Purchasing Term Life Insurance to Reach a Bequest Goal: Time-Dependent Case

Erhan Bayraktar, Virginia R. Young and David Promislow

Papers from arXiv.org

Abstract: We consider the problem of how an individual can use term life insurance to maximize the probability of reaching a given bequest goal, an important problem in financial planning. We assume that the individual buys instantaneous term life insurance with a premium payable continuously. By contrast with Bayraktar et al. (2014), we allow the force of mortality to vary with time, which, as we show, greatly complicates the problem.

Date: 2015-03
New Economics Papers: this item is included in nep-age and nep-rmg
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Citations: View citations in EconPapers (5)

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Journal Article: Purchasing Term Life Insurance to Reach a Bequest Goal: Time-Dependent Case (2015)
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