Attitude towards funeral insurance for people aged 50 and above in Uganda

Abstract

The objective of this study was to access the factors that influence the attitude towards funeral insurance for people aged 50 and above in Uganda. Primary data was obtained from the use of a close ended questionnaire from a study population of 109. Univariate analysis using frequency tables and pie charts, Bivariate analysis using Pearson’s chi-square test and multivariate analysis using logistic regression were performed on the variables to check if they were significant predictors of the attitude towards funeral insurance using STATA. The variables adapted included gender, marital status, religion, size of household, level of education, level of monthly income and knowledge about funeral insurance and insurance in general. In the results, a third of the respondents had a positive attitude towards funeral insurance and hence had funeral policies (38.68%). Two thirds of the respondents had ongoing life insurance policies (66.04%) and half of the respondents had about funeral insurance (55.66%). Almost half of the respondents had funeral expenses costing more than five million shillings (40%). A third of the population was earning high levels of monthly income (37.74%). Slightly more than half of the respondents were females (53.77%). In the bivariate analysis, it was found that level of education, having an ongoing insurance policy, having a dead relative, having high funeral expenses and having heard about funeral insurance were the variables that had p-values less than 0.1 and had an affect towards funeral insurance for people aged 50 and above. In the multivariate analysis, the factors that significantly influenced that attitude towards funeral insurance to be either positive or negative were having had an ongoing insurance policy (OR=13.0625) and having had about funeral insurance (OR=27.86667). The study recommendations that were suggested included; the need for insurance companies and funeral service providers to sensitize the masses about the need for funeral insurance across the country in both rural and urban areas and to also come up with funeral policies affordable to all.