Abstract

Exploration of the perception of individuals regarding Term Insurance (TI) as a financial security tool is something that could be undertaken. The TI is a sort of assurance for life that offers protection for a predetermined amount of time, usually between 10 and 30 years. If the insured person passes away within the insurance term, it provides annuity proceedings to the beneficiary of the policyholder. However, despite its potential benefits, TI remains relatively less understood and underutilized compared to other financial instruments. Furthermore, people often associate life insurance with negative emotions such as morbidity and mortality, leading to aversion or reluctance to consider TI. Understanding the perception of people regarding TI as a FS tool is crucial for policymakers, insurance providers, and financial advisors. By addressing the underlying factors that influence individuals' perceptions, the adoption and utilization of TI can be enhanced, leading to improved FS and protection for individuals and their families.

Description