Image of Wealth and Insurance Choices: Evidence from U.S. Households

Wealth and Insurance Choices: Evidence from U.S. Households

Using administrative data for 63,000 individuals across 2,500,000 person-month observations, we find that wealthier individuals have better life insurance coverage, controlling for the value of the asset insured, namely, the consumption needs of dependents. This positive wealth-insurance correlation, which is surprising given the prevailing view that wealth substitutes for insurance, persists after allowing for wealth-related differences in risk or bequest preferences, pricing, background risk, education, employment, or liquidity constraints. Our findings call for further investigation of this wealth-coverage correlation but support theories emphasizing the consumption-smoothing role of insurance across not only states of the world, but also time.

Ketersediaan
Call NumberLocationAvailable
PSB lt.2 - Karya Akhir (Majalah)1
Informasi Detail
Judul Seri
The Journal of Finance
No. Panggil
-
Penerbit
United States : American Finance Association.,
Deskripsi Fisik
1327 p.
Bahasa
English
ISBN/ISSN
1540-6261
Klasifikasi
NONE
Tipe Isi
text
Tipe Media
-
Tipe Pembawa
-
Edisi
Vol. 80 Issue 2, Apr 2025
Subjek
Wealth
Insurance Choices
US. Households
Info Detail Spesifik
The Journal of Finance
Pernyataan Tanggungjawab
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Tidak tersedia versi lain

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