People’s Attitude Towards Life Insurance in Pakistan

Abstract

The present study was designed to measure the people’s attitude toward life insurance. This study also explores why the people of Pakistan are reluctant to purchase the policy as a tool to accommodate their financial necessities in their rainy days, and also exposed the important factors behind the smaller ratio of life insurance policies despite of its significance and fringe benefits. The ratio of policy holders in Pakistan was found so small when researcher compared it to the other developed countries. The statistics regarding life insurance portrayed a very little ratio of policy holders even among developing countries. There are some traditional, cultural, and religious causes involved behind the low rate of policy owners in Pakistan. The present research examines the behavior of staff of the insurance company which is considered as a barrier by the community to purchase the policy. Such considerable factors encompassing the whole study analyzed through the quantitative data collected from the insurance company staff, and policy holders in Faisalabad city.

DOI: 10.5901/mjss.2015.v6n3s2p305