%0 Journal Article %T Purchasing Term Life Insurance to Reach a Bequest Goal: Time-Dependent Case %A Erhan Bayraktar %A Virginia R. Young %A David Promislow %J Quantitative Finance %D 2015 %I arXiv %X 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. %U http://arxiv.org/abs/1503.02237v1