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Inflation and Saving through Life Insurance

Seev Neumann
The Journal of Risk and Insurance
Vol. 36, No. 5 (Dec., 1969), pp. 567-582
DOI: 10.2307/251163
Stable URL: http://www.jstor.org/stable/251163
Page Count: 16
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Inflation and Saving through Life Insurance
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Abstract

It has been the contention of the life insurance industry that the eroding effect of inflation on fixed-dollar life insurance benefits has thwarted purchases of savings-type policies. The hypothesis tested in this study is that there was no significant effect of the post-war American inflation on saving through life insurance. The model used to test the hypothesis is a multiple linear regression model. The dependent variables, tested separately, are purchases of ordinary whole life and term insurance, and payments of first year and renewal premiums on individual policies. A price expectation variable is the main explanatory factor in the model. The other explanatory factors, whose effect is held constant, are disposable personal income, and number of marriages, births, and urban households. The time-series data cover the period 1946-1964.

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