insurers have in the past few decades faced longevity risks - the risk that annuitants survive more than expected - and therefore need a new approach to manage this new risk. in this dissertation we survey methods that hedge longevity risks. these methods use securitization to manage risk, so using modern financial and insurance pricing models, especially wang transform and actuarial concepts, we will show how bond contracts, provide hedges that insurers need. securitization is one of the most important innovations of modern finance. securitization, the trading of cash flow streams, enables the parties to the contract to manage and diversify risk, to take advantage of arbitrage opportunities, or to invest in new classes of risk that enhance market efficiency. the cash flow streams to be traded often involve contingent payments as well as more predictable components which may be subject to credit and other types of counterparty risk. what we intended to do was assessment of the possibility of designing longevity risk bond to cover this risk for annuity writers in iran. after applying wang transform to existing life table data, we got a risk parameter that cause the transformed survivor curve lies below the given table. this means that there is no longevity risk for annuity writers in iran, and hence there are no significant reasons to design and publish longevity bond. of course this result does not necessarily mean that insurance companies encounter other side of mortality risk, i.e. the insureds die sooner than expected, which encourage them to design and sell mortality bonds. so comparing our findings and other studies, the suggestion of this thesis is making a real life table. this help insurers and annuity writers to assess their longevity risk precisely, and manage the hedge they will need.