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.