The Perspective of Elderly Disease and Health: An Empirical Analysis of Consumers' Payment Willingness for Endowment Insurance-- Survey based on 1506 samples from China

Abstract

Endowment insurance is an important type of social insurance. The study of its payment willingness plays an important role in solving the health problems of the elderly, promoting the payment of premiums, and expanding the insured scale. This paper conducts an empirical analysis and research on the payment willingness of Chinese consumers for endowment insurance. The data statistics 1,506 online and offline survey samples, and a total of 14 relevant variables including personal characteristics, work and family status, income and consumption are selected. This paper uses the Tobit model to obtain 7 explanatory variables and their coefficients that significantly affect the payment willingness for endowment insurance. Meanwhile, the factors affecting the payment willingness of the five main types of endowment insurance in China's endowment insurance system and their coefficients are estimated and analyzed. Then, by replacing the dependent variable, transforming the model, and testing for heteroscedasticity, the regression result of the Tobit model is robust. Based on the research results of this paper, draw corresponding conclusions, put forward suggestions on how to build and improve the endowment insurance system in China, and how to design and promote endowment insurance products by commercial endowment insurance companies. With a view to solving the disease and health problems faced by the elderly.