Abstract: The calculation of human capital approach and its advantages and disadvantages are presented based on the concept of the value of a statistical life (VSL). Willingness to pay (WTP) is the mainstream method to estimate VSL. Marginal willingness to pay (MWTP) of mortality with and without bequest willing is discussed based on state-dependent von Neumann-Morgenstern utility functions. MWTP depends on their initial survival situation, including initial wealth and mortality probability. The individual can rearrange his consumption and survival position through exchange so as to maximize expected utility. The individual will equate his MWTP for enhanced survival with the given price of enhanced survival. There are many sources of risk of death. Three risks including one exogenous, one job-related, and one related to the level of consumption of a private good are considered. The level of risk is the most important factor to MWTP, the bigger the risk, the higher the MWTP.