This study aimed to examine the factors affecting the decision to participate in life insurance of
people in the emerging market based on the evidences from Soc Trang provincial city. The
study conducted a survey of people in Soc Trang city in May 2021 by applying a random
sampling method. Out of 180 survey questionnaires, there were 165 valid responses that can be
used for data analysis. The binary logistic regression method was employed to analyze the
influence of factors on the decision to buy life insurance. Research results showed that
demographic determinants (age and gender), socioeconomic determinants (homeownership and
peer group effects), and psychological determinants (risk attitude) affect life insurance purchase
decisions. Based on the empirical findings, two managerial implications are suggested in the
article: (1) Improving the post-purchase customer care system; (2) Building and developing an
official customer data system to provide “personalized” products.
Keywords: decision to participate; life insurance; risk attitude; binary logistic regression; Soc
Trang province, Vietnam