  We determine the optimal strategies for purchasing term life insurance and
for investing in a risky financial market in order to maximize the probability
of reaching a bequest goal while consuming from an investment account. We
extend Bayraktar and Young (2015) by allowing the individual to purchase term
life insurance to reach her bequest goal. The premium rate for life insurance,
$h$, serves as a parameter to connect two seemingly unrelated problems. As the
premium rate approaches $0$, covering the bequest goal becomes costless, so the
individual simply wants to avoid ruin that might result from her consumption.
Thus, as $h$ approaches $0$, the problem in this paper becomes equivalent to
minimizing the probability of lifetime ruin, which is solved in Young (2004).
On the other hand, as the premium rate becomes arbitrarily large, the
individual will not buy life insurance to reach her bequest goal. Thus, as $h$
approaches infinity, the problem in this paper becomes equivalent to maximizing
the probability of reaching the bequest goal when life insurance is not
available in the market, which is solved in Bayraktar and Young (2015).
