Prior research on the demand for life insurance in household portfolio holdings has not made a clear distinction … examines the relationship between household portfolio allocation decisions and the demand for life insurance in a dynamic … setting, using panel data before and after the 2008 financial crisis. The study provides the first evidence that household …

This paper investigates how loss-aversion affects individuals' decisions on savings and insurance purchase …. Specifically, this paper empirically tests if prospect theory's loss aversion decreases insurance demand and increases savings …-life insurance, which serves as a partial savings instrument. These individuals also hold a higher level of wealth than others …

This paper hypothesizes that loss aversion may decrease insurance demand and increase savings demand based on the … pure insurance, and they have a higher ownership rate of whole life insurance, which has a savings element. This paper also … for behavioral biases in insurance and savings decisions …