Interactive system and methods for insurance-related activities

• US 20100004957A1
• Filed: 02/27/2009
• Published: 01/07/2010
• Est. Priority Date: 01/27/2006
• Status: Abandoned Application

• Current Assignee: Guardian Life Insurance Company of America
• Original Assignee: Guardian Life Insurance Company of America
• Inventors: Ball, Robert
• Application Number:
  US12/380,564
• Publication Number:
  US 20100004957A1
• 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 40/08 Insurance

Abstract

Systems and methods for performing insurance related activities are provided. Software can be implemented to provide a (optionally networked) application that includes an interactive interface for use by insurance professionals in managing clients. Personal data can be received for computing a client'"'"'s financial condition. Business data of the client can be received for computing a business financial condition of the business at the death of the client. An assumption of the business financial condition, including levels of business owned life insurance can be modified. A selection mechanism can also be provided, which when selected displays a representation of a death benefits to the client and to the business, based on the modified assumption. The personal financial and business financial condition can change in relation to a change in the personal death and business death benefit as the assumptions are interactively modified, thereby showing the benefit of business owned life insurance.

Claims

1. A method of providing an interactive retirement tool on a platform, comprising:

receiving personal data of a client for computing a personal financial condition for the client'"'"'s family at a death of the client;

receiving business data of a business for computing a business financial condition of the business at the death of the client;

modifying an assumption of the business financial condition; and

providing a selection mechanism, which when selected displays a representation of a personal death benefit to the client and a representation of a business death benefit to the business, based on the modified assumption, wherein the personal financial condition and the business financial condition change in relation to a change in the personal death benefit and the business death benefit.

2. The method of claim 1, wherein modifying the assumption of the business financial condition comprises:

selecting a business owned life insurance policy for a key person of the business.

3. The method of claim 1, further comprising:

maintaining a business cash flow of the business at the death of the client within a threshold of a desired percentage of another business cash flow of the business prior to the death of the client, based on the modified assumption; and

maintaining a personal cash flow of the family at the death of the client within a threshold of another desired percentage of another personal cash flow of the family prior to the death of the client, based on the modified assumption, wherein the modified assumption comprises an addition of business owned life insurance.

4. The method of claim 1, further comprising:

displaying an impact on the liability of the business based on the business death benefit, wherein the liability includes funding a purchase of an ownership in the business, paying a mortgage or loan of the business, or replacing lost profits due to the death of a key person of the business.

5. The method of claim 1, further comprising:

displaying an impact on an asset of the family as a debt in an amount of a value of the business less at least a portion of the business death benefit.

6. The method of claim 1, further comprising:

computing a personal cash flow of the personal financial condition based on at least two of a savings rate of the family, a spending rate of the family, an income of the family, and an income replacement comprising disability insurance payments, retirement income, or savings; and

computing a net worth of the family based on an asset of the family, a liability of the family, and the change in the personal death benefit.

7. The method of claim 6, further comprising:

if an option is selected to sell an ownership of the business by the family at the death of the client;

computing an owner'"'"'s equity of the business financial condition based on a mortgage or loan liability of the business, a contractual requirement to purchase the ownership by the business for a value of the business, and the change in the business death benefit;

computing a business cash flow of the business financial condition based on the mortgage or loan liability of the business and the change in the business death benefit;

computing a liability of the personal financial condition based on a debt owed by the business for at least a portion of a value of the business that is unfunded by the change in the business death benefit; and

computing a cash flow of the personal financial condition based on any assets paid by the business for the ownership.

8. The method of claim 6, further comprising:

if an option is selected to keep an ownership of the business by the family at the death of the client;

computing an owner'"'"'s equity of the business financial condition based on a mortgage or loan liability of the business and the change in the business death benefit; and

computing a business cash flow of the business financial condition based on the mortgage or loan liability of the business and the change in the business death benefit.

9. The method of claim 1, further comprising:

varying a display of the personal financial condition for a client'"'"'s family and a display of the business financial condition of the business based on a combination of at least two of a scenario for keeping an ownership of the business with the family, a scenario for selling the ownership, a scenario for changing a business owned life insurance policy, and a scenario for changing a personal life insurance policy.

10. An apparatus for providing an interactive retirement tool comprising:

a first computing component configured to generate a personal financial condition for a client'"'"'s family at a death of the client, based on personal data of the client;

a second computing component configured to generate a business financial condition of the business at the death of the client, based on business data of a business of the client, wherein at least a portion of the personal financial condition or business financial condition is configured to be modified in a layer in a user interface;

a third computing component configured to receive an assumption about the business financial condition and the personal financial condition, wherein the assumption compromises a personal life insurance policy for the client, and a business owned life insurance policy for a key person of the business; and

a fourth computing component configured to change the personal financial condition and the business financial condition based on a change in a level of insurance protection provided by the received assumption.

11. The apparatus of claim 10, wherein the fourth computing component is further configured to display, based on the change in the level of insurance protection, a positive cash flow within the displayed layer, wherein the cash flow is a business cash flow of the business or a client cash flow of the client.

12. The apparatus of claim 10, wherein the fourth computing component is further configured to maintain a cash flow of the business at the death of the client within a threshold of a desired percentage of another cash flow of the business prior to the death of the client.

13. The apparatus of claim 10, further comprising:

a fifth component for displaying an impact on a liability of the business based on the business death benefit, wherein the liability includes funding a purchase of an interest in the business, paying a mortgage or loan of the business, or replacing lost profits due to the death of the key person.

14. The apparatus of claim 10, further comprising:

a fifth component for providing an interface mechanism for establishing a business sponsored retirement program or executive benefit plan based on a decision tree data structure, wherein the decision tree data structure comprises rules based on a type of the business, the business financial condition, and an employee characteristic.

15. A system for providing an interactive retirement tool over a network comprising:

a consumer interface for providing over the network, personal data about a client and business data about a business of the client;

a web host configured for calculating personal financial condition based on the personal data and to generate business financial condition based on the business data;

an agent configured to perform actions comprising;

providing a selection mechanism configured to receive a selection of a personal life insurance policy for the client and a business owned life insurance policy for a key person employed by the business; and

providing another selection mechanism, which when selected displays an aggregation of a representation of a personal death benefit to the client and a representation of a business death benefit to the business based on a combination of the life insurance policies, wherein the personal financial condition and the business financial condition change in relation to changes in the death benefit; and

an insurance carrier for marketing to the client over the network, the personal life insurance policy and the business owned life insurance policy.

16. The system of claim 15, wherein the agent'"'"'s actions further comprise:

displaying an interactive comparison for displaying at death and the current business financial condition and personal financial condition.

17. The system of claim 16, wherein the agent'"'"'s actions further comprise:

displaying an interactive tool for varying an application or parameter of the life insurances; and

sending a message over the network to the web host to recalculate the personal financial condition and the business financial condition based on the varied application or parameter.

18. The system of claim 17, wherein the business financial condition comprises an owner'"'"'s equity comprising a business liability and a portion of the business death benefit that is due to a change in the business owned life insurance.

19. The system of claim 15, wherein the agent'"'"'s actions further comprise:

providing an interactive cash flow planning tool for predicting a cash flow of the business based on a mortgage or loan information and an insurance protection for an asset of the business, wherein the asset comprises a key person of the business, and wherein the business financial condition comprises the business cash flow of the business.

20. A user interface for providing an interactive retirement tool comprising computer displayed components, comprising:

a personal interactive snapshot summary configured to provide personal information about a plurality of personal financial domains of the client, wherein a plurality of layers of the personal summary displays each of the different plurality of personal financial domains;

a business interactive snapshot summary configured to provide business information about a plurality of business financial domains of the business, wherein a plurality of layers of the business summary displays each of the different plurality of business financial domains;

a selection mechanism configured to modify an assumption about the personal financial domains and the business financial domains, wherein a modification of the assumption changes a display of the personal information and the business information, and wherein a change in the personal information is a function of a change in the business information and whether the assumption comprises sufficient levels of an additional insurance protection to fund a liability of the client and the business; and

a navigation mechanism configured to modify the information displayed in the personal and business information based on a sequence of displays of information within the personal financial domains and the business financial domains.

21. The user interface of claim 20, further comprising:

a personal data entry interface configured to receive information about at least a portion of the plurality of personal financial domains.

22. The user interface of claim 20, further comprising:

a personal cash flow interface configured to determine a cash flow of the family at the death or disability of the client.

23. The user interface of claim 20, further comprising:

a business cash flow design interface configured to compute a cash flow of the business based on a business valuation and at least a portion of the business financial domains.

24. The user interface of claim 20, further comprising:

a business protection interface configured to determine a degree of protection for at least a portion of the business financial domains.

25. The user interface of claim 20, further comprising:

a retirement plan interface configured to suggest a business paid retirement plan for a plurality of covered persons of the business based on received answers to decision trees.

26. The user interface of claim 20, further comprising:

a reporting interface configured to generate an observation reports about the personal financial domains and the business financial domains based on a received level of selected insurance for a key person, a received information about a mortgage and loan of the business.

27. A processor readable medium for providing an interactive retirement tool comprising instructions that when executed by a processor causes the processor to perform actions comprising:

receiving personal data of a client for computing a personal financial condition for a client'"'"'s family at a death of the client;

receiving business data of a business for computing a business financial condition of the business at the death of the client;

selecting a personal life insurance policy for the client;

selecting a business owned life insurance policy for a key person employed by the business; and

providing a selection mechanism, which when selected displays an aggregation of a representation of a personal death benefit to the client and a representation of a business death benefit to the business based on a combination of the life insurance policies, wherein the personal financial condition and the business financial condition change in relation to a change in the personal death benefit and a change in the business death benefit.