Inclusive health and life insurance adoption: An empirical study in Guatemala

Abstract In this paper, we analyze the decision to buy inclusive health and life insurance in Guatemala within a theoretical framework driven by new personality and cognition theories combined with traditional insurance theory. We designed and conducted a survey of samples of both non‐insured individuals and clients of Seguros Universales, one of the principal inclusive insurance providers in Guatemala. Our results show that personality traits and time preferences are strongly associated with an individual's decision to hold an insurance contract. We also find evidence that certain combinations related to health habits and personality traits can have an impact on such a decision.