Household Life Cycle Protection: Human Capital versus Life Insurance
研究了妻子的人力资本（教育水平）是否替代丈夫的人寿保险需求，发现妻子教育程度越高，家庭购买丈夫定期寿险的可能性越低。
This paper investigates whether households substitute the wife's human capital (education) for pure' insurance on the husband. In particular, a highly educated wife possesses valuable marketable skills which may fulfill the primary roles of insurance. The results suggest that households with a more educated wife, ceteris paribus, have a lower likelihood of purchasing term insurance on the husband. They also suggest that uncertainty, household wealth, current household income, existing coverage, current non-term insurance purchases, household characteristics, and the decision-making environment are important determinants of a household's insurance purchasing behavior.