Tax incentives, bequest motives and the demand for life insurance: evidence from Germany
Jan Walliser and
Joachim Winter ()
No 99-28, Sonderforschungsbereich 504 Publications from Sonderforschungsbereich 504, Universität Mannheim, Sonderforschungsbereich 504, University of Mannheim
Life insurance, in particular whole life insurance, plays an important role for private saving in Germany. Whole life insurance combines the insurance against uncertain death with a savings plan. Accordingly, a stylized model of life-cycle behavior would predict that whole life insurance purchases respond to both bequest motives and the tax advantages of life insurance compared with other forms of saving. Using data from the German Consumer Expenditure Survey (EVS), the paper shows that tax advantages and bequest motives indeed have an important impact on life insurance demand in Germany, if the empirical specification explicitly recognizes the censoring of life insurance face values.
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Note: Financial Support from the Deutsche Forschungsgemeinschaft, SFB 504 at the University of Mannheim, is gratefully acknowledged.
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Working Paper: Tax incentives, bequest motives and the demand for life insurance: evidence from Germany (1998)
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