System and method for generating and providing a simplified voluntary disability product

• US 20090112632A1
• Filed: 12/21/2007
• Published: 04/30/2009
• Est. Priority Date: 10/26/2007
• Status: Active Grant

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Johnson, Kim, Duncan, Susan, Perez, Will, Belliveau, Mark P., Crandall, Joan, Vujs, Christine T., Roberts, Alyce, Minchoff, Lori A., Campbell, Barbara S.
• Granted Patent: US 8,543,426 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Disclosed is a novel disability insurance product that provides a benefit to the purchaser. The insurance product comprises a disability insurance product which offers coverage for a predetermined limited period of time. If at the end of the predetermined period of time the insured individual is still disabled according to the terms of the insurance product, the insurance provider will pay a lump sum benefit.

Claims

1. A system for providing a disability insurance product comprising:

a storage device having data relating to an insurance product, and periodic payments provided to an individual;

a processing module operatively coupled to the storage device said processor configured to read said data relating to an insurance product, and periodic payments provided to an individual, the storage device storing modules utilized by the processor, the modules comprising;

a generating module for generating an insurance product which provides for periodic payments to an individual in the event of a disability; and

a payment module for making the periodic payments to the insured, wherein the payment module is further configured to make a payment upon the expiration of the periodic payments.

2. The system of claim 1 wherein the payment is a predetermined single sum.

3. The system of claim 2 wherein the predetermined single sum is a multiple of the periodic payments.

4. The system of claim 1 wherein the periodic payments are made for a predetermined period of time.

5. The system of claim 1 wherein the disability is at least one of the following:

a disabling event, an illness, death, a critical illness, cancer, dismemberment, loss of hearing, loss of sight, or any event rendering the individual unable to work.

6. The system of claim 1 wherein the disability is death.

7. The system of claim 6 wherein the modules further comprise:

a beneficiary module for choosing a beneficiary to receive payment from the insurance provider in the instance of the individual'"'"'s death.

8. A computer implemented method for providing to an individual a disability insurance product comprising the steps of:

generating a disability insurance product contract using a generating module;

providing coverage for at least one disability defined in the insurance product contract;

making periodic payments to the individual in the instance of the at least one disability defined in the insurance product contract; and

making a payment upon the expiration of the periodic payments.

9. The method of claim 8 wherein the payment is a predetermined single sum and the predetermined single sum is a multiple of the periodic payments.

10. The method of claim 8 wherein the periodic payments expire in the event of the death of the individual.

11. The method of claim 10 and further comprising the step of:

choosing a beneficiary to receive payments from the insurance provider in the instance of the individual'"'"'s death.

12. The method of claim 8 wherein the periodic payments are made for a predetermined period of time.

13. A computer implemented method for providing an illness insurance product comprising the steps of:

generating an illness insurance product contract using a generating module;

providing coverage for at least one illness defined in the insurance product contract;

making periodic payments to an individual in the instance of the at least one illness defined in the insurance product contract; and

making a payment upon the expiration of the periodic payments.

14. The method of claim 13 wherein the payment is a predetermined single sum and the predetermined single sum is a multiple of the periodic payments.

15. The method of claim 13 and further comprising the steps of:

providing coverage for an annual first opinion examination by a physician; and

providing coverage for a second opinion examination by another physician.

16. The method of claim 13 and further comprising the step of:

choosing a beneficiary to receive payments from the insurance provider in the instance of the individual'"'"'s death.

17. The method of claim 16 wherein the beneficiary receives the payment of a predetermined single sum as well as an additional sum in the instance of the individual'"'"'s death.

18. The method of claim 13 wherein the periodic payments are made for a predetermined period of time.

19. A system for providing an insurance product comprising:

a storage device having data relating to an insurance product, periodic payments provided to an individual in the event of illness, and a post periodic payment;

a processing module operatively coupled to the storage device said processor configured to read said data relating to an insurance product, periodic payments provided to an individual in the event of illness, and a post periodic payment, the storage device storing modules utilized by the processor, the modules comprising;

a generating module for generating an insurance product contract which provides periodic payments to an individual in the event of an illness defined in the insurance product contract; and

a payment module for determining periodic payments to said individual, determining a post periodic payment upon the expiration of said periodic payments, and outputting the determined payments.

20. The system of claim 19 wherein the illness is at least one of the following:

an illness, a critical illness, cancer, dismemberment, loss of hearing, loss of sight, or other illness.

21. The system of claim 19 wherein the post periodic payment is a predetermined single sum.

22. The system of claim 21 wherein the payment module provides for payment of the periodic payments and the post periodic payment to the individual.

23. The system of claim 19 wherein the periodic payments expire at death.

24. The system of claim 23 wherein the modules further comprise:

a beneficiary module for choosing a beneficiary to receive payments from said insurance provider in the instance of the individual'"'"'s death.

25. The system of claim 19 wherein the modules further comprise:

a dependent module for offering said insurance product to said individual'"'"'s dependents.