Factors Affecting Buying Behavior Toward Life Insurance

Abstract: This study investigated the factors affecting consumers' buying behavior toward life insurance. Life insurance is essential in safeguarding the consumers' future and providing life protection. This research aims to identify the personal, social, cultural, or psychological areas that influence the consumer's decision and also to enlighten the importance of life insurance, educate the people, and raise social awareness. Comparative analysis of the level of factors affecting consumers' buying behavior towards life insurance in the areas of cultural, social, personal, and psychological factors when grouped and compared according to age, sex, civil status, and average family monthly income. Only the areas of psychology, when grouped according to civil status, are interpreted as significant. This suggests a relationship or difference of variables to the study, while the rest of the areas, when grouped according to variables, are interpreted as insignificant. Statistical results show that most of the lowest overall means are in cultural and social areas. To enhance the customer service of insurance providers, it is recommended to have referrals or give incentives to those individuals who propose the plans to their friends, improve advertising/social engagement, enhance marketing strategies, and have cultural awareness campaigns about insurance, including workshops, seminars, and community engagement. Addressing these issues or implementing the recommendation will increase the plan holder and strengthen the consumer's trust in the company. Keywords: Buying behavior, consumers behavior, life insurance