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Funeral Insurance: An Inter-Generational Commitment Device?

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  • Erlend Berg

Abstract

Funeral insurance is a global phenomenon that has existed throughout history and remains hugely popular in Africa today. Yet as a distinct financial device it has received little attention. The question is why it seems, in many contexts, to be preferred over standard life insurance even though the latter is a more flexible product. This paper presents a simple model in which funeral insurance differs from life insurance in that there is a constraint on how the payout is spent. Funeral insurance can therefore serve as an intergenerational commitment device. The model’s key prediction is consistent with South African household data.

Suggested Citation

  • Erlend Berg, 2018. "Funeral Insurance: An Inter-Generational Commitment Device?," Journal of African Economies, Centre for the Study of African Economies, vol. 27(3), pages 321-346.
    • Handle: RePEc:oup:jafrec:v:27:y:2018:i:3:p:321-346.
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    File URL: http://hdl.handle.net/10.1093/jae/ejx037
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    Cited by:

    1. Berg, Erlend & Blake, Michael & Morsink, Karlijn, 2022. "Risk sharing and the demand for insurance: Theory and experimental evidence from Ethiopia," Journal of Economic Behavior & Organization, Elsevier, vol. 195(C), pages 236-256.
    2. Ahlvik, Lassi, 2022. "Will of the living dead — The case for a backward-looking welfare function," Economics Letters, Elsevier, vol. 214(C).

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