Study of the causes for not buying life insurance

Over the recent years, a strong growth in life insurance industry was brought about by a tremendous growth in new business sales and the improved persistency of policies. With the increasing affluence and a higher standard of living among Singaporeans, the statistics in the MAS Report revealed a higher percentage of the population currently having life insurance in comparison over the period of last decade. Despite this, there was still a significant proportion of the population not covered by life insurance. The need to explore into the contributing factors of this phenomenon motivated the team to carry out a survey on a random sample size of 500 people. The objectives of the project were to find out the reasons why people did not buy life insurance and to make recommendations to improve the purchasing level of life insurance . Personal interviews and distribution of questionnaires were carried out on a sample size of 500 people. Other sources of obtaining information included the Insurance Commissioner Report 1990 and Population Census 1990. In this project, the team's emphasis was on individual life insurance only and excluded group life insurance because of time constraint.BUSINES