With life full of uncertainties, one of the major strategies adopted to face unforeseen future negative life occurrences is insurance. However, the patronage of insurance policies and more importantly life insurance policies in Ghana has not been very much encouraging. Given the above, this paper purposively sampled 200 adults in the Asokore Mampong Municipality to investigate the Socio-economic factors that influence the demand for life insurance by adopting the binary logit regression model. The study therefore found that, people without any bad perception about insurance firms, married respondents, respondents with senior high and tertiary levels of education, employed and female respondents, were more likely to demand for life insurance. Further, Muslim and Traditional/other religion respondents were found to be less likely to demand for life insurance. The study therefore recommended that insurance firms and other stakeholders must pay attention to socio-economic factors in the attempt to increase patronage for life insurance policies.
Purchase of Life Insurance, Life Uncertainties, Socio-Economic Factors, Ghana
