Life Insurance: The Savings Solution for the Thai Elderly

Abstract

The main objective of this work is investigating life insurance is the alternative choice of savings for Thai elderly. The study uses primary data from research questionnaire by online survey from the 400 observations in December 2018. The statistics used in the analysis include descriptive statistics composed of the percentage. The research finds the first rank of financial planning is the bank deposit with 32.1 percent, the second rank is life insurance with 27.3 percent and the third rank is mutual fund with 14.7 percent. The ordinary insurance is the most popular type of insurance savings and agent is the top of the sales channel. In this survey, the most people decision to saving in life insurance by themselves because life insurance give the passive income after retirement period. Retirement savings is the main reason why individual decision to saving in life insurance. In additional, The Thai elderly who have and age more than 60 years old, saving in life insurance with 93.3 percent. This study confirms that life insurance is the savings solution for the Thai elderly. This paper helps to understand the important life insurance, the long-term savings for Thai elderly in the future. Moreover, this study supports the Insurance Development Plan Volume III ( 2016- 2 0 2 0 ) which government making efforts in encouraging the Thai people to seek ways in increasing their savings through retirement plan to boost confidence and security in the form of life insurance.