The factors that influence customer purchase intention toward life insurance products

Life insurance is very important because it can act as a transfer risk that provides our loved one with financial compensation when they lose their sources of income due to incapability or death of the breadwinner in the family. Due to recent statistics, Malaysia still has lower penetration of life insurance, thus this study objective is to examine the influence of social influence, customer knowledge, perceived product benefit and financial literacy on customer purchase intention toward life insurance products. The target population is the individual that does not have life insurance coverage and lives in the northern region consisting of Perlis, Kedah, Pulau Pinang, and Perak. In total, 235 completed questionnaires had been fully completed and returned for data analysis. Regression analysis, descriptive analysis, and correlation have been used to prove the hypotheses of this study. All hypotheses have been proved to be valid and significant. This study also included the theoretical and practical implications for further research