3.4.3 The Effect of Risk Perception on the Relationship between Psychographic Factors and Life Insurance Ownership The hypotheses regarding the effect of risk perception on the relationship between psychographic factors (i.e. personal value, risk attitude and trust) and life insurance ownership are constructed based on the findings of related past studies. 3.4.3.1 The Relationship between Personal Value and Risk Perception Based on the findings of past studies, individualistic individuals have high risk percept