MAP20140037100Bayraktar, ErhanPurchasing life insurance to reach a bequest goal / Erhan Bayraktar, S. David Promislow, Virginia R. YoungSumario: We determine how an individual can use life insurance to meet a bequest goal. We assume that the individual¿s consumption is met by an income from a job, pension, life annuity, or Social Security. Then, we consider the wealth that the individual wants to devote towards heirs (separate from any wealth related to the afore-mentioned income) and find the optimal strategy for buying life insurance to maximize the probability of reaching a given bequest goal. We consider life insurance purchased by a single premium, with and without cash value available. We also consider irreversible and reversible life insurance purchased by a continuously paid premium; one can view the latter as (instantaneous) term life insuranceEn: Insurance : mathematics and economics. - Oxford : Elsevier, 1990- = ISSN 0167-6687. - 01/09/2014 Volumen 58 Número 1 - septiembre 2014 I. Title.
