Demographic factors and the choice of insurance policies among the staff of Cape Coast Technical University

Abstract

This study looked into the demographic factors and the choice of insurance policies among the staff of Cape Coast Technical University. The research design adopted for this study was descriptive survey approach and explorative in nature. It was found appropriate to use this method because it enabled the researcher to explore the situation on the ground of demographic factors and the choice of insurance policies. One hundred and ninety-nine respondents were sampled using stratified sampling technique for the study. Opinions of the respondents were sought through the use of questionnaire based on the research questions formulated to guide the study. The outcome of the study revealed that, there is no influence of gender on the choice of insurance policies. However, when it comes to the influence of the other demographic variables like the age, monthly income and marital status, it was shown to have a positive influence on the choice of insurance policies. The disturbing issue was insurance subscription reducing when people are entering into late adulthood. What this means is that, if other investment other than insurance investment fails them, there will not be any source of financial security for them. Also only the rich or high income earners subscribing to insurance policies is not the best, as only some class of people can assess the benefit from insurance. With a lot of married and unmarried subscribing to insurance is a good mark for the society as a whole. In view of this, it is recommended that educating people on the importance of insurance policies is vital in increasing their participation and prompt payment of benefit.