	Without insurance	With insurance
Period 1	$U (c_{1}^{*} + a_{0} (r_{0} - i_{0}) - g)$	$U (c_{1}^{*} + a_{0} (r_{0} - i_{0}) - B)$
Period 2	$E U (c_{2}^{*} + a_{1} (r_{1} - i_{1}) + g)$	$E U (c_{2}^{*} + a_{1} (r_{1} - i_{1}) + z)$
AS	$U (c (a_{0} - g)) + δ E U (c (a_{1} + g))$	$U (c (a_{0} - (g + (1 + i_{0}) B))) + δ E U (a_{1} + (g + z))$