Chen, An; Ferrari, Giorgio; Zhu, Shihao - 2023
when to acquire life insurance for bequest purposes, We examine two scenarios: one with a fixed bequest amount and another … optimal time for life insurance purchase occurs when the agent's wealth surpasses a critical threshold if γ∈(0,1), or (ii …) life insurance should be acquired immediately if γ>1, In contrast, in the second scenario with a controlled bequest amount …