21 世紀為人們長壽時代，而隨著社會結構的改變，家庭功能式微，退休者
該如何保障年老財務安全無虞，為當務之急。不論是透過政府的社會保險還是
本身的理財規劃，而年金保險也是被視為能夠對抗長壽風險的利器。 
本研究探討影響台灣民眾購買年金保險需求的因素為何?透過各國學者研
究文獻，尋找可能的原因。再透過問卷中問項釐清何為關鍵的影響因素。 
根據實證結果發現，主要影響年金保險商品購買因素有： 
1.年金保費的支出會影響的生活消費 
2.認為年金給付金額偏低 
3.房地產收租比年金保險更能確保退休後的生活 
4.家庭支持功能 
5.年金商品不熟悉 
6.高保費的保證給付年金商品較有吸引力 
越同意上述前五點的民眾則越會減少對於年金保險商品的購買需求，第六點為
越同意則增加購買的需求，而人口特質中性別為「女性」者則有較高的需求去
購買年金保險商品。而次要影響年金保險商品購買因素為「教育程度」、「婚
姻狀況」、「子女人數」，「退休制度」。

It is obvious that the 21centery is characterized by aging society. However, with 
change of social structure and decline of family functions, how to guarantee the life 
standard and financial security for retirees has became a foremost consideration in the 
future. Regardless of the social insurance or financial planning, annuity insurance can 
be pinpointed as a weapon to alleviate the longevity risks in different aspects. 
This research discussed that the factors about influencing Taiwanese to purchase the 
annuity insurance in insurance necessity. At the same time, we could search the 
possible reasons via literatures of scholars. Furthermore, according to survey, it can 
assist to clarify the critical points in impacting Taiwanese to choose the annuity 
insurance. 
 
According to the research results, the significant factors with regard to the major 
impact of the purchase in annuity insurance include:   
1. “The premiums will decrease the budget in life” 
2. “Considering the pension payments is relatively low” 
3. “Estate rental income will higher than annuity payment for retirement life” 
4. “Family supporting function”   
5. “The general public unfamiliar the products of annuity insurance” 
6. “The annuity insurance products with higher insurance premium is more likely to 
attract the public. “ 
The more agreement by people in above five factors, the less necessity in annuity 
insurance products.On the contrary, the more agreement by people in sixth factor, the 
more necessity will increase. 
However, between two genders, there are more female tend to purchase annuity 
insurance products. 
 
On the other hand, there are four less influential sources in purchasing annuity 
insurance products includes: education level, marital status, number of children and 
retirement system.

目錄 
第一章    緒論                                                                                                            1 
第一節  研究背景                                                                                               1 
第二節  研究目的                                                                                               3 
第三節  研究範圍與限制                                                                                    4 
第二章    文獻回顧                                                                                                   6 
第一節  市場現況分析                                                                                       6 
第二節  相關研究文獻回顧                                                                               11 
第三章    研究方法                                                                                                   14 
第一節  研究架構                                                                                             14 
第二節  問卷資料來源                                                                                     15 
第三節  研究假設                                                                                             16 
第四節  資料分析方法                                                                                     17 
第四章    實證結果與分析                                                                                       18 
第一節  次數分配統計                                                                                     18 
第二節  敘述性統計量                                                                                     24 
第三節  交叉分析與卡方檢定                                                                          29 
第四節  Logistic  迴歸                                                                                      34 
第五章    結論與建議                                                                                               42 
第一節  結論                                                                                                     42 
第二節  建議                                                                                                     45 
參考文獻                                                                                                                  47 
附錄一  研究問卷                                                                                                     50 
附錄二  問卷發放方式                                                                                             52 
 
 
 
  
表目錄 
表 1-1      家庭戶數按人口規模之分配-期間與戶內人口規模別                              1 
表 2-1-1  市售年金商品種類理                                                                                  6 
表 2-1-2  市售傳統型年金商品保單常見內容彙整                                                   8 
表 2-1-3  市售投資型年金商品保單常見內容彙整                                                   9 
表 4-1-1  受訪者性別、年齡與教育程度之次數分配統計表                                  18 
表 4-1-2  受訪者婚姻狀況、子女人數與生活費負擔之次數分配統計表               19 
表 4-1-3  財務情形資訊之次數分配統計表                                                             20 
表 4-1-4  受訪者社會福利相關資訊之次數分配統計表                                         21 
表 4-1-5  推估自預期壽命大約之次數分配統計表                                                 22 
表 4-1-6  是否購買過或打算購買年金保險商品之次數分配統計表                      22 
表 4-1-7  繳費期滿後會選擇何種保險給付方式(複選題)                                       23 
表 4-1-8  不購買年金商品的原因之次數分配統計表                                             23 
表 4-2-1  年金之謎認知敘述性統計量                                                                    24 
表 4-2-2  問卷量表對照                                                                                           25 
表 4-3-1  受訪者基本特質對年金保險商品需求卡方檢定表                                  29 
表 4-3-2  性別對年金保險商品需求交叉分析表                                                     29 
表 4-3-3  教育程度對年金保險商品需求交叉分析表                                             30 
表 4-3-4  婚姻狀況對年金保險商品需求交叉分析表                                             31 
表 4-3-5  子女人數對年金保險商品需求交叉分析表                                             31 
表 4-3-6  月收入對年金保險商品需求交叉分析表                                                 32 
表 4-3-7  淨資產狀況對年金保險商品需求交叉分析表                                         32 
表 4-3-8 年齡對年金保險商品需求交叉分析表                                                      33 
表 4-3-9 領取的退休金種類對年金保險商品需求交叉分析表                               33 
表 4-4-1  分群變數對購買與否之 Logistic  迴歸-全部/年金之謎/人口特質           35 
表 4-4-2  分群變數對購買與否之 Logistic  迴歸-全部-婚姻狀況/年金之謎/人口特
質                                                                                                              37 
表 4-4-3  分群變數對購買與否之 Logistic  迴歸-全部-子女人數/年金之謎/人口特
質                                                                                                              39 
表 4-4-4  分群變數對購買與否之 Logistic  迴歸-顯著                                            40 
表 4-4-5  群變數對購買與否之 Logistic 迴歸結果彙整                                        …41 
   
 
   
圖目錄 
圖 1-1  近三年壽險保費收入結構                                                                      2 
圖 3-1  研究架構                                                                                               14

參考文獻 
一、國外部分 
1.  Benartzi, Shlomo, Alessandro Previtero, and Richard H. Thaler. "Annuitization 
puzzles." The Journal of Economic Perspectives 25.4 (2011): 143-164. 
2.  Brown, Jeffrey R. Rational and behavioral perspectives on the role of annuities in 
retirement planning. No. w13537. National Bureau of Economic Research, 2007. 
3.  Brown, Jeffrey R., et al. Why don't people insure late life consumption: A framing 
explanation of the under-annuitization puzzle. No. w13748. National Bureau of 
Economic Research, 2008. 
4.  Brown, Jeffrey R., Jeffrey R. Kling, Sendhil Mullainathan, and Marian V. Wrobel.   
(2008). "Why Don't People Insure Late-Life Consumption? A Framing 
Explanation of the Under-Annuitiza- tion Puzzle." American Economic Review, 
98(2): 304-0 
5.  Brown, Jeffrey R., Olivia S. Mitchell, and James M. Poterba. Mortality risk, 
inflation risk, and annuity products. No. w7812. National bureau of economic 
research, 2000. 
6.  Brown, Jeffrey, and Olivia Mitchell. Who values the Social Security annuity? 
New evidence on the annuity puzzle. No. orrc07-02. National Bureau of 
Economic Research, 2007. 
7.  Caliendo, F., L. Guo, and Roozbeh Hosseini. "Social Security is NOT a Substitute 
for Annuities." Society for Economic Dynamics 2013 Meeting Papers. Vol. 680. 
2013. 
8.  Finkelstein, A., and J. Poterba. (2002). “Selection effects in the United Kingdom 
individual annuities market”, The Economic Journal 112, pp. 28-50. 
9.  Friedman, B., and J. Sjogren, 1980, Assets of the Elderly As They Retire, Social  
48 
Security Administration, mimeo. 
10. Friedman, B., and M. Warshawsky, 1988, Annuity Prices and Saving Behavior in 
the United States, in: Z. Bodie, J. Shoven, and D. Wise, eds., Pensions in the U.S. 
Economy (Chicago: University    of Chicago Press). 
11. Friedman, B., and M. Warshawsky, 1990, The Cost of Annuities: Implications for 
Saving Behavior and Bequests, Quarterly Journal of Economics, 105:135-154. 
12. Horneff, Wolfram J., Raimond H. Maurer, and Michael Z. Stamos. "Optimal 
gradual annuitization: Quantifying the costs of switching to annuities." Journal of 
Risk and Insurance 75.4 (2008): 1019-1038. 
13. Hosseini, Roozbeh. "Adverse selection in the annuity market and the role for 
social security." Journal of Political Economy 123.4 (2015): 941-984. 
14. Kahneman, Daniel, and Amos Tversky. "Prospect theory: An analysis of decision 
under risk." Econometrica: Journal of the Econometric Society (1979): 263-291. 
15. Schulze, Roman N., and Thomas Post. "Individual annuity demand under 
aggregate mortality risk." Journal of Risk and Insurance 77.2 (2010): 423-449. 
16. Tversky, Amos, and Daniel Kahneman. "Advances in prospect theory: Cumulative 
representation of uncertainty." Journal of Risk and uncertainty 5.4 (1992): 
297-323. 
17. 竹内, 幹"終身年金パズルの行動経済学：フレーミング効果と心理会計"一橋経済学, 4(1): 79-93 (2011)
