The demand for life insurance: a quantitative study among “generation y” in the Klang Valley, Malaysia
Despite the importance of life insurance as an investment for protection, especially the young generation, they still are unaware of the importance of purchasing their own life insurance. Therefore, the objective of this study was to investigate factors related to the demand for life insurance among “Generation Y” in the Klang Valley, Malaysia. Using a purposive sampling method, a total of 320 respondents from Klang Valley, Malaysia were involved in this study. All data gathered were tabulated and analyzed using SPSS, employing Descriptive Analysis, Independent Sample T-Test, One-way ANOVA, Pearson’s Correlation Analysis, and Multiple Linear Regression Analyses. The results showed that there is a moderately important level of demand for life insurance among the “Generation Y”. Significant differences were found in the demand for life insurance in accordance with gender, age group, monthly income, and education level. Besides, significant relationships were found between income level, knowledge of life insurance, income protection, risk attitude, and demand for life insurance. Furthermore, risk attitude, income level, knowledge of life insurance, and income protection were the predictor factors of demand for life insurance.
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