Method of calculating a premium payable by an insured person on a life insurance policy

• US 20040059608A1
• Filed: 09/20/2002
• Published: 03/25/2004
• Est. Priority Date: 09/20/2002
• Status: Active Grant

• Current Assignee: Vitality Group International, Inc. (Discovery Limited)
• Original Assignee: Discovery Holdings Limited (Prudential PLC)
• Inventors: Gore, Adrian, Mayers, Herschel Phillip
• Granted Patent: US 7,908,156 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G16H 50/30 for calculating health indices; for individual health risk assessment

Abstract

A method of calculating a premium payable by an insured person on a life insurance policy uses the amount of claims made from a health insurance plan of the insured person and information regarding the general well-being and/or lifestyle of the insured person to calculate the premium payable. The premium is calculated using a base percentage amount which is then either increased or decreased. If the insured person has made few claims to the health insurance plan and they have taken positive steps to look after their health, they will be rewarded by a relatively lower premium on their life insurance policy.

Claims

1. A method of calculating a premium payable by an insured person on a life insurance policy, the method comprising the steps of:

obtaining first information regarding the claims made from a health insurance plan of the insured person;

obtaining second information regarding the general well-being and/or lifestyle of the insured person; and

using the first and second information to calculate the amount of the premium payable.

2. A method according to claim 1, wherein the first information is the amount of claims made from the health insurance plan.

3. A method according to claim 1 wherein the second information is obtained by:

defining a plurality of health related facilities and/or services;

offering the facilities and/or services to the insured person;

monitoring the use of the facilities and/or services by the insured person; and

allocating points to the insured person depending on the use of the facilities and/or services by the insured person, wherein the second information is the amount of points allocated to the insured person.

4. A method according to claim 3 wherein the plurality of health related facilities and/or services includes at least one of the group consisting of a membership of health clubs, membership of gymnasiums, membership of fitness programmes, weight-loss programmes, programmes to quit smoking and preventive medical procedures.

5. A method according to any claim 1 wherein the premium payable is calculated at least annually.

6. A method according to claim 5 wherein the annual calculation is comprised of two components, a first component being a pre-agreed increase and a second component being a further increase or decrease determined by the first and second information.

7. A method according to claim 6 wherein the annual calculation has a pre-agreed maximum amount.

8. The method according to claim 7 wherein the maximum amount is related to other life insurance products available.