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Human capital should be taken into account when building portfolios for individual investors. One unique risk for an investor's human capital is mortality risk, the loss of human capital in the unfortunate event of premature death. Life insurance hedges against mortality risk. Human capital affects both the optimal asset allocation and the optimal life insurance demand. However, asset allocation and life insurance decisions have consistently been analyzed separately in theory and practice. Wedoi:10.2469/dig.v36.n2.4126 fatcat:d2f76xk4hjeahhy7ftls6clzuq