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Life Insurance and Retirement Income Rating

Author

Listed:
  • Pandey Sabina

    (Department of Finance, Banking & Insurance Walker College of Business Appalachian State University 3057 Peacock Hall 416 Howard Street Boone, North Carolina)

  • Guillemette Michael A.

    (School of Financial Planning Texas Tech University 1301 Akron Ave, Lubbock, Texas 79409)

  • Pandey Ichchha

    (Hull College of Business Augusta University Summerville Campus, Allgood Hall E128 1120 15th Street Augusta, Georgia 30912)

Abstract

This study utilises data from the Survey of Consumer Finances (SCF) to investigate the associations between life insurance ownership, its face value, and individuals' self-reported retirement income ratings. The analysis based on the U.S. data and regulatory frameworks reveals that ownership of both term and cash value life insurance is positively associated with higher retirement income ratings. Moving beyond traditional utility-maximisation frameworks, the study interprets findings through the lens of behavioural economics and notes they are most applicable within the American financial context. These associations suggest, for boundedly rational individuals, life insurance offers a tangible and perceived sense of security.

Suggested Citation

  • Pandey Sabina & Guillemette Michael A. & Pandey Ichchha, 2025. "Life Insurance and Retirement Income Rating," Financial Planning Research Journal, Sciendo, vol. 11(1), pages 1-21.
    • Handle: RePEc:vrs:finprj:v:11:y:2025:i:1:p:21:n:1001
    DOI: 10.2478/fprj-2025-0008
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