An assessment of Consumer Buying Behavior towards purchasing Life Insurance Policies: Evidence from Pakistani Customers

Abstract

This study was developed to measure people's attitude to life insurance. This study also examines why the Pakistani population is reluctant to buy policy to meet their financial needs on rainy days and has discovered the important factors behind the decline in life insurance despite its importance and benefits. The ratio of insured in Pakistan was considered so low that researchers compared it to other developed countries. Life insurance statistics have shown a very low ratio of insured even among developing countries. There are traditional, cultural and religious reasons behind the low rate of insured in Pakistan. This study examines the behavior of employees of the insurance company, which is considered by the Community as an obstacle to the purchase of insurance. These significant factors, which cover the entire study, were analyzed on the basis of quantitative data collected by employees of insurance companies and policyholders in the city of Faisalabad.