ABSTRACT
This research, titled "Analysis of Mortality Rate in Nigeria and Its Impact on Life Insurance Policies," investigates the intricate relationships between mortality rates and the life insurance sector in Nigeria. The study sets out to achieve four primary objectives: to assess the influence of declining mortality rates on life insurance policy purchases; to examine the extent to which increasing mortality rates affect life insurance companies; to evaluate the significant relationship between life expectancy and the marketing of life insurance products; and to analyze how mortality rates influence premiums for life insurance policies.
The research methodology involves comprehensive data analysis using both descriptive and inferential statistical techniques, with demographic characteristics and key variables summarized through frequencies, percentages, means, and standard deviations. Inferential statistics, including regression analysis, are employed to explore the relationships between independent variables (Socioeconomic, Life Insurance Product, Political Instability, Level of Financial Literacy, and Insurance Premium) and the dependent variable (mortality rate), utilizing statistical software such as SPSS or STATA.
The findings from this study reveal the multifaceted nature of the insurance industry and the intricate web of factors influencing decision-making. This research holds significance for insurance companies, government and policymakers, public health practitioners, researchers, academics, and the general public, offering insights that can inform strategic decisions and policies in this critical domain.
