Insurance Product That Are Appropriate For Lifestyle Characteristics With Different Age Groups
The objective of this research is to study the behavior and lifestyle characteristics with different risk and study the problems and obstacles in life that each age group is facing. To find the type of life insurance that is appropriate for people in each age group. The samples of investigation are 400 of Thai people living in Udon-thani province by using questionnaire as an investigation tool and distributed randomly using quota sampling technique.
The results showed that the samples can be classified into 3 groups. By conducting K-Mean Cluster analysis with Euclidean Distance including, Group 1 is beginning to enter retirement age and the elderly, Group 2 is entering the working age and Group 3 is middle age. Analysis result of the standard mean of the variables that Group 1 has behaviors and factors that affect risk of health, the problems and obstacles are related to health and problems with income and liabilities. Group 2 has risk factors in the work done and health risk behaviors, the problem and obstacles in life are high income makes it taxable and nothing is deductible. Group 3 has behavioral and risk factors for car accident, the problem is the medical treatment expense, welfare treatment and the expenses of the family. Therefore, insurance that is suitable for Group 1 should focus on compensation after retirement, for Group 2 should focus on tax relief, saving and investment and Group 3 should focus on medical expenses and coverage at death. This research will benefit the marketing or development of insurance products to response the differences of demands.
Keywords - K-Mean Cluster analysis, Lifestyle characteristics, Age group, Insurance product.