By John M. Barron, Michael E. Staten
Consumer Attitudes towards credits Insurance presents the findings of a survey of roughly 3600 people who had the chance to buy credits lifestyles assurance along with every kind of customer loans, other than first mortgages and charge cards. The survey that kinds the root of the booklet was once performed in 1993 by means of the credits learn heart at Purdue University's Krannert Graduate college of administration. It replicates and expands upon 4 prior nationwide stories of credits coverage shoppers, performed among 1970 and 1985.
regardless of the commonly confident findings of earlier learn with admire to shopper attitudes towards credits assurance, numerous open questions stay of curiosity to coverage makers, particularly the query of no matter if coercion is excited about the sale of the assurance. ConsumerAttitudes towards credits Insurance addresses those notable concerns. It provides a profile of who's presently being served through the credits coverage industry, in addition to the explanations debtors buy the product and their adventure with the supply of credits assurance at aspect of sale.
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Extra info for Consumer Attitudes Toward Credit Insurance
The cover letter was tailored to reference one of the four types of creditor's (consumer fmance company, auto fmance company, bank, credit union) that drew the consumer's name. The letter explained that CRC staff did not know the consumer's identity or address, and that their name had been randomly selected by the creditor as representative of recent borrowers. 7 Participating creditors received the survey materials from CRC, applied mailing labels to envelopes to match the appropriate purchase groups, and mailed them.
095 ·Sample is restricted to respondents who provided complete demographic data. 10 confidence level, two-tailed test. 4 Credit Life Purchase Decision by Selected Characteristics Home Ownership and Other Insurance Coverage Pa-cent who purchased 15 1: 35 IS 0wI. suraace over $50,000 Less Ill... Col" 0¥a-a11 $50,000 cover... Education Pa-cent who purchased 85 84 7S 6S 55 45 Less Than HS Hilh School Some Col. ,.. 20-39,000 ~74,000 75,000. 4 (continued) Credit Life Purchase Decision by Selected Characteristics Age Pen:entwho pun:hased 75 70 65 S5 4S Age 4S or less Overall Over 45 Ethnic Group Percml who pun:hased 80 70 60 50 ArricanAmer.
The Perceived Value of Insurance Payments: each borrower places a subjective value on the dollar amount of insurance benefits. The greater the perceived value of the payments, the greater the demand for credit life insurance. This subjective value of payment is directly associated with the strength of the "bequest motive," a concept which refers to the decision-maker's attitude toward f'mancially supporting his/her estate (and dependents) after death. The subjective value also varies inversely with such factors as the expected size of the household's wage income stream without the borrower's income, the current asset holdings which could be tapped to supplement expected future household wage income, and the face value of other insurance policies owned.