Before revision:  We learn that if the rate of consumption is largeenough, then the individual will purchase term life insurance at any level of wealth, a surprising result. We also determine when the individual optimally invests more in the risky asset than her current wealth, so-called leveraging .
After revision:  We learn that if the rate of consumption is largeenough, then 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) .