Tax incentives, bequest motives and the demand for life insurance : evidence from Germany

Walliser, Jan ; Winter, Joachim

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URN: urn:nbn:de:bsz:180-madoc-28551
Document Type: Working paper
Year of publication: 1998
The title of a journal, publication series: None
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Sonderforschungsbereich 504 > Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung (Laufzeit 1997 - 2008)
Subject: 330 Economics
Classification: JEL: D91 ,
Subject headings (SWD): Deutschland , Lebensversicherung , Nachfrage , Sparen , Lebensdauer , Konsumtheorie , Zeitpräferenz , Steuervermeidung , Erbe
Keywords (English): savings , life insurance , bequests
Abstract: Life insurance, in particular whole life insurance, plays an important role for private saving in Germany. Whole life insurance combines the insurance against uncertain death with a savings plan. Accordingly, a stylized model of life-cycle behavior would predict that whole life insurance purchases respond to both bequest motives and the tax advantages of life insurance compared with other forms of saving. Using data from the German Consumer Expenditure Survey (EVS), the paper shows that tax advantages and bequest motives indeed have an important impact on life insurance demand in Germany, if the empirical specification explicitly recognizes the censoring of life insurance face values.
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