Motivations affecting the decision-making process for purchasing life insurance in Bangkok

Abstract

          This research aimed to study (1) the level of motivation factors and the level of life insurance purchase decision-making process of the population in Bangkok and (2) motivations that affect the life insurance purchase decision-making process of the population in Bangkok. This research is a survey research. The sample group used in the research was 385 consumers who purchase life insurance in Bangkok. The statistics used in data analysis were frequency distribution, percentage, mean and standard deviation. For the statistics used to test the hypothesis, multiple regression analysis was used. The results of the study found that the majority of the respondents were female, Gen Z age (18-26 years old), single, bachelor's degree, private company employees and an average monthly income of 15,001-30,000 baht. In addition, the researcher found that the level of motivation opinions can be ranked as follows: (1) patronage, (2) product, (3) reason, and (4) emotion. The level of opinions on life insurance purchase decision of the population in Bangkok can be ranked as follows: (1) purchase decision, (2) problem/need awareness, (3) alternative consideration, (4) post-purchase behavior, and (5) information seeking. The results of the hypothesis testing found that rational, emotional, product and patronage motivations significantly influenced the decision to purchase life insurance in Bangkok at a statistical level of 0.05.