Assessment of the factors associated with the demand for life assurance policies among parents in Uganda: a case study of Makerere University staff

Abstract

The objective of the study was to assess the factors associated with the demand for life assurance policies among parents in Uganda by specifically assessing the impact of Knowledge, attitude as well as influence of socio-economic and demographic factors on the demand for life assurance policies among parents by considering Makerere University as a case study. The Chi-square test results indicate that age, knowledge and attitude of the staff member and household size have statistically significant relationships with demand for life assurance policies. The Binary Logistic Regression Model (LRM) results reveal that there is a statistically significant and positive relationship between positive attitude of the staff member towards life assurance and the demand for life assurance policies. The study concluded that age (30-39 years) and positive attitude of the staff member towards life assurance influences the demand for life assurance policies negatively and positively respectively. The study recommended that the government of the Republic of Uganda should ensure better standards of the living to the population in order to improve on life expectancy and savings since the mortality risk is lower with better standards of living, elevate the education level of population as this would be useful to enhance the understanding of financial products presented on the market and possible benefits from using them, ensure that there is macroeconomic stability and sensitize the people about the use of scientific methods of family planning