  This study investigates the impact of loss-framing and individual risk
attitude on willingness- to purchase insurance products utilizing a game-like
interface as choice architecture. The application presents events as
experienced in real life. Both financial and emotional loss-framing events are
followed by choices to purchase insurance. The participant cohorts considered
were undergraduate students and older participants; the latter group was
further subdivided by income and education. The within-subject analysis reveals
that the loss framing effect on insurance consumption is higher in the younger
population, though contingent on the insurance product type. Health and
accident insurance shows a negative correlation with risk attitudes for younger
participants and a positive correlation with accident insurance for older
participants. Risk attitude and life insurance products showed no dependency.
The findings elucidate the role of age, income, family responsibilities, and
risk attitude in purchasing insurance products. Importantly, it confirms the
heuristics of framing/nudging.
