Typology of Life Insurance Consumers: A Q-Methodological Study

Abstract

Life insurance has played an essential role of safeguarding the interest of people from loss and uncertainty, hence understanding the range of changing motivations and preferences of life insurance purchasing behaviours is a key challenge for both the insurance companies and the government. Extant research has identified many factors that affect the life insurance purchasing behaviours objectively, yet relative little dealt with consumers ’subjectivity toward their life insurance purchasing behaviour. This study adopted an in-depth methodology that incorporates both the quantitative and qualitative methods called Q-methodology to investigate life insurance purchasing behaviour among consumers particularly in Taiwan. The analysis revealed five main types of life insurance consumers: financial planning, family care, social value, life planning, and future prospects. The results provided some implications and guidance for formulating national policies, as well as effective strategies for improving the competitiveness of the insurance companies and the government.