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Prior literature indicates that the demand for life insurance is affected by household portfolios and household characteristics. This paper is the first attempt to relate life insurance demand to household portfolio holdings in a dynamic framework by analyzing panel data. This paper explores the effect of household portfolio holdings and life events on changes in the ownership and the holdings of life insurance during the 2008 financial crisis. The results imply that household portfolio holdings are more important than life events in explaining changes in life insurance ownership during financial crisis. The results suggest that investment in equity and bond is complementary rather than a substitute for the ownership of life insurance, and also show an ambiguous relationship between life insurance ownership decisions and new debt application. The examination of changes in life insurance holdings indicates that households investing more in bond drop significantly a larger amount of term life insurance. In terms of life events, the results show that employment, retirement, family size, and marital status have significant and dynamic effects on life insurance demand.


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  • Subject
    • Business

  • Department
    • Department of Economics and Finance, College of Business

  • Institution
    • Dahlonega

  • Date submitted

    19 July 2022

  • Keywords
  • Additional information
    • Author Biography:

      I am an Assistant Professor of Finance in Mike Cottrell College of Business at the University of North Georgia since 2017. I mainly teach Principle of Finance, Investment Management, Financial Policy at the undergraduate level and Financial Management at the MBA level. I earned a PhD degree in Risk Management and Insurance at Georgia State University in 2013. I taught Finance and Insurance at both undergraduate and graduate levels in College of Business at Valdosta State University (VSU) from 2013 to 2017. My goal of scholarship is to become a productive and lifelong researcher whose research is relevant and impacting. I have been conducting research since my Ph.D. study in 2008. My research areas are risk management and insurance, financial markets, financial economics, and personal finance. I have published 6 peer-reviewed journal articles and 6 conference proceedings in finance area. I have also presented more than ten research papers in prestigious academic conferences in the field of finance and insurance. I obtained a Presidential Summer Incentive Award at UNG for my research project in Summer 2020. I also received a “Quality Research Award” for my excellent scholarship activities at VSU in Spring 2017, and a “Best Paper Reward” in the 2016 Academy of Business Research Annual Conference.

      Title of Award Granted:

      2020 Presidential Summer Incentive Award

      Name of Institution that Granted the Award:

      University of North Georgia