Having a solid understanding of the fundamental principles of life insurance products is crucial for effective personal financial planning. These principles are applicable to various aspects of your financial life, including obtaining a mortgage, creating a retirement plan, and safeguarding against the financial risks associated with premature death. In this course, you will delve into the concept of the time value of money and explore the utilization of human mortality data to derive important demographic indicators, such as life expectancy. By combining the fundamentals of cash flow valuation with the calculation of survival and death probabilities using the programming language R, you will gain the ability to develop insightful tools for designing life insurance products. Upon completion of this course, you will have a comprehensive understanding of the valuation of life contingent claims, specifically life annuities that provide a regular income in the event of survival, and life insurance products that offer a financial benefit upon the death of the policyholder.