Benefits Contract Providing a Bundle of Benefits

• US 20070021986A1
• Filed: 07/12/2006
• Published: 01/25/2007
• Est. Priority Date: 07/19/2005
• Status: Active Grant

• Current Assignee: Prudential Insurance Company of America (Prudential Financial Incorporated)
• Original Assignee: Prudential Insurance Company of America (Prudential Financial Incorporated)
• Inventors: Herschler, Jacob, O'Donnell, Robert, Cheung, Malcolm, Fishbein, Robert, Putterman, Steven, Kuperstock, N.
• Granted Patent: US 8,655,776 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

According to one embodiment of the invention, a benefits contract includes an agreement to provide a plurality of benefits for at least one person. The agreement provides for an account including a plurality of units. Each unit is associated with multiple benefits. For example each unit may be associated with multiple benefits such as life insurance, health insurance, supplemental health insurance, long-term care insurance, short-term disability insurance, long-term disability insurance, prescription drug insurance, a plurality of income payments, a withdrawal benefit, an annuity, a property and casualty benefit, or other similar benefits. The agreement is such that a person associated with the benefits contract may choose to exercise a particular unit, or fraction thereof, to receive only one of the three or more benefits; and such that the benefits account (or plurality of units) may be purchased tax-free using funds from a tax-deferred retirement account.

Claims

1. A method for providing a benefits contract comprising:

receiving a tax-free transfer of funds from a tax-deferred retirement account; and

establishing a benefits account in response to the received transfer of funds, the benefits account comprising a plurality of units, each unit associated with three or more benefits from the group of benefits consisting of;

a life insurance;

a health care insurance;

a supplemental health care insurance;

a long-term care insurance;

a short-term disability insurance;

a long-term disability insurance;

a prescription drug insurance;

a plurality of income payments;

a withdrawal benefit; and

a property and casualty benefit;

wherein a person associated with the benefits contract may choose to exercise a particular unit, or fraction thereof, to receive only one of the three or more benefits.

2. The method of claim 1, wherein the three or more benefits comprise life insurance.

3. A benefits contract comprising:

an agreement to provide a plurality of benefits for at least one person, the agreement providing for;

a benefits account comprising a plurality of units, each unit associated with three or more benefits from the group of benefits consisting of;

a life insurance;

a health care insurance;

a supplemental health care insurance;

a long-term care insurance;

a short-term disability insurance;

a long-term disability insurance;

a prescription drug insurance;

a plurality of income payments;

a withdrawal benefit; and

a property and casualty benefit;

wherein a person associated with the benefits contract may choose to exercise a particular unit, or fraction thereof, to receive only one of the three or more benefits; and

wherein the benefits account (or the plurality of units) may be purchased tax-free using funds from a tax-deferred retirement account.

4. The benefits contract of claim 3, wherein the three or more benefits comprise life insurance.

5. A benefits contract comprising:

an agreement to provide a plurality of benefits for at least one person, the agreement providing for;

an account comprising a plurality of units, wherein at least some of the units (or fractions thereof) may be exercised at the discretion of an account holder according to the terms of the agreement, such that upon exercising the unit (or fraction thereof) a beneficiary will receive one of a plurality of benefits associated with the unit; and

a guarantee that a value will be transferred to a beneficiary designated by the account holder upon the death of the account holder, the value being based upon the units in the account that were not exercised by the account holder before the account holder'"'"'s death;

wherein the plurality of benefits associated with the unit comprises one or more from the first group consisting of;

a plurality of income payments; and

a withdrawal benefit; and

wherein the plurality of benefits associated with the unit further comprises one or more from the second group consisting of;

a disability insurance;

a long-term care insurance;

a prescription drug coverage;

a health care coverage; and

a supplemental health care coverage.

6. A benefits contract comprising:

an agreement to provide a plurality of benefits for at least one person, the agreement providing for;

a plurality of benefits for an individual, the plurality of benefits comprising three or more from the group consisting of;

a life insurance;

a health care insurance;

a supplemental health care insurance;

a long-term care insurance;

a short-term disability insurance;

a long-term disability insurance;

a prescription drug insurance;

a plurality of income payments;

a withdrawal benefit; and

a property and casualty benefit

wherein at least one of the plurality of benefits comprise a coverage period comprising a start date; and

wherein there is a delay between the coverage period start date for the at least one of the plurality of benefits and the coverage period start date for a second one of the plurality of benefits.

7. The benefits contract of claim 6, wherein the three or more benefits comprise life insurance.

8. The benefits contract of claim 6, wherein the delay is at least five years.

9. The benefits contract of claim 6,

wherein at the coverage period for the at least one of the plurality of benefits further comprise an end date;

and wherein the coverage period start date for the second one of the plurality of benefits substantially corresponds to the coverage period end date for the at least one of the plurality of benefits.

10. The benefits contract of claim 6, wherein the coverage period start date for one of the plurality of benefits correspond to a birthday of the individual associated with a specified age of the individual.

11. A benefits contract comprising:

an agreement to provide a plurality of benefits for an individual, such that;

each of the plurality of benefits comprises a different type of benefit;

at least one of the plurality of benefits comprise a coverage period comprising a start date; and

there is a delay between the coverage period start date for the at least one of the plurality of benefits and the coverage period start date for a second one of the plurality of benefits.

12. The benefits contract of claim 11, wherein for at least one of the plurality of benefits, the coverage period further comprises an end date.

13. A benefits contract comprising:

an agreement to provide a plurality of benefits for a plurality of individuals, such that;

each of the plurality of benefits comprises a different type of benefit;

at least one of the plurality of benefits comprise a coverage period comprising a start date; and

there is a delay between the coverage period start date for the at least one of the plurality of benefits and the coverage period start date for a second one of the plurality of benefits.

14. The benefits contract of claim 13, wherein the plurality of individuals consists of two individuals.

15. The benefits contract of claim 14, wherein the two individuals comprise a married couple.

16. The benefits contract of claim 14, wherein the plurality of individuals consist of one or more parents and the children of the one or more parents.

17. A method for providing a benefits contract, the method comprising:

receiving a tax-free transfer of funds from a tax-deferred retirement account;

establishing a benefits contract identifier for a benefits contract in response to the received transfer of funds, the benefits contract comprising;

an agreement to provide a plurality of benefits for an individual, the agreement providing for;

a plurality of units, each unit representing three or more benefits from the group of benefits consisting of;

a life insurance;

a health care insurance;

a supplemental health care insurance;

a long-term care insurance;

a short-term disability insurance;

a long-term disability insurance;

a prescription drug insurance;

a plurality of income payments;

a withdrawal benefit; and

a property and casualty benefit;

wherein a person associated with the benefits contract may choose to exercise a particular unit, or fraction thereof, to receive only one of the three or more benefits; and

wherein for each unit, only one of the three or more benefits may be exercised;

determining a quantity of units associated with the benefits contract; and

generating a report comprising the identifier for the benefits contract and the quantity of units associated with the benefits contract;

wherein at least one of the above actions is performed using a computer.

18. A benefits contract management system, comprising:

software stored on a computer-readable medium and operable to calculate a fee for a benefits contract, the benefits contract comprising;

an agreement to provide a plurality of benefits for an individual, such that;

each of the plurality of benefits comprises a different type of benefit;

at least one of the plurality of benefits comprise a coverage period comprising a start date; and

there is a delay between the coverage period start date for the at least one of the plurality of benefits and the coverage period start date for a second one of the plurality of benefits.

19. A benefits contract comprising:

an agreement to provide;

a plurality of electable benefits, such that at least one of the electable benefits may only be elected during an election period; and

an account comprising one or more units, each unit being associated with the plurality of benefits and each unit being exercisable to elect only one of the plurality of benefits per unit.

20. The benefits contract of claim 19, wherein the election period comprises a start time, the start time being associated with a fixed non-zero delay between the execution date of the agreement.

21. The benefits contract of claim 19, wherein the election period comprises a start time, the start time being associated with a certain age of an account holder for the account.

22. The benefits contract of claim 19, wherein the certain age is sixty-five years.