The Effects of Health Status on Life Insurance Holdings in 16 European Countries
Abstract
:1. Introduction
2. Literature Review and Hypothesis Development
2.1. Health Status Indicators and Life Insurance Holding Behaviour
2.2. Hypothesis Development
2.2.1. Health Status and Life Insurance Purchase
2.2.2. Other Factors and Life Insurance Purchases
Education
Bequest Motive
Income and Net Wealth
Pension
Life Expectancy
Religion
3. Materials and Methods
3.1. Materials
3.2. Variables
- Types of life insurance: a category variable from 1 to 3 (1 = term, 2 = whole, 3 = both).
- SPHdummy: Self-perceived health status, categorical: from 1 “very good” to 5 “very bad”. We define SPH = 1 if poor self-perceived health (indicating level 3, 4 or 5), SPH = 0 if good health (indicating level 1 or 2).
- OHS: OHS is a determinant of current overall health status that considers not only SPH status, but also the numbers of chronic diseases. This study looks at eight types of chronic diseases, including high blood pressure, diabetes, cancer, lung disease, heart disease, stroke, psychological disorder, and arthritis. Following the procedure used in Zhang et al. [37], the predicated health indicator is obtained from the following formula. is re-scaled to value in [0, 1]:
- FHR: FHR is evaluated by increasing function of the average number of risky behaviours (smoking, drinking, and a sedentary lifestyle), the household’s Asymptomatic Objective Health Status (measured as the average number of diseases, blood pressure, blood cholesterol, and osteoporosis) and decreasing function of average household grip strength. The higher the score, the greater the number and severity of perceived problems (Readers may refer to Attela et al. [7] for more information on the definition of FHR.).
- Age ≥ 65: a dummy variable that equals 1 if the age of household respondent is 65 or older and 0 if the age of household respondent is less than 65.
- Higher education: a dummy variable that equals 1 if the number of years of education completed is more than or equal to 10 and 0 otherwise.
- Marital status: a scale from 1 to 4 (1 = married, 2 = divorced, 3 = widowed and 4 = never married).
- With children: a dummy variable that equals 1 if household includes child(ren) and 0 otherwise.
- Household size: the total number of household members.
- Household income per capita: the monthly household income divided by household size.
- Net wealth per capita: the monthly household net wealth divided by household size.
- Pension: household pension.
- Probability of receiving inheritance: the probability of receiving any positive amount of inheritance.
- Higher life expectancy: a dummy variable that equals 1 if household expects to live at least 10 years and 0 otherwise.
- Social activity: a dummy variable that equals 1 if household has social interaction and 0 otherwise.
- Religious participation: a dummy variable that equals 1 if household participates in religious activities and 0 otherwise.
- Non-NHS: a dummy variable that equals 1 if household is in non-NHS country and 0 if household is in NHS country.
- Health spending from coverage: the country-level data of health spending from government or compulsory schemes.
- Out-of-pocket health spending: the country-level data of health spending from voluntary schemes or household out-of-pocket payments.
- Future retirement age: the country-level data of the future retirement age for a person who entered the labour force at age 20 (average age if future retirement ages are different from men and women).
- Gross pension replacement rate: the country-level data of the gross pension entitlement divided by gross pre-retirement earnings in term of country level (average value if gross pension replacement rates are different from men and women).
3.3. Methods
Pr (Life insurance holding) = Xβ + ε, | |
= β0 + β1 SPH dummy + β2 OHS + β3 FHR + β4 SPH dummy × Higher education + β5 OHS × Higher education + β6 FHR × Higher education + β7 SPH dummy × Age ≥ 65 + β8 OHS × Age ≥ 65 + β9 FHR × Age ≥ 65 + β10 Non-NHS + ε, |
4. Results
4.1. Descriptive Statistics
4.2. The Whole Sample
4.3. Analysis for Interaction Effects
4.4. NHS versus Non-NHS Countries
4.5. Marginal Effect of the Preference for Type of Life Insurance
5. Discussion
6. Conclusions
Author Contributions
Funding
Acknowledgments
Conflicts of Interest
Appendix A
Variables | Description | |
---|---|---|
Dependent variables | Life insurance holding | We consider that an individual has life insurance if that individual positively answered the question, “Do you [or/or/or/or] [your/your/your/your] [husband/wife/partner/partner] currently own any life insurance policies?” |
Main independent variables | SPH dummy | Self-perceived health status, categorical: from 1 ‘‘very good’’ to 5 ‘‘very bad’’. The dummy variable measures poor self-perceived health and takes the value of 1 whenever average household Perceived Health Status is “fair” (3), “bad” (4), or “very bad” (5), and takes the value 0 otherwise. |
SPH discrete | Self-perceived health status, categorical: from 1 ‘‘very good’’ to 5 ‘‘very bad’’. | |
Objective health status (OHS) | OHS variable is the determinant of current overall health as this variable not only considers the SPH status but also the numbers of chronic diseases. The higher the score the greater the number and severity of perceived problems. | |
Future Health Risk (FHR) | The variable FHR is evaluated by the increasing function of the average number of risky behaviours (smoking, drinking, and a sedentary lifestyle), the household’s Asymptomatic Objective Health Status (measured as the average number of diseases, blood pressure, blood cholesterol, and osteoporosis), and decreasing function of average household grip strength. The higher the score the greater the number and severity of perceived problems. We construct this health variable according to the method described by Atella et al. (2012). | |
Demographic variables | Age | In order to construct age variable, we use respondent’s birth year. Age ranges from 50 to 90 years, with two subgroups: younger (50 < age < 65) and elderly (aged ≥ 65). |
Education | Education systems in SHARE countries are highly heterogeneous. We follow Atella et al. (2012) to rely on the completed years of education rather than educational degrees. How many years have you been in full time education (including receiving tuition, engaging in practical work or supervised study or taking examinations). Possible range is 0–25 years. High level of education is defined as the number of completed years of education higher than or equal to 10 and low level of education is equal to compulsory full education, which is 9 years. | |
Marital status | What is your marital status? 1. Married and living together with spouse, 2. Registered partnership, 3. Married, and living separated from spouse, 4. Never married, 5. Divorced, 6. Widowed. We define married individuals as those providing one of the first three answers. | |
With children | How many children do you have that are still alive? Please count all biological, foster, adopted and stepchildren. | |
Household size | Total number of household members. | |
Household income (‘000s euro) | We focus on wave 4, thus Version B (thinc2) is more suitable to our study. Version B is obtained from the one shot question on total household monthly income. | |
Net wealth | The sum of the financial and real assets of the household (including the value of owned property) net of financial liabilities. | |
Pension (‘000s euro) | Annual old age & early retirement pensions (ypen1). | |
Future retirement age | The future retirement age for a person who entered the labor force at age 20. Source: OECD.Stat (https://stats.oecd.org/ Index.aspx). | |
Gross pension replacement rate | The gross replacement rate is defined as gross pension entitlement divided by gross pre-retirement earnings. Source: OECD.Stat (https://stats.oecd.org/Index.aspx). | |
Health spending from coverage (billion euro) | The country-level data of health spending from government or compulsory schemes. Source: OECD.Stat (https://stats.oecd.org/Index.aspx). | |
Out-of-pocket health spending (billion euro) | The country-level data of health spending from voluntary schemes or household out-of-pocket payments. Source: OECD. Stat (https://stats.oecd.org/Index.aspx). | |
Prob. of inheritance | Thinking about the next ten years, what are the chances that you will receive any inheritance, including property and other valuables (0–100 percent)? | |
Higher life expectancy | To define life expectancy, we use the question “What are the chances that you will live to be age [75/80/85/90/95/100/105/110/120] or more?” Possible choices are between 0-100. High life expectancy defined as higher than or equal to 50 percent of the individuals expecting to live at least 10 years. Less than 50 percent defines low life expectancy. | |
Lifestyle variables | Socially active | Social participation is defined by the question of “Gone to a sport, social or other kind of club and political or community in the past twelve months?”. We construct this variable by following Christelis et al. (2010), and Atella et al. (2012). |
Religious participation | The general question for religion “Taken part in activities of a religious organization” (church, synagogue, mosque etc.)” following Christelis et al. (2010), and Atella et al. (2012). |
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Life insurance holdings | A | 1 | |||||||||||||||||||||||
OHS | B | −0.093 * | 1 | ||||||||||||||||||||||
SPH dummy | C | −0.119 * | 0.400 * | 1 | |||||||||||||||||||||
FHR | D | −0.051 * | 0.154 * | 0.153 * | 0.138 * | 1 | |||||||||||||||||||
Age≥65 | E | −0.245 * | 0.226 * | 0.257 * | 0.202 * | 0.090 * | 1 | ||||||||||||||||||
Higher education | F | 0.105 * | −0.128 * | −0.110 * | −0.127 * | −0.066 * | −0.220 * | 1 | |||||||||||||||||
Marital status | G | −0.102 * | 0.099 * | 0.0795 | 0.094 * | 0.043 * | 0.159 * | −0.059 * | 1 | ||||||||||||||||
With children | H | 0.032 * | −0.000 | 0.007 | −0.000 | −0.000 | 0.006 | −0.010 | −0.380 * | 1 | |||||||||||||||
Household size | I | 0.101 * | −0.051 * | −0.083 * | −0.046 * | 0.002 | −0.293 * | 0.018 * | −0.408 * | 0.202 * | 1 | ||||||||||||||
Household income per capita | J | 0.096 * | −0.229 * | −0.104 * | −0.209 * | −0.041 * | −0.027 * | 0.059 * | 0.063 * | −0.089 * | −0.297 * | 1 | |||||||||||||
Household income per capita squared | K | 0.096 * | −0.229 * | −0.104 * | −0.209 * | −0.041 * | −0.027 * | 0.059 * | 0.063 * | −0.089 * | −0.299 * | 1.000 * | 1 | ||||||||||||
Net wealth per capita | L | 0.129 * | −0.200 * | −0.120 * | −0.183 * | −0.081 * | −0.010 | 0.123 * | −0.123 * | −0.000 | −0.047 * | 0.193 * | 0.193 * | 1 | |||||||||||
Net wealth per capita squared | M | 0.129 * | −0.200 * | −0.120 * | −0.183 * | −0.081 * | −0.010 | 0.123 * | −0.123 * | −0.000 | −0.047 * | 0.193 * | 0.193 * | 1.000 * | 1 | ||||||||||
Pension | N | −0.170 * | 0.097 * | 0.140 * | 0.079 * | 0.026 * | 0.630 * | −0.075 * | 0.056 * | 0.009 | −0.215 * | 0.014 * | 0.014 * | 0.046 * | 0.046 * | 1 | |||||||||
Probability of receiving inheritance | O | 0.148 * | −0.190 * | −0.127 * | −0.167 * | −0.054 * | −0.289 * | 0.124 * | −0.085 * | −0.010 | 0.090 * | 0.117 * | 0.117 * | 0.113 * | 0.113 * | −0.210 * | 1 | ||||||||
Health spending from coverage | P | 0.032 * | −0.157 * | −0.081 * | −0.175 * | 0.017 * | 0.022 * | −0.110 * | −0.063 * | −0.027 * | 0.024 * | 0.241 * | 0.241 * | 0.093 * | 0.093 * | −0.000 | 0.100 * | 1 | |||||||
Out-of-pocket health spending | R | 0.024 * | −0.151 * | −0.079 * | −0.170 * | 0.017 * | 0.013 * | −0.147 * | −0.061 * | −0.036 * | 0.042 * | 0.232 * | 0.233 * | 0.092 * | 0.09 * | −0.010 * | 0.100 * | 0.975 * | 1 | ||||||
Higher life expectancy | S | −0.048 * | −0.105 * | −0.026 * | −0.064 * | −0.010 | 0.013 * | −0.104 * | −0.048 * | −0.010 | −0.011 * | 0.056 * | 0.056 * | 0.029 * | 0.029 * | −0.020 * | 0.070 * | 0.249 * | 0.169 * | 1 | |||||
Future retirement age | T | −0.028 * | −0.109 * | −0.041 * | −0.075 * | 0.017 * | 0.009 | −0.190 * | −0.019 * | −0.019 * | −0.020 * | 0.100 * | 0.100 * | 0.034 * | 0.034 * | −0.030 * | 0.030 * | 0.338 * | 0.299 * | 0.746 * | 1 | ||||
Gross pension replacement rate | U | 0.104 * | −0.286 * | −0.211 * | −0.258 * | −0.078 * | −0.231 * | 0.066 * | −0.097 * | 0.010 | 0.063 * | 0.110 * | 0.110 * | 0.120 * | 0.120 * | −0.10 * | 0.151 * | 0.096 * | 0.104 * | 0.071 * | 0.089 * | 1 | |||
Social activity | V | 0.109 * | −0.238 * | −0.114 * | −0.204 * | −0.065 * | −0.088 * | 0.129 * | −0.064 * | 0.020 * | −0.000 | 0.146 * | 0.146 * | 0.156 * | 0.156 * | −0.010 | 0.130 * | 0.059 * | 0.041 * | 0.064 * | 0.0487 | 0.128 * | 1 | ||
Religious participation | W | 0.016 * | −0.031 * | 0.000 | −0.032 * | −0.010 | 0.050 * | −0.036 * | 0.006 | 0.004 | 0.043 * | −0.00 | −0.00 | 0.009 | 0.009 | 0.020 * | 0.002 | 0.043 * | 0.058 * | −0.020 * | 0.011 | 0.014 * | 0.057 * | 1 | |
Non-NHS | X | 0.042 * | −0.249 * | −0.116 * | −0.222 * | 2E−04 | 0.013 * | −0.184 * | −0.046 * | −0.063 * | −0.042 * | 0.347 * | 0.347 * | 0.152 * | 0.152 * | −0.030 * | 0.162 * | 0.732 * | 0.742 * | 0.396 * | 0.528 * | 0.181 * | 0.130 * | 0.020 * | 1 |
Dep. var.: Binary for Holding Life Insurance | The Whole Sample (N = 34,341) | |||||
---|---|---|---|---|---|---|
Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | |
SPH dummy | −0.0220 *** | −0.0376 *** | ||||
(0.005) | (0.006) | |||||
OHS | −0.0292 * | −0.0635 *** | ||||
(0.017) | (0.021) | |||||
FHR | −0.0136 *** | −0.0144 *** | ||||
(0.004) | (0.006) | |||||
Demographic variables | ||||||
Age ≥ 65 | −0.128 *** | −0.129 *** | −0.129 *** | −0.125 *** | −0.126 *** | −0.126 *** |
(0.007) | (0.007) | (0.007) | (0.007) | (0.007) | (0.007) | |
Higher education | 0.0220 *** | 0.0232 *** | 0.0232 *** | 0.0193 *** | 0.0204 *** | 0.0204 *** |
(0.005) | (0.005) | (0.005) | (0.005) | (0.005) | (0.005) | |
Marital status (ref: Never married) | ||||||
Married | 0.0565 *** | 0.0570 *** | 0.0571 *** | 0.0563 *** | 0.0568 *** | 0.0568 *** |
(0.009) | (0.009) | (0.009) | (0.009) | (0.009) | (0.009) | |
Divorced | 0.014 | 0.0142 | 0.0143 | 0.013 | 0.0133 | 0.0133 |
(0.010) | (0.010) | (0.010) | (0.010) | (0.010) | (0.010) | |
Widowed | −0.00627 | −0.00636 | −0.00622 | −0.00783 | −0.00794 | −0.00789 |
(0.010) | (0.010) | (0.010) | (0.010) | (0.010) | (0.010) | |
With children | 0.0280 *** | 0.0285 *** | 0.0285 *** | 0.0285 *** | 0.0288 *** | 0.0287 *** |
(0.008) | (0.008) | (0.008) | (0.008) | (0.008) | (0.008) | |
Household income per capita | 0.0226 *** | 0.0236 *** | 0.0235 *** | 0.0232 *** | 0.0242 *** | 0.0242 *** |
(0.003) | (0.003) | (0.003) | (0.003) | (0.003) | (0.003) | |
Household income per capita squared | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
Net wealth per capita | 0.0149 *** | 0.0152 *** | 0.0151 *** | 0.0152 *** | 0.0154 *** | 0.0154 *** |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
Net wealth per capita squared | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
Prob. of receiving inheritance | 0.000633 *** | 0.000646 *** | 0.000644 *** | 0.000651 *** | 0.000665 *** | 0.000662 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
Pension | −0.00419 *** | −0.00412 *** | −0.00419 *** | −0.00442 *** | −0.00438 *** | −0.00440 *** |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
Future retirement age | −0.0165 *** | −0.0165 *** | −0.0167 *** | −0.0153 *** | −0.0153 *** | −0.0155 *** |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
Gross pension replacement rate | 0.000472 ** | 0.000466 ** | 0.000484 ** | 0.000564 *** | 0.000578 *** | 0.000602 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
Health spending from coverage | 0.0904 *** | 0.0906 *** | 0.0912 *** | 0.0858 *** | 0.0886 *** | 0.0903 *** |
(0.007) | (0.007) | (0.007) | (0.007) | (0.007) | (0.007) | |
Out-of-pocket health spending | −0.0936 *** | −0.0937 *** | −0.0941 *** | −0.0870 *** | −0.0888 *** | −0.0901 *** |
(0.008) | (0.008) | (0.008) | (0.008) | (0.008) | (0.008) | |
Higher Life expectancy | 0.0374 *** | 0.0402 *** | 0.0405 *** | 0.0382 *** | 0.0410 *** | 0.0415 *** |
(0.005) | (0.005) | (0.005) | (0.005) | (0.005) | (0.005) | |
Social activity | 0.0405 *** | 0.0426 *** | 0.0424 *** | 0.0404 *** | 0.0426 *** | 0.0424 *** |
(0.005) | (0.005) | (0.005) | (0.005) | (0.005) | (0.005) | |
Religious participation | 0.0277 *** | 0.0285 *** | 0.0283 *** | 0.0277 *** | 0.0282 *** | 0.0279 *** |
(0.006) | (0.006) | (0.006) | (0.006) | (0.006) | (0.006) | |
Advanced (ref: Emerging) | 0.0272 *** | 0.0292 *** | 0.0298 *** | |||
(0.008) | (0.008) | (0.008) | ||||
Non-NHS (ref: NHS) | 0.00357 | 0.00906 | 0.0157 *** | |||
(0.006) | (0.006) | (0.006) | ||||
SPH dummy × Non-NHS | 0.0362 *** | |||||
(0.009) | ||||||
OHS × Non-NHS | 0.0827 ** | |||||
(0.033) | ||||||
FHR × Non-NHS | 0.00145 | |||||
(0.007) | ||||||
Pseudo R2 | 0.101 | 0.101 | 0.101 | 0.102 | 0.102 | 0.101 |
Log likelihood | −15,865.41 | −15,868.79 | −15,869.03 | −15,859.64 | −15,873.96 | −15,871.59 |
Dep. var.: Life Insurance Holding | Non-NHS (N = 14,958) | NHS (N = 19,383) | ||||
---|---|---|---|---|---|---|
Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | |
SPH dummy | −0.00278 | −0.0295 *** | ||||
(0.008) | (0.006) | |||||
OHS | 0.0245 | −0.0521 *** | ||||
(0.029) | (0.020) | |||||
FHR | −0.0160 *** | −0.0117 ** | ||||
(0.005) | (0.005) | |||||
Demographic variables | ||||||
Age ≥ 65 | −0.153 *** | −0.154 *** | −0.151 *** | −0.0923 *** | −0.0938 *** | −0.0956 *** |
(0.011) | (0.011) | (0.011) | (0.008) | (0.008) | (0.008) | |
Higher education | 0.0128 * | 0.0134 * | 0.0124 * | 0.0242 *** | 0.0264 *** | 0.0271 *** |
(0.007) | (0.007) | (0.007) | (0.006) | (0.006) | (0.006) | |
Marital status (ref: Never married) | ||||||
Married | 0.0531 *** | 0.0532 *** | 0.0532 *** | 0.0527 *** | 0.0536 *** | 0.0536 *** |
(0.014) | (0.014) | (0.014) | (0.012) | (0.012) | (0.012) | |
Divorced | 0.0209 | 0.0207 | 0.0213 | −0.00188 | −0.00138 | −0.00175 |
(0.016) | (0.016) | (0.016) | (0.014) | (0.014) | (0.014) | |
Widowed | −0.00816 | −0.00869 | −0.00726 | −0.015 | −0.0146 | −0.0152 |
(0.016) | (0.016) | (0.016) | (0.013) | (0.013) | (0.013) | |
With children | 0.0300 *** | 0.0302 *** | 0.0298 *** | 0.0302 *** | 0.0307 *** | 0.0308 *** |
(0.011) | (0.011) | (0.011) | (0.011) | (0.011) | (0.011) | |
Household income per capita | 0.0174 *** | 0.0176 *** | 0.0174 *** | 0.0291 *** | 0.0299 *** | 0.0299 *** |
(0.004) | (0.004) | (0.004) | (0.003) | (0.003) | (0.003) | |
Household income per capita squared | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
Net wealth per capita | 0.0186 *** | 0.0187 *** | 0.0184 *** | 0.0162 *** | 0.0165 *** | 0.0166 *** |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
Net wealth per capita squared | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
Prob. of receiving inheritance | 0.00054 *** | 0.00054 *** | 0.00054 *** | 0.000896 *** | 0.00092 *** | 0.00092 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
Pension | −0.0054 *** | −0.0054 *** | −0.0054 *** | −0.00455 *** | −0.0044 *** | −0.00446 *** |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
Future retirement age | −0.0200 *** | −0.0199 *** | −0.0204 *** | 0.00499 *** | 0.00474 ** | 0.00452 ** |
(0.003) | (0.003) | (0.003) | (0.002) | (0.002) | (0.002) | |
Gross pension replacement rate | 0.00140 *** | 0.00141 *** | 0.00142 *** | −0.00501 *** | −0.00494 *** | −0.00492 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
Health spending from coverage | 0.116 *** | 0.115 *** | 0.117 *** | 0.007 | 0.012 | 0.0139 |
(0.014) | (0.014) | (0.013) | (0.011) | (0.011) | (0.011) | |
Out-of-pocket health spending | −0.154 *** | −0.153 *** | −0.155 *** | 0.0151 | 0.0112 | 0.00968 |
(0.015) | (0.015) | (0.015) | (0.011) | (0.011) | (0.011) | |
Higher Life expectancy | 0.0447 *** | 0.0463 *** | 0.0440 *** | 0.0356 *** | 0.0384 *** | 0.0400 *** |
(0.009) | (0.008) | (0.008) | (0.006) | (0.006) | (0.006) | |
Social activity | 0.0273 *** | 0.0279 *** | 0.0268 *** | 0.0647 *** | 0.0680 *** | 0.0683 *** |
(0.007) | (0.007) | (0.007) | (0.007) | (0.007) | (0.007) | |
Religious participation | −0.0155 | −0.0154 | −0.0154 | 0.0328 *** | 0.0340 *** | 0.0336 *** |
(0.009) | (0.009) | (0.009) | (0.008) | (0.008) | (0.008) | |
Pseudo R2 | 0.093 | 0.093 | 0.093 | 0.123 | 0.123 | 0.123 |
Log likelihood | −7516.404 | −7516.1 | 7511.61 | −8135.99 | −8145.81 | −8146.52 |
Dep. var.: Life Insurance Holding | The Whole Sample (N = 34,341) | Non-NHS (N = 14,958) | NHS (N = 19,383) | ||||||
---|---|---|---|---|---|---|---|---|---|
SPH dummy | −0.0158 ** | 0.00203 | −0.0235 ** | ||||||
(0.007) | (0.012) | (0.009) | |||||||
OHS | −0.0103 | 0.0377 | −0.0281 | ||||||
(0.024) | (0.040) | (0.028) | |||||||
FHR | −0.0109 ** | −0.0142 * | −0.00833 | ||||||
(0.005) | (0.008) | (0.008) | |||||||
Demographic variables | |||||||||
Age ≥ 65 | −0.128 *** | −0.129 *** | −0.129 *** | −0.153 *** | −0.154 *** | −0.151 *** | −0.0924 *** | −0.0937 *** | −0.0957 *** |
(0.007) | (0.007) | (0.007) | (0.011) | (0.011) | (0.011) | (0.008) | (0.008) | (0.008) | |
Higher education | 0.0257 *** | 0.0265 *** | 0.0246 *** | 0.0152 * | 0.0154 * | 0.0134 * | 0.0284 *** | 0.0309 *** | 0.0287 *** |
(0.006) | (0.005) | (0.005) | (0.009) | (0.009) | (0.008) | (0.008) | (0.007) | (0.007) | |
SPH dummy × Higher education | −0.0101 | −0.00832 | −0.00926 | ||||||
(0.009) | (0.015) | (0.011) | |||||||
OHS × Higher education | −0.0358 | −0.0253 | −0.0448 | ||||||
(0.032) | (0.055) | (0.038) | |||||||
FHR × Higher education | −0.00505 | −0.00339 | −0.00591 | ||||||
(0.007) | (0.010) | (0.010) | |||||||
Other controls | Marital status, with child, Household income per capita, Household income per capita squared, Net wealth per capita, Net wealth per capita squared, Probability of receiving inheritance, Pension, Future retirement age, Gross pension replacement rate, Health spending from coverage, Out-of-pocket health spending, Higher life expectancy, Social activity, Religious participation, and Country dummy | ||||||||
Pseudo R2 | 0.101 | 0.101 | 0.101 | 0.101 | 0.093 | 0.093 | 0.123 | 0.123 | 0.123 |
Log likelihood | −15,864.79 | −15,874.13 | −15,868.79 | −7516.2 | −7515.99 | −7511.56 | −8135.65 | −8145.12 | −8146.35 |
Dep. var.: Life Insurance Holding | The Whole Sample (N = 34,341) | Non-NHS (N = 14,958) | NHS (N = 19,383) | ||||||
---|---|---|---|---|---|---|---|---|---|
SPH dummy | −0.0223 *** | −0.0121 | −0.0192 ** | ||||||
(0.007) | (0.012) | (0.008) | |||||||
OHS | −0.0233 | −0.00657 | −0.0181 | ||||||
(0.030) | (0.053) | (0.035) | |||||||
FHR | −0.0258 *** | −0.0371 *** | −0.0137 | ||||||
(0.007) | (0.010) | (0.009) | |||||||
Demographic variables | |||||||||
Age ≥ 65 | −0.128 *** | −0.128 *** | −0.134 *** | −0.157 *** | −0.157 *** | −0.161 *** | −0.0838 *** | −0.0891 *** | −0.0964 *** |
(0.007) | (0.007) | (0.007) | (0.012) | (0.012) | (0.011) | (0.009) | (0.009) | (0.009) | |
Higher education | 0.0220 *** | 0.0232 *** | 0.0232 *** | 0.0131 * | 0.0133 * | 0.0124 * | 0.0240 *** | 0.0264 *** | 0.0271 *** |
(0.005) | (0.005) | (0.005) | (0.007) | (0.007) | (0.007) | (0.006) | (0.006) | (0.006) | |
SPH poor ×Age ≥ 65 | 0.000605 | 0.016 | −0.0187 * | ||||||
(0.009) | (0.015) | (0.011) | |||||||
OHS × Age ≥ 65 | −0.00845 | 0.0435 | −0.0498 | ||||||
(0.035) | (0.062) | (0.042) | |||||||
FHR × Age ≥ 65 | 0.0177 ** | 0.0312 *** | 0.0028 | ||||||
(0.008) | (0.011) | (0.011) | |||||||
Other controls | Marital status, with child, Household income per capita, Household income per capita squared, Net wealth per capita, Net wealth per capita squared, Probability of receiving inheritance, Pension, Future retirement age, Gross pension replacement rate Health spending from coverage, Out-of-pocket health spending, Higher life expectancy, Social activity, Religious participation, and Country dummy | ||||||||
Pseudo R2 | 0.101 | 0.101 | 0.101 | 0.093 | 0.093 | 0.093 | 0.123 | 0.123 | 0.123 |
Log likelihood | −15,865.4 | −15,874.73 | −15,866.48 | −7515.85 | −7515.85 | −7507.71 | −8134.48 | −8145.09 | −8146.49 |
Dep. var.: Life Insurance Holding | Term | Whole | Both | No LI ※ | Term | Whole | Both | No LI ※ | Term | Whole | Both | No LI ※ |
---|---|---|---|---|---|---|---|---|---|---|---|---|
SPH dummy | −0.00654 *** | 0.00203 | −0.0184 *** | 0.0229 *** | ||||||||
(0.002) | (0.003) | (0.003) | (0.005) | |||||||||
OHS | 0.00182 | 0.000103 | −0.0289 ** | 0.027 | ||||||||
(0.009) | (0.012) | (0.012) | (0.017) | |||||||||
FHR | −0.006 *** | 0.000728 | −0.0105 *** | 0.0157 *** | ||||||||
(0.002) | (0.002) | (0.003) | (0.004) | |||||||||
Demographic variables | ||||||||||||
Age ≥ 65 | −0.0328 *** | −0.0344 *** | −0.0585 *** | 0.126 *** | −0.0335 *** | −0.0342 *** | −0.0593 *** | 0.127 *** | −0.0330 *** | −0.0343 *** | −0.0597 *** | 0.127 *** |
(0.003) | (0.005) | (0.005) | (0.007) | (0.003) | (0.005) | (0.005) | (0.007) | (0.003) | (0.005) | (0.005) | (0.007) | |
Higher education | 0.00513 ** | 0.0115 *** | 0.00691 ** | −0.0235 *** | 0.00569 *** | 0.0113 *** | 0.00782 ** | −0.0249 *** | 0.00554 ** | 0.0114 *** | 0.00788 ** | −0.0248 *** |
(0.002) | (0.003) | (0.003) | (0.005) | (0.002) | (0.003) | (0.003) | (0.005) | (0.002) | (0.003) | (0.003) | (0.005) | |
Marital status (ref: Never married) | ||||||||||||
Married | 0.00909 ** | 0.0324 *** | 0.0160 ** | −0.0575 *** | 0.00924 ** | 0.0325 *** | 0.0165 ** | −0.0582 *** | 0.00927 ** | 0.0324 *** | 0.0166 ** | −0.0583 *** |
(0.004) | (0.006) | (0.007) | (0.009) | (0.004) | (0.006) | (0.007) | (0.009) | (0.004) | (0.006) | (0.007) | (0.009) | |
Divorced | 0.0107 ** | 0.0148 ** | −0.0117 * | −0.0138 | 0.0108 ** | 0.0148 ** | −0.0115 | −0.0141 | 0.0108 ** | 0.0147 ** | −0.0115 | −0.014 |
(0.005) | (0.007) | (0.007) | (0.010) | (0.005) | (0.007) | (0.007) | (0.010) | (0.005) | (0.007) | (0.007) | (0.010) | |
Widowed | 0.00183 | 0.0114 * | −0.0191 *** | 0.00581 | 0.00164 | 0.0115 * | −0.0189 *** | 0.00578 | 0.00196 | 0.0115 * | −0.0190 *** | 0.00556 |
(0.005) | (0.007) | (0.007) | (0.010) | (0.005) | (0.007) | (0.007) | (0.010) | (0.005) | (0.007) | (0.007) | (0.010) | |
With children | 0.00680 ** | −0.00344 | 0.0238 *** | −0.0271 *** | 0.00698 ** | −0.00356 | 0.0241 *** | −0.0275 *** | 0.00696 ** | −0.00357 | 0.0242 *** | −0.0276 *** |
(0.003) | (0.006) | (0.005) | (0.008) | (0.003) | (0.006) | (0.005) | (0.008) | (0.003) | (0.006) | (0.005) | (0.008) | |
Household income per capita | 0.00575 *** | 0.00520 *** | 0.0102 *** | −0.0212 *** | 0.00604 *** | 0.00511 *** | 0.0111 *** | −0.0222 *** | 0.00596 *** | 0.00513 *** | 0.0110 *** | −0.0221 *** |
(0.001) | (0.002) | (0.002) | (0.003) | (0.001) | (0.002) | (0.002) | (0.003) | (0.001) | (0.002) | (0.002) | (0.003) | |
Household income per capita squared | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
Net wealth per capita | 0.00468 *** | 0.00870 *** | 0.00242 *** | −0.0158 *** | 0.00480 *** | 0.00865 *** | 0.00261 *** | −0.0161 *** | 0.00475 *** | 0.00865 *** | 0.00258 *** | −0.0160 *** |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
Net wealth per capita squared | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
Prob. of receiving inheritance | 0.00013 *** | 0.00029 *** | 0.00024 *** | −0.0006 *** | 0.00014 *** | 0.00028 *** | 0.00024 *** | −0.00067 *** | 0.00013 *** | 0.00028 *** | 0.00024 *** | −0.0007 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
Pension | −0.000757 ** | −0.00147 *** | −0.00220 *** | 0.00443 *** | −0.000745 ** | −0.00147 *** | −0.00215 *** | 0.00436 *** | −0.000757 ** | −0.00146 *** | −0.00221 *** | 0.0044 *** |
(0.000) | (0.000) | (0.000) | (0.001) | (0.000) | (0.000) | (0.000) | (0.001) | (0.000) | (0.000) | (0.000) | (0.001) | |
Future retirement age | −0.00622 *** | −0.00318 *** | −0.00624 *** | 0.0156 *** | −0.00624 *** | −0.00317 *** | −0.00624 *** | 0.0157 *** | −0.00628 *** | −0.00317 *** | −0.00640 *** | 0.0159 *** |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
Gross pension replacement rate | 0.00148 *** | −0.00088 *** | −0.000092 | −0.00050 *** | 0.00148 *** | −0.00088 *** | −0.000098 | −0.000495 ** | 0.00149 *** | −0.000885 *** | −0.0000812 | −0.000520 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
Health spending from coverage | −0.0423 *** | 0.0640 *** | 0.0572 *** | −0.0789 *** | −0.0425 *** | 0.0640 *** | 0.0579 *** | −0.0794 *** | −0.0425 *** | 0.0641 *** | 0.0585 *** | −0.0800 *** |
(0.004) | (0.005) | (0.005) | (0.008) | (0.004) | (0.005) | (0.005) | (0.008) | (0.004) | (0.005) | (0.005) | (0.008) | |
Out-of-pocket health spending | 0.0267 *** | −0.0335 *** | −0.0780 *** | 0.0848 *** | 0.0268 *** | −0.0334 *** | −0.0784 *** | 0.0850 *** | 0.0268 *** | −0.0335 *** | −0.0788 *** | 0.0855 *** |
(0.004) | (0.005) | (0.006) | (0.008) | (0.004) | (0.005) | (0.006) | (0.008) | (0.004) | (0.005) | (0.006) | (0.008) | |
Higher Life expectancy | 0.00629 ** | 0.0183 *** | 0.0123 *** | −0.0369 *** | 0.00761 *** | 0.0180 *** | 0.0145 *** | −0.0400 *** | 0.00716 *** | 0.0180 *** | 0.0150 *** | −0.0402 *** |
(0.003) | (0.003) | (0.003) | (0.005) | (0.003) | (0.003) | (0.003) | (0.005) | (0.003) | (0.003) | (0.003) | (0.005) | |
Social activity | 0.0193 *** | 0.00757 ** | 0.0130 *** | −0.0398 *** | 0.0201 *** | 0.00734 ** | 0.0148 *** | −0.0422 *** | 0.0197 *** | 0.00735 ** | 0.0148 *** | −0.0418 *** |
(0.002) | (0.003) | (0.003) | (0.005) | (0.002) | (0.003) | (0.003) | (0.005) | (0.002) | (0.003) | (0.003) | (0.005) | |
Religious participation | 0.00294 | 0.0184 *** | 0.00332 | −0.0247 *** | 0.00308 | 0.0184 *** | 0.00399 | −0.0255 *** | 0.00306 | 0.0184 *** | 0.00383 | −0.0253 *** |
(0.003) | (0.005) | (0.004) | (0.006) | (0.003) | (0.005) | (0.004) | (0.006) | (0.003) | (0.005) | (0.004) | (0.006) | |
Advanced markets (ref: Emerging markets) | 0.0449 *** | −0.0267 *** | 0.0144 *** | −0.0325 *** | 0.0459 *** | −0.0269 *** | 0.0156 *** | −0.0346 *** | 0.0459 *** | −0.0269 *** | 0.0161 *** | −0.0351 *** |
(0.003) | (0.006) | (0.005) | (0.008) | (0.003) | (0.006) | (0.005) | (0.008) | (0.003) | (0.006) | (0.005) | (0.008) | |
Log likelihood | −22,422.112 | −22,439.99 | −22,430.01 |
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Whole (N = 34,341) | p-Value | NHS (N = 19,383) | p-Value | Non-NHS (N = 14,958) | p-Value | |||||
---|---|---|---|---|---|---|---|---|---|---|
with LI | without LI | with LI | without LI | with LI | without LI | |||||
7216 (21%) | 27,125 (79%) | 3587 (18.5%) | 15,796 (81.5%) | 3629 (24.3%) | 11,329 (75.7%) | |||||
Health variables | ||||||||||
SPH dummy (%) (1 if poor health) | ||||||||||
Poor | 29.2 | 43.5 | <0.001 & | 35.1 | 52.2 | <0.001 & | 23.4 | 31.4 | <0.001 & | |
Good | 70.8 | 56.5 | 64.9 | 47.8 | 76.6 | 68.6 | ||||
SPH discrete, mean (SD) (from 1 ‘‘very good’’ to 5 ‘‘very bad’’) | ||||||||||
2.9 (1.1) | 3.3 (1.1) | <0.001 @ | 3.0 (1.1) | 3.5 (1.0) | <0.001 @ | 2.8 (1.0) | 3.0 (1.0) | <0.001 @ | ||
Objective health status (OHS), mean (SD) | 0.07 (0.1) | 0.11 (0.1) | <0.001 @ | 0.08 (0.1) | 0.12 (0.2) | <0.001 @ | 0.07 (0.1) | 0.09 (0.1) | <0.001 @ | |
Future health risk (FHR), mean (SD) | 0.25 (0.5) | 0.33 (0.7) | <0.001 @ | 0.25 (0.5) | 0.32 (0.6) | <0.001 @ | 0.24 (0.6) | 0.33 (0.8) | <0.001 @ | |
Demographic variables | ||||||||||
Age, mean (SD) | 64.1 (8.0) | 69.9 (9.5) | <0.001 @ | 64.5 (8.0) | 69.9 (9.4) | <0.001 @ | 63.8 (8.0) | 69.8 (9.7) | <0.001 @ | |
Age (%) | 50 ≤ age < 65 | 59.2 | 32.6 | <0.001 & | 57.3 | 32.3 | <0.001 | 61.1 | 33 | <0.001 & |
≥65 | 40.8 | 67.4 | 42.7 | 67.7 | 38.9 | 67 | ||||
Education (%) | Lower | 31 | 43.7 | <0.001 & | 28 | 44.4 | <0.001 & | 33.9 | 42.9 | <0.001 & |
Higher | 69 | 56.3 | 72 | 55.6 | 66.1 | 57.1 | ||||
Marital status (%) | ||||||||||
Married | 73.4 | 61.5 | <0.001 & | 76.6 | 62.3 | <0.001 & | 70.2 | 60.4 | <0.001 & | |
Divorced | 11.8 | 12.1 | 9.6 | 10.8 | 13.9 | 13.8 | ||||
Widowed | 8.9 | 18.8 | 9 | 20.1 | 8.8 | 17 | ||||
Never married | 5.9 | 7.6 | 4.9 | 6.7 | 7 | 8.7 | ||||
With children (%) | 91.3 | 88.8 | <0.001 & | 93.5 | 90.7 | <0.001 & | 89.1 | 86.3 | <0.001 & | |
Household size, mean (SD) | 2.3 (1.0) | 2.0 (1.0) | <0.001 @ | 2.4 (1.1) | 2.1 (1.1) | <0.001 @ | 2.2 (1.0) | 1.9 (0.9) | <0.001 @ | |
Household income per capita, mean (SD) | 0.210 (0.35) | 0.185 (0.337) | <0.001 @ | 0.143 (0.170) | 0.132 (0.21) | 0.004 @ | 0.276 (0.450) | 0.260 (0.447) | 0.060 @ | |
Net wealth per capita, mean (SD) | 1.454 (3.36) | 1.098 (3.608) | <0.001 @ | 1.202 (4.15) | 0.821 (4.13) | <0.001 @ | 1.703 (2.303) | 1.486 (2.661) | <0.001 @ | |
Pension, mean (SD) | 0.054 (0.133) | 0.074 (0.159) | <0.001 @ | 0.040 (0.092) | 0.049 (0.086) | <0.001 @ | 0.067 (0.162) | 0.108 (0.219) | <0.001 @ | |
Future retirement age, mean (SD) | 65.3 (3.04) | 65.7 (2.88) | <0.001 @ | 65.3 (3.82) | 65.9 (3.35) | <0.001 @ | 65.4 (1.98) | 65.3 (0.01) | <0.001 @ | |
Gross pension replacement rate, mean (SD) | 58.2 (18.0) | 59.4 (17.3) | <0.001 @ | 54.6 (16.7) | 58.3 (3.02) | <0.001 @ | 61.8 (18.5) | 61.0 (18.5) | <0.001 @ | |
Health spending from coverage, mean (SD) | 0.484 (0.620) | 0.529 (0.647) | <0.001 @ | 0.740 (0.763) | 0.801 (0.785) | <0.001 @ | 0.226 (0.270) | 0.333 (0.431) | <0.001 @ | |
Out-of-pocket health spending, mean (SD) | 0.141 (0.170) | 0.158 (0.179) | <0.001 @ | 0.215 (0.198) | 0.238 (0.205) | <0.001 @ | 0.067 (0.086) | 0.101 (0.131) | <0.001 @ | |
Prob. of receiving inheritance, mean (SD) | 22.0 (34.4) | 11.5 (26.7) | <0.001 @ | 18.4 (32.7) | 8.8 (23.5) | <0.001 @ | 25.6 (35.6) | 15.3 (30.2) | <0.001 @ | |
Higher life expectancy (%) | 81.2 | 69.7 | <0.001 & | 76.5 | 64.7 | <0.001 | 85.8 | 76.5 | <0.001 & | |
Socially active (%) | 39.4 | 27.1 | <0.001 & | 35 | 20.8 | <0.001 | 43.6 | 35.9 | <0.001 & | |
Religious participation (%) | 14.5 | 13.1 | 0.003 & | 15.2 | 12 | <0.001 | 13.8 | 14.6 | 0.20 & |
Dep. var.: Life Insurance Holding | The Whole Sample (N = 34,341) | |
---|---|---|
Model 1 | Model 2 | |
SPH dummy | −0.0205 *** | −0.0346 *** |
(0.005) | (0.006) | |
OHS | 0.00152 | −0.0162 |
(0.018) | (0.023) | |
FHR | −0.0121 *** | −0.0100 * |
(0.004) | (0.006) | |
Demographic variables | ||
Age ≥ 65 | −0.127 *** | −0.124 *** |
(0.007) | (0.007) | |
Higher education | 0.0216 *** | 0.0190 *** |
(0.005) | (0.005) | |
Marital status (ref: Never married) | ||
Married | 0.0566 *** | 0.0564 *** |
(0.009) | (0.009) | |
Divorced | 0.0142 | 0.0133 |
(0.010) | (0.010) | |
Widowed | −0.00574 | −0.00729 |
(0.010) | (0.010) | |
With children | 0.0281 *** | 0.0286 *** |
(0.008) | (0.008) | |
Household income per capita | 0.0225 *** | 0.0230 *** |
(0.003) | (0.003) | |
Household income per capita squared | 0.000 | 0.000 |
(0.000) | (0.000) | |
Net wealth per capita | 0.0148 *** | 0.0151 *** |
(0.001) | (0.001) | |
Net wealth per capita squared | 0.000 | 0.000 |
(0.000) | (0.000) | |
Prob. of receiving inheritance | 0.000630 *** | 0.000649 *** |
(0.000) | (0.000) | |
Pension | −0.00423 *** | −0.00449 *** |
(0.001) | (0.001) | |
Future retirement age | −0.0166 *** | −0.0154 *** |
(0.001) | (0.001) | |
Gross pension replacement rate | 0.000484 ** | 0.000579 *** |
(0.000) | (0.000) | |
Health spending from coverage | 0.0907 *** | 0.0859 *** |
(0.007) | (0.007) | |
Out-of-pocket health spending | −0.0938 *** | −0.0870 *** |
(0.008) | (0.008) | |
Higher Life expectancy | 0.0370 *** | 0.0378 *** |
(0.005) | (0.005) | |
Social activity | 0.0401 *** | 0.0400 *** |
(0.005) | (0.005) | |
Religious participation | 0.0276 *** | 0.0276 *** |
(0.006) | (0.006) | |
Advanced (ref: Emerging) | 0.0275 *** | |
(0.008) | ||
Non-NHS (ref: NHS) | 0.00235 | |
(0.006) | ||
SPH dummy × Non-NHS | 0.0327 *** | |
(0.008) | ||
OHS × Non-NHS | 0.044 | |
(0.035) | ||
FHR × Non-NHS | 0.004 | |
(0.007) | ||
Pseudo R2 | 0.101 | 0.102 |
Log likelihood | −15,842.956 | −15,852.956 |
Dep. var.: Binary for Holding Life Insurance | Non-NHS (N = 14,958) | NHS (N = 19,383) |
---|---|---|
SPH dummy | −0.0038 | −0.0267 *** |
(0.008) | (0.006) | |
OHS | 0.0406 | −0.0179 |
(0.031) | (0.021) | |
FHR | −0.0166 *** | −0.00868 * |
(0.005) | (0.005) | |
Demographic variables | ||
Age ≥ 65 | −0.152 *** | −0.0911 *** |
(0.011) | (0.008) | |
Higher education | 0.0126 * | 0.0238 *** |
(0.007) | (0.006) | |
Marital status (ref: Never married) | ||
Married | 0.0532 *** | 0.0529 *** |
(0.014) | (0.012) | |
Divorced | 0.0212 | −0.0016 |
(0.016) | (0.014) | |
Widowed | −0.00777 | −0.0144 |
(0.016) | (0.013) | |
With children | 0.0299 *** | 0.0304 *** |
(0.011) | (0.011) | |
Income per capita | 0.0174 *** | 0.0289 *** |
(0.004) | (0.003) | |
Income per capita squared | 0.000 | 0.000 |
(0.000) | (0.000) | |
Net wealth per capita | 0.0184 *** | 0.0161 *** |
(0.001) | (0.001) | |
Net wealth per capita squared | 0.000 | 0.000 |
(0.000) | (0.000) | |
Prob. of receiving inheritance | 0.000543 *** | 0.000891 *** |
(0.000) | (0.000) | |
Pension | −0.00552 *** | −0.00456 *** |
(0.001) | (0.001) | |
Future retirement age | −0.0202 *** | 0.00498 *** |
(0.003) | (0.002) | |
Gross pension replacement rate | 0.00143 *** | −0.00500 *** |
(0.000) | (0.000) | |
Health spending from coverage | 0.116 *** | 0.00702 |
(0.014) | (0.011) | |
Out-of-pocket health spending | −0.154 *** | 0.0152 |
(0.015) | (0.011) | |
Higher Life expectancy | 0.0449 *** | 0.0348 *** |
(0.009) | (0.006) | |
Social activity | 0.0269 *** | 0.0644 *** |
(0.007) | (0.007) | |
Religious participation | −0.0156 * | 0.0328 *** |
(0.009) | (0.008) | |
Pseudo R2 | 0.093 | 0.123 |
Log likelihood | −7510.732 | −8133.964 |
Dep. var.: Binary for Holding Life Insurance | The Whole Sample (N = 34,341) | Non-NHS (N = 14,958) | NHS (N = 19,383) |
---|---|---|---|
SPH dummy | −0.0155 ** | 0.000457 | −0.0224 ** |
(0.008) | (0.013) | (0.010) | |
OHS | 0.0106 | 0.0476 | −0.00458 |
(0.025) | (0.043) | (0.030) | |
FHR | −0.0101 * | −0.0155 ** | −0.00664 |
(0.005) | (0.008) | (0.008) | |
Demographic variables | |||
Age≥65 | −0.127 *** | −0.152 *** | −0.0912 *** |
(0.007) | (0.011) | (0.008) | |
Higher education | 0.0273 *** | 0.0165 * | 0.0304 *** |
(0.006) | (0.009) | (0.008) | |
SPH dummy × Higher education | −0.00795 | −0.00723 | −0.00634 |
(0.010) | (0.017) | (0.012) | |
OHS × Higher education | −0.0185 | −0.0141 | −0.0263 |
(0.035) | (0.060) | (0.041) | |
FHR × Higher education | −0.00366 | −0.0023 | −0.00369 |
(0.007) | (0.011) | (0.010) | |
Other controls | Marital status, with child, Household income per capita, Household income per capita squared, Net wealth per capita, Net wealth per capita squared, Probability of receiving inheritance, Pension, Future retirement age, Gross pension replacement rate, Health spending from coverage, Out-of-pocket health spending, Higher life expectancy, Social activity, Religious participation, and Country dummy | ||
Pseudo R2 | 0.101 | 0.093 | 0.124 |
Log likelihood | −15,858.79 | −7510.494 | −8133.286 |
Dep. var.: Binary for Holding Life Insurance | The Whole Sample (N = 34,341) | Non-NHS (N = 14958) | NHS (N = 19383) |
---|---|---|---|
SPH dummy | −0.0211 *** | −0.00878 | −0.0190 ** |
(0.007) | (0.013) | (0.009) | |
OHS | 0.0204 | 0.0285 | 0.0118 |
(0.032) | (0.056) | (0.037) | |
FHR | −0.0243 *** | −0.0367 *** | −0.0121 |
(0.007) | (0.010) | (0.009) | |
Demographic variables | |||
Age ≥ 65 | −0.130 *** | −0.165 *** | −0.0822 *** |
(0.008) | (0.012) | (0.010) | |
Higher education | 0.0217 *** | 0.0127 * | 0.0237 *** |
(0.005) | (0.007) | (0.006) | |
SPH poor × Age ≥ 65 | 0.00113 | 0.00949 | −0.0146 |
(0.010) | (0.017) | (0.012) | |
OHS × Age ≥ 65 | −0.0277 | 0.0111 | −0.0408 |
(0.038) | (0.067) | (0.045) | |
FHR × Age ≥ 65 | 0.0178 ** | 0.0297 *** | 0.00487 |
(0.008) | (0.012) | (0.011) | |
Other controls | Marital status, with child, Household income per capita, Household income per capita squared, Net wealth per capita, Net wealth per capita squared, Probability of receiving inheritance, Pension, Future retirement age, Gross pension replacement rate, Health spending from coverage, Out-of-pocket health spending, Higher life expectancy, Social activity, Religious participation, and Country dummy | ||
Pseudo R2 | 0.101 | 0.094 | 0.124 |
Log likelihood | −15,857.09 | −7506.71 | −8132.09 |
Dep. var.: Binary for Holding Life Insurance | Term | Whole | Both | No LI ※ |
---|---|---|---|---|
SPH dummy | −0.00700 *** | 0.00228 | −0.0169 *** | 0.0217 *** |
(0.003) | (0.004) | (0.004) | (0.005) | |
OHS | 0.0133 | −0.00313 | −0.00454 | −0.00561 |
(0.009) | (0.013) | (0.013) | (0.018) | |
FHR | −0.00565 *** | 0.000574 | −0.00887 *** | 0.0139 *** |
(0.002) | (0.003) | (0.003) | (0.004) | |
Demographic variables | ||||
Age ≥ 65 | −0.0328 *** | −0.0343 *** | −0.0579 *** | 0.125 *** |
(0.003) | (0.005) | (0.005) | (0.007) | |
Higher education | 0.00514 ** | 0.0114 *** | 0.00663 ** | −0.0232 *** |
(0.002) | (0.003) | (0.003) | (0.005) | |
Marital status (ref: Never married) | ||||
Married | 0.00913 ** | 0.0324 *** | 0.0161 ** | −0.0576 *** |
(0.004) | (0.006) | (0.007) | (0.009) | |
Divorced | 0.0107 ** | 0.0148 ** | −0.0115 | −0.0139 |
(0.005) | (0.007) | (0.007) | (0.010) | |
Widowed | 0.0019 | 0.0115 * | −0.0187 *** | 0.00532 |
(0.005) | (0.007) | (0.007) | (0.010) | |
With children | 0.00685 ** | −0.00343 | 0.0238 *** | −0.0272 *** |
(0.003) | (0.006) | (0.005) | (0.008) | |
Income per capita | 0.00570 *** | 0.00521 *** | 0.0101 *** | −0.0210 *** |
(0.001) | (0.002) | (0.002) | (0.003) | |
Income per capita squared | 0.000 | 0.000 | 0.000 | 0.000 |
(0.000) | (0.000) | (0.000) | (0.000) | |
Net wealth per capita | 0.00467 *** | 0.00868 *** | 0.00234 *** | −0.0157 *** |
(0.001) | (0.001) | (0.001) | (0.001) | |
Net wealth per capita squared | 0.000 | 0.000 | 0.000 | 0.000 |
(0.000) | (0.000) | (0.000) | (0.000) | |
Prob. of receiving inheritance | 0.000136 *** | 0.000285 *** | 0.000235 *** | −0.000657 *** |
(0.000) | (0.000) | (0.000) | (0.000) | |
Pension | −0.000789 *** | −0.00146 *** | −0.00222 *** | 0.00447 *** |
(0.000) | (0.000) | (0.000) | (0.001) | |
Future retirement age | −0.00628 *** | −0.00318 *** | −0.00630 *** | 0.0158 *** |
(0.001) | (0.001) | (0.001) | (0.001) | |
Gross pension replacement rate | 0.00149 *** | −0.000885 *** | −0.0000854 | −0.000518 *** |
(0.000) | (0.000) | (0.000) | (0.000) | |
Health spending from coverage | −0.0423 *** | 0.0641 *** | 0.0574 *** | −0.0792 *** |
(0.004) | (0.005) | (0.005) | (0.008) | |
Out-of-pocket health spending | 0.0267 *** | −0.0335 *** | −0.0781 *** | 0.0850 *** |
(0.004) | (0.005) | (0.006) | (0.008) | |
Higher Life expectancy | 0.00634 ** | 0.0183 *** | 0.0119 *** | −0.0365 *** |
(0.003) | (0.003) | (0.003) | (0.005) | |
Social activity | 0.0191 *** | 0.00756 ** | 0.0127 *** | −0.0394 *** |
(0.002) | (0.003) | (0.003) | (0.005) | |
Religious participation | 0.00278 | 0.0185 *** | 0.00329 | −0.0245 *** |
(0.003) | (0.005) | (0.004) | (0.006) | |
Advanced markets (ref: Emerging markets) | 0.0452 *** | −0.0268 *** | 0.0145 *** | −0.0330 *** |
(0.003) | (0.006) | (0.005) | (0.008) | |
Log likelihood | −22,411.1 |
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Share and Cite
Tsendsuren, S.; Li, C.-S.; Peng, S.-C.; Wong, W.-K. The Effects of Health Status on Life Insurance Holdings in 16 European Countries. Sustainability 2018, 10, 3454. https://doi.org/10.3390/su10103454
Tsendsuren S, Li C-S, Peng S-C, Wong W-K. The Effects of Health Status on Life Insurance Holdings in 16 European Countries. Sustainability. 2018; 10(10):3454. https://doi.org/10.3390/su10103454
Chicago/Turabian StyleTsendsuren, Saruultuya, Chu-Shiu Li, Sheng-Chang Peng, and Wing-Keung Wong. 2018. "The Effects of Health Status on Life Insurance Holdings in 16 European Countries" Sustainability 10, no. 10: 3454. https://doi.org/10.3390/su10103454