International Journal For Multidisciplinary Research

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Life Insurance Purchase Decision Among Filipinos: A Partial Least Squares Modelling Path Approach

Author(s) Dr. Chrisfelin Mandigma Regala
Country Philippines
Abstract This study aims to examine the consumer behavior in Metro Manila, Philippines’ life insurance market by analyzing the interplay among financial attitude, financial behavior, financial literacy, subjective norms, and perceived demand. It further explores how these variables influence purchase intention and actual purchasing behavior, while also assessing the moderating role of convenience brought about by the enactment of circular letter no. 2020-109 of the Philippine Insurance Commission which permanently allowed the remote selling of life insurance products through the use of ICT or other technologies. A self-administered online survey, distributed via Google Forms, was used to collect data. Partial Least Squares Structural Equation Modeling (PLS-SEM) was conducted using WarpPLS 8.0 software to analyze the relationships among variables. The study revealed that financial attitude significantly influences both financial literacy and financial behavior, but does not have a direct effect on purchase intention. Financial literacy was found to significantly enhance financial behavior and perceived demand for life insurance; however, it does not significantly influence purchase intention. In contrast, subjective norms, demand, and financial behavior emerged as significant predictors of purchase intention, highlighting the strong role of social influence and behavioral patterns in shaping consumer intent. Additionally, financial behavior was shown to positively impact the perception of demand. Purchase intention, in turn, strongly predicts actual purchasing behavior, reinforcing its role as a key driver in the decision-making process. Moderation analysis further indicated that convenience plays a moderating role specifically in the relationship between subjective norms and purchase intention, suggesting that the ease of access enhances the effect of social influence on intent to purchase. The findings offer practical insights for life insurance companies to craft personalized financial strategies, enhance financial literacy programs, and utilize digital platforms while leveraging social influence through testimonials and referrals to boost purchase conversions. This study promotes financial inclusion and literacy, supporting responsible financial behavior and informing policies and educational initiatives aligned with national financial literacy goals.
Keywords Life insurance, Purchase decision, Financial literacy, Financial attitude, Financial behavior, Purchase intention, Life insurance, Consumer behavior, Subjective norms, Convenience
Field Business Administration
Published In Volume 7, Issue 3, May-June 2025
Published On 2025-05-30
DOI https://doi.org/10.36948/ijfmr.2025.v07i03.46415
Short DOI https://doi.org/g9mtth
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