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Can the Life Insurance Market Provide Evidence for a Bequest Motive?

Joachim Inkmann and Alexander Michaelides
The Journal of Risk and Insurance
Vol. 79, No. 3 (September 2012), pp. 671-695
Stable URL: http://www.jstor.org/stable/23250866
Page Count: 25
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Can the Life Insurance Market Provide Evidence for a Bequest Motive?
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Abstract

Using U.K. microeconomic data, we analyze the empirical determinants of participation in the life insurance market. We find that term insurance demand is positively correlated with measures of bequest motives like being married, having children, and/or subjective measures of strong bequest motives. We then show that a life-cycle model of life insurance demand, saving, and portfolio choice can rationalize quantitatively the data in the presence of a bequest motive. These findings provide evidence supporting the presence of a bequest motive.

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