METHODS AND SYSTEMS FOR CUSTOMIZING AMOUNTS AND DURATION OF PAYMENTS OF LIFE INSURANCE PRODUCT
First Claim
1. A computerized method for providing an income protection insurance providing for a stream of future benefit payments to a designated beneficiary, the method comprising:
- receiving benefit information including a schedule for providing a plurality of benefits;
computing a cost to a party acquiring the income protection insurance for providing the plurality of benefits;
detecting one or more triggering events that determine a start date for distributing a first benefit of the plurality of benefits, wherein at least one of the one or more triggering events is a death;
distributing at least a portion of the first benefit;
detecting one or more triggering events that determines a start date for distributing one or more second benefits of the plurality of benefits; and
distributing at least a portion of the one or more second benefits.
1 Assignment
0 Petitions
Accused Products
Abstract
An income protection insurance product provides for payment of future benefits that can be customized by amount and/or duration. The benefits are customizable to financially plan for fluctuations in the anticipated expenses of a designated beneficiary that can be attributed to future events, income needs, or the like. The customized benefits are distributed to the designated beneficiary after the death of an insured and/or the occurrence of a secondary triggering event, such as a specified date, admission to an educational institution, age of a designated individual, a major health crisis for a designated individual, or the like. The benefit payments may vary yearly, monthly, or the like. The term can be specified for any duration, such as the lifetime of the designated unchangeable benefit life or a minimum or maximum term. The acquisition cost can be based on a risk profile of the designated unchangeable or changeable benefit life or benefit entity and/or the insured.
37 Citations
37 Claims
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1. A computerized method for providing an income protection insurance providing for a stream of future benefit payments to a designated beneficiary, the method comprising:
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receiving benefit information including a schedule for providing a plurality of benefits; computing a cost to a party acquiring the income protection insurance for providing the plurality of benefits; detecting one or more triggering events that determine a start date for distributing a first benefit of the plurality of benefits, wherein at least one of the one or more triggering events is a death; distributing at least a portion of the first benefit; detecting one or more triggering events that determines a start date for distributing one or more second benefits of the plurality of benefits; and distributing at least a portion of the one or more second benefits. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A computerized method of providing a life insurance product including a flexible payout feature, the method comprising:
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receiving information useful for issuing a life insurance product providing for a first income payment during a first time period and a second income payment during a second time period following the first time period; computing a cost to a party acquiring the life insurance product to provide the first and second income payments; receiving at least a portion of the computed cost; and issuing the life insurance product.
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16. A computerized method of providing a life insurance product including a flexible payout feature, the method comprising:
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receiving information useful for issuing a life insurance product, the information including a first level of income payments, a second level of income payments, and at least one income change date; computing a premium necessary to provide the first level of income payments before the occurrence of the income change date and the second level of income payments after the occurrence of the income change date; receiving the computed premium; and issuing a life insurance product providing for the first level of income payments before the occurrence of the income change date and the second level of income payments after the occurrence of the income change date.
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17. A computerized method for providing a stream of future benefit payments to a designated beneficiary, the method comprising:
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receiving benefit amount information specifying a schedule for distributing a series of benefit amounts, wherein at least one benefit amount specified in the schedule differs from a second benefit amount specified in the schedule; computing a premium for providing the series of benefit amounts; and distributing at least one in the series of benefit amounts when the death of a designated individual is determined to have occurred. - View Dependent Claims (18, 19)
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20. A computer program product for use in a computer system that executes program steps recorded on one or more computer readable media to perform a method of providing an income protection insurance providing for a stream of future benefit payments to a designated beneficiary, the computer program product comprising:
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one or more computer readable media; one or more computer programs of computer readable instructions executable by the computer system to perform method steps comprising; receiving benefit information including a schedule for providing a plurality of benefits; computing a cost to a party acquiring the income protection insurance for providing the plurality of benefits; detecting one or more triggering events that determine a start date for distributing a first benefit of the plurality of benefits, wherein at least one of the one or more triggering events is a death; distributing at least a portion of the first benefit; detecting one or more triggering events that determines a start date for distributing one or more second benefits of the plurality of benefits; and distributing at least a portion of the one or more second benefits. - View Dependent Claims (21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32)
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33. A computer program product for use in a computer system that executes program steps recorded on one or more computer readable media to perform a method of providing a life insurance product including a flexible payout feature, the computer program product comprising:
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one or more computer readable media; one or more computer programs of computer readable instructions executable by the computer system to perform method steps comprising; receiving information useful for issuing a life insurance product providing for a first income payment during a first time period and a second income payment during a second time period following the first time period; computing a cost to a party acquiring the life insurance product to provide the first and second income payments; receiving at least a portion of the computed cost; and issuing the life insurance product.
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34. A computer program product for use in a computer system that executes program steps recorded on one or more computer readable media to perform a method of providing a life insurance product including a flexible income feature, the computer program product comprising:
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one or more computer readable media; one or more computer programs of computer readable instructions executable by the computer system to perform method steps comprising; receiving information useful for issuing a life insurance product, the information including a first level of income payments, a second level of income payments, and at least one income change date; computing a premium necessary to provide the first level of income payments before the occurrence of the income change date and the second level of income payments after the occurrence of the income change date; receiving the computed premium; and issuing a life insurance product providing for the first level of income payments before the occurrence of the income change date and the second level of income payments after the occurrence of the income change date.
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35. A computer program product for use in a computer system that executes program steps recorded on one or more computer readable media to perform a method for providing a stream of future benefit payments to a designated beneficiary, the computer program product comprising:
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one or more computer readable media; one or more computer programs of computer readable instructions executable by the computer system to perform method steps comprising; receiving benefit amount information specifying a schedule for distributing a series of benefit amounts, wherein at least one benefit amount specified in the schedule differs from a second benefit amount specified in the schedule; computing a premium for providing the series of benefit amounts; and distributing at least one in the series of benefit amounts when the death of a designated individual is determined to have occurred. - View Dependent Claims (36, 37)
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Specification