Prior research indicates a significant relation between life events and the demand for life insurance. This paper is the first study to relate the demand for life insurance to household portfolio holdings in a dynamic framework. The study examines changes in life insurance demand as a function of changes in household portfolio holdings and life events using panel data during the recent financial crisis. The results indicate that household portfolio holdings are more significant than life events in explaining life insurance ownership decisions, and suggest a complementary rather than a substitution relationship between the ownership of life insurance and the holdings of equity and bonds during recessions. The results also indicate that households with more financial assets allocated to bonds drop significantly more term life insurance coverage. Further implications for practitioners are discussed.

先前的研究表明，生活事件与人寿保险需求之间存在显着关系。本文是第一个在动态框架中将人寿保险需求与家庭资产组合相关联的研究。该研究使用最近金融危机期间的面板数据，研究了人寿保险需求的变化，作为家庭投资组合持有和生活事件变化的函数。结果表明，在解释人寿保险所有权决策时，家庭投资组合持有比生活事件更重要，并表明在衰退期间人寿保险所有权与股票和债券持有之间存在互补而不是替代关系。结果还表明，分配给债券的金融资产越多的家庭，定期人寿保险的覆盖面就越多。