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    An Investigation of the Factors Influencing the Choice of a Life Insurance Product: A Case of Jubilee Life Insurance Company

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    Undergraduate dissertation (1.001Mb)
    Date
    2019-07-26
    Author
    Kagoya, Stella Sharon
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    Abstract
    The purpose of this study was to investigate the factors affecting the choice of a life insurance product taking jubilee life insurance as my case study. Secondary data from published proposal forms of jubilee life insurance were employed throughout the report and analysis at all levels was done at either 0.05 or 0.1 significance level using a statistical package known as STATA 15. Chi-square test was used to find the relationship between the two categorical variables whereas the analysis of variance was used to investigate the relationship between a continuous variable and a categorical variable. Logistic regression was also used at the multi-variate analysis level because the dependent variable had two outcomes (education and investment life insurance products). From the findings, using logistic regression model at 10% level of significance, sex, occupation and income (premium) became significant predicators of the choice of a life insurance product. In conclusion, sex of a person, occupation and income (premium) were found to be major factors in influencing the choice of life insurance product. I therefore advise Life insurance companies to come up with innovative tailor-made products with high risk cover, more return and low insurance premium to attract more number of customers and in order to achieve greater insurance penetration, the healthier competition has to be intensified by both the sectors and they should come up with new innovative products to offer greater variety or choice to the customers and also make improvement in the quality of services and sell products through appropriate distribution channel to win situation for both parties. I also advise the male clients to take up Education as the insurance product since they have a lot of responsibilities like paying tuition for the children.
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    http://hdl.handle.net/20.500.12281/8184
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    • School of Statistics and Planning (SSP) Collection

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