Purpose: The purpose of this study is to investigate the impact of behavioral biases on investment decisions through a serial mediation of overconfidence and disposition effects. Design/methodology/approach: The authors assess the behavioral biases affecting the investment decisions of life insurance policyholders through the serial mediation of overconfidence and disposition effects using a structured questionnaire. The study included 501 life insurance policyholders who were selected using a snowball sampling technique. Findings: The results of this study revealed that behavioral biases influence the investment decisions of life insurance policyholders. The results also support the serial mediation model, where behavioral biases influence the investment decisions of life insurance policyholders via overconfidence and disposition effects. Research limitations/implications: This study ma...