MOTIVATION AFFECTING LIFE INSURANCE PURCHASE DECISION PROCESS DURING COVID-19 PANDEMIC SITUATION OF WORKING PEOPLE IN BANGKOK AND ITS VICINITY

Abstract

This study seeks to examine the motivation level and decision-making process for purchasing life insurance among working individuals in Bangkok and its vicinity during the COVID-19 pandemic. Additionally, it aims to compare the life insurance purchase decision process during the pandemic across various individual attributes and investigate the impact of motivation on this decision-making process. This study utilized survey research methodology, employing questionnaires to gather data from 400 individuals aged 20-60 years old who reside in Bangkok and its surrounding areas and have purchased life insurance. Quota sampling was implemented to ensure a representative sample. Descriptive statistics and multiple regression analysis were employed to analyze the collected data and test the study's hypotheses. The findings indicate that the overall motivation to purchase life insurance among working individuals in Bangkok and its vicinity during the COVID-19 pandemic is at a high level. When examining each specific aspect, the Patronage Buying Motive demonstrates the highest mean score, followed by the Product Buying Motive, Rational Buying Motive, and Emotional Buying Motive, respectively. The results of hypothesis testing reveal statistically significant differences in the level of the life insurance purchase decision process based on gender and occupation. Furthermore, it is evident that Rational Buying Motives, Emotional Buying Motive, Product Buying Motive, and Patronage Buying Motive exert influence on the life insurance purchase decision. Collectively, these four aspects explain 72.60% of the variance in the life insurance purchase decision.