Knightian uncertainty embedded in stock returns causes rising demand for life insurance, as the uncertainty averse agent seeks alternative investment channels. Life insurance demand of middle-aged agent is more sensitive to the uncertainty. Stock return uncertainty reduces the agent’s total wealth and subsequently the propensity of wealthy agent serving as an insurance seller. Rising demand and falling supply of life insurance imply that life insurance is more expensive in the presence of stock return uncertainty. Sensitivity of life insurance demand to the mortality rate and key stock return characteristics also changes with the uncertainty.

中文翻译：

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退货不确定性和人寿保险

由于不确定性厌恶因素寻求另类投资渠道，股票收益中嵌入的奈特式不确定性导致人寿保险需求上升。中年人寿保险需求对不确定性更为敏感。股票收益的不确定性降低了代理商的总财富，进而降低了作为保险卖方的富有代理商的倾向。人寿保险的需求上升和供应下降意味着存在股票收益不确定性的情况下，人寿保险的价格更高。人寿保险需求对死亡率和关键股票收益特征的敏感性也随不确定性而变化。