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KMID : 1124020120280030063
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Korean Social Security Studies
2012 Volume.28 No. 3 p.63 ~ p.86
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An Analysis of Individual Annuity Purchasing Intension
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Back Eun-young
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Abstract
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As the importance of individual role for accumulating retirement income increases, the role of individual annuities in retirement planning increases. Thus, the better understanding for the demand for individual annuity will soon become a priority. The purpose of this study was to analyze the demand for individual annuity insurance. In order to examine the demand for individual annuity, the study examined the characteristics of individuals who had individual annuity insurances and investigated the factors related to the annuity purchasing intention. The results indicated that the intention to have individual annuity insurance was low. Factors determining the purchasing intention of individual annuity insurance were marital status, income, age, and ownership of other public pension or insurance. This results supported the bequest motives and multivariate stock adjustment mechanism but did not supported the effect of life expectancy on the demand for individual annuity. Based on the results, implications for policy makers and future study were provided.
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KEYWORD
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Individual annuity insurance, Intention to have individual annuities, Bequest motives, Life expectancy, Old-age income security
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