  This paper researches the problem of purchasing deferred term insurance in
the context of financial planning to maximize the probability of achieving a
personal financial goal. Specifically, our study starts from the perspective of
hedging death risk and longevity risk, and considers the purchase of deferred
term life insurance and deferred term pure endowment to achieve a given
financial goal for the first time in both deterministic and stochastic
framework. In particular, we consider income, consumption and risky investment
in the stochastic framework, extending previous results in
\cite{Bayraktar2016}. The time cutoff m and n make the work more difficult.
However, by establishing new controls,``\emph{quasi-ideal value}"
and``\emph{ideal value}", we solve the corresponding ordinary differential
equations or stochastic differential equations, and give the specific
expressions for the maximum probability. Then we provide the optimal life
insurance purchasing strategies and the optimal risk investment strategies. In
general, when m \geqslant 0, n>0, deferred term insurance or term life
insurance is a better choice for those who want to achieve their financial or
bequest goals but are not financially sound. In particular, if m >0, n
\rightarrow \infty, our viewpoint also sheds light on reaching a bequest goal
by purchasing deferred whole life insurance. It is worth noting that when m=0,
n \rightarrow \infty, our problem is equivalent to achieving the just mentioned
bequest goal by purchasing whole life insurance, at which point the maximum
probability and the life insurance purchasing strategies we provide are
consistent with those in \cite{Bayraktar2014, Bayraktar2016}.
