provided that you don’t have heirs and all your remaining money magically disappears when you die. What do you think?
Just have it so you only have to pay if you win. That makes it less confusing.
Case 1: You have a 50% chance of paying $x to give a 16.7% increase in the probability of surviving.
Case 2: You have a 100% chance of paying $x to give a 33.3% increase in the probability of surviving.
In either case, the amount you pay would be 1⁄3 the value of your life.
Just have it so you only have to pay if you win. That makes it less confusing.
Case 1: You have a 50% chance of paying $x to give a 16.7% increase in the probability of surviving. Case 2: You have a 100% chance of paying $x to give a 33.3% increase in the probability of surviving.
In either case, the amount you pay would be 1⁄3 the value of your life.