DETERMINANTS FOR LIFE INSURANCES, A VIEW ON NOTORIETY

Life insurances are among the most important products on a mature market, usually having a consistent share of the market. However, with a long development period behind, the differences between countries are quite relevant and that extends not just in terms of market share and coverage but also on factors influencing the acquisition. Dominated by Motor Third Party Liability and with a life expectancy among the lowest in European Union, the Romanian market has yet to achieve a its potential on life insurance. Life insurance is the most common financial instruments to cover the risk of death, terminal illness, or incapacity to work, also having lifelong saving components or investment (united linked). Among the usual determinants when it comes to life insurance, we find the level of income, education, age, employment rate, financial status, or even economic growth. However, some uncommon factors have their role in this process, like culture, family status or even religion. This study shall address the influence of knowledge and information, specifically the notoriety of life insurance products and its correlation with sales, aiming to boost the sales of life insurances in Romania by analysing the correlation between the use of product and notoriety. The level of education, occupation, income, or area of living also play an important role as there is a direct influence on the use of product or notoriety.