the variables in the study using STATA. In the univariate analysis, more than half of the policyholders (64.60%) were males, almost half of the policyholders were of ages between 40 and 49 (44.25%), followed by the policyholders between 30 and 39 (37.17%), 50 and above (12.39%), and the policyholders with ages between 20 and 29 had a percentage of (6.19%) Majority of the policyholders pay monthly premiums between 0 and 200,000 Ugandan shillings (81.42%), this was followed by those who pay monthly premiums between 200,001 and 400,000 (14.16%), between 400,001 and 600,001(2.65%), this was followed by those who pay between 800,001 and 1,000,000(1.77%). In the bivariate analysis, there were moderate relationships between the lapsation of a life insurance policy and the age of the policyholder, the number of beneficiaries of a policyholder and the policy term duration. In the multivariate analysis, lapsing of a life insurance policy was influenced by the policy term duration (OR=0.2078), the age of the policyholder (OR=15) and the number of beneficiaries (OR=4.0714).
Insurance companies should create more life insurance products that will be convenient and affordable for more young individuals. Hence encouraging people to start insuring their lives at young ages. Insurance companies should invest more in resources like advertisement and customer services to constantly remind policyholders of the major importance and reason for the idea of the insurance policies they took out which is to ensure the security of their dependents’ future. | en_US |
