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.
