Knowledge attitude and the purchase of life insurance among the staff of School of Statistics and Planning

Abstract

The study investigated the knowledge, attitude, and purchase of life insurance among staff at Makerere University (school of statistics and planning). Life insurance is essential for financial security, offering protection against unforeseen events such as death and disability. Despite its importance, life insurance uptake remains low estimated at 1% in Uganda, with majority not adopting it, leading to adverse health outcomes, financial burden, reduced peace of mind among the population. This study aims to fill the gap in literature regarding life insurance knowledge and attitudes within academic institutions in Uganda. The research objectives include identifying factors affecting life insurance purchase, determining the level of knowledge among staff, and examining the relationships between knowledge, attitude, and life insurance purchase decisions. The study employs a descriptive research design, focusing on staff from the school of statistics and planning. Data was collected via self- administered questionnaires and analyzed using descriptive statistics and binary logistic regression with the aid of Stata Software. Findings revealed that while socio-demographic factors like age and income play a role, attitudes and knowledge about life insurance are more significant determinants of purchase decisions. Positive attitudes towards life insurance, particularly cognitive and affective aspects, were associated with a higher likelihood of purchase. However, a higher level of knowledge about life insurance had a marginally negative effect on purchase decisions, possibly due to the complexity of insurance products. The study recommends that insurance companies focus on improving their product designs to make them more accessible and understandable for potential customers. about life insurance. By understanding the factors influencing purchase decisions, insurance companies can tailor their strategies to increase life insurance uptake among school Additionally, targeted education and marketing campaigns can help address negative attitudes and misconceptions of statistics and planning staff and the wider population