This study investigates customer purchase intentions for traditional life insurance products, focusing on the impact of financial literacy. It investigates the specific challenges faced by life insurance companies in Indonesia due to tightening regulations imposed by Indonesia's financial service authority ("OJK") regarding unit-link insurance products, a modified whole life insurance product that combines protection and investment. As a result, life insurance companies have recently competed to supply traditional life insurance products to ensure company continuity. By addressing the need for more research in this area, this study fills a void by informing life insurance companies on how financial literacy influences consumer purchase intentions of traditional life insurance products.
This study gives a thorough knowledge for life insurance companies to establish ways to learn more about consumer behavior in the emergence of various traditional life insurance products through a synthesis of existing literature, qualitative research findings, and empirical evidence. The suggested research framework emphasize critical characteristics of financial literacy,