SYSTEM AND METHOD FOR PROCESSING DATA RELATED TO A LIFE INSURANCE POLICY HAVING A DEATH BENEFIT PAYABLE BASED ON AGE OF A LIVING INSURED
First Claim
1. A computer system for processing data related to a permanent life insurance policy having a death benefit, comprising:
- a data storage device storing data indicative of a policy owner, an insured under the policy, a death benefit amount, payable under the policy to a beneficiary upon death of the insured, a schedule of premium payments, and a withdrawal benefit in the nature of periodic payments payable to the policy owner upon request and on condition of the insured being living and having reached a minimum age achieved at a benefit eligibility date, and on condition of a policy protection account having at least a target balance, each payment reducing the amount of the death benefit until a residual death benefit amount is reached; and
a processor in communication with the data storage device, the processor configured to;
determine a current policy protection account balance based on premium payments received, charges based on policy face value, interest credited on balances and charges based on riders;
determine, based on the policy protection account balance, the schedule of premium payments, and the benefit eligibility date, whether premium payments in accordance with the schedule will cause the policy protection account balance to reach the target balance by the benefit eligibility date; and
provide an output signal having data indicative of the determination whether premium payments in accordance with the schedule will cause the policy protection account balance to reach the target balance by the benefit eligibility date.
4 Assignments
0 Petitions
Accused Products
Abstract
A computer system for processing of data related to a permanent life insurance policy includes a data storage device storing data indicative of a policy owner, an insured under the policy, and a death benefit amount, payable under the policy to a beneficiary upon death of the insured, and a processor in communication with the data storage device. A withdrawal benefit providing periodic payments to the owner, each payment reducing the amount of the death benefit until reaching a residual death benefit amount, is available on owner request, at a minimum age of the insured, on meeting a condition related to a likelihood of policy lapse prior to death of the insured. The processor is configured to determine whether premium payments in accordance with a schedule will cause the condition to be met.
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Citations
41 Claims
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1. A computer system for processing data related to a permanent life insurance policy having a death benefit, comprising:
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a data storage device storing data indicative of a policy owner, an insured under the policy, a death benefit amount, payable under the policy to a beneficiary upon death of the insured, a schedule of premium payments, and a withdrawal benefit in the nature of periodic payments payable to the policy owner upon request and on condition of the insured being living and having reached a minimum age achieved at a benefit eligibility date, and on condition of a policy protection account having at least a target balance, each payment reducing the amount of the death benefit until a residual death benefit amount is reached; and a processor in communication with the data storage device, the processor configured to; determine a current policy protection account balance based on premium payments received, charges based on policy face value, interest credited on balances and charges based on riders; determine, based on the policy protection account balance, the schedule of premium payments, and the benefit eligibility date, whether premium payments in accordance with the schedule will cause the policy protection account balance to reach the target balance by the benefit eligibility date; and provide an output signal having data indicative of the determination whether premium payments in accordance with the schedule will cause the policy protection account balance to reach the target balance by the benefit eligibility date. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A computer-implemented method for processing data related to a permanent life insurance policy having an owner and a death benefit payable to a beneficiary upon death of an insured, comprising:
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accessing by a processor from a data storage device data indicative of a prior policy protection account value, a policy face value, rates for one or more charges, and an interest rate; determining by the processor, a current policy protection account balance based on premium payments received, charges determined based on the policy face value and the rates and the interest rate; accessing by the processor from the data storage device data indicative of a schedule of premium payments, a benefit eligibility date and a target balance for the policy protection account, wherein the owner is eligible for a withdrawal benefit in the nature of periodic payments payable to the owner upon request and on condition of the insured being living and having reached a minimum age achieved at the benefit eligibility date, and on condition of the policy protection account having at least the target balance as of the benefit eligibility date, each payment reducing the amount of the death benefit until a residual death benefit amount is reached; determining by the processor, based on the policy protection account balance, the schedule of premium payments, and the benefit eligibility date, whether premium payments in accordance with the schedule will cause the policy protection account balance to reach the target balance by the benefit eligibility date; and providing by the processor an output signal having data indicative of the determination whether premium payments in accordance with the schedule will cause the policy protection account balance to reach the target balance by the benefit eligibility date. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A non-transitory computer-readable medium, the computer-readable medium having processor-executable instructions stored thereon, which instructions, when executed by the processor, cause the processor to:
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access from a data storage device data indicative of a prior policy protection account value, a policy face value, rates for one or more charges, and an interest rate; determine a current policy protection account balance based on premium payments received, charges determined based on the policy face value and the rates and the interest rate; access from the data storage device data indicative of a schedule of premium payments, a benefit eligibility date and a target balance for the policy protection account, wherein the owner is eligible for a withdrawal benefit in the nature of periodic payments payable to the owner upon request and on condition of the insured being living and having reached a minimum age achieved at the benefit eligibility date, and on condition of the policy protection account having at least the target balance as of the benefit eligibility date, each payment reducing the amount of the death benefit until a residual death benefit amount is reached; determine by the processor, based on the policy protection account balance, the schedule of premium payments, and the benefit eligibility date, whether premium payments in accordance with the schedule will cause the policy protection account balance to reach the target balance by the benefit eligibility date; and provide an output signal having data indicative of the determination whether premium payments in accordance with the schedule will cause the policy protection account balance to reach the target balance by the benefit eligibility date. - View Dependent Claims (16, 17, 18, 19)
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20. A computer system for processing data related to a permanent life insurance policy having a death benefit, comprising:
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a data storage device storing data indicative of a policy owner, an insured under the policy, a death benefit amount, payable under the policy to a beneficiary upon death of the insured, and a withdrawal benefit in the nature of periodic payments payable to the policy owner upon request and on condition of the insured being living and having reached a minimum age achieved at a benefit eligibility date, and on a condition related to a likelihood of policy lapse prior to death of the insured, each payment reducing the amount of the death benefit until a residual death benefit amount is reached; and a processor in communication with the data storage device, the processor configured to; determine, based on the schedule of premium payments, and the benefit eligibility date, whether premium payments in accordance with the schedule will cause the condition related to a likelihood of policy lapse prior to death of the insured to be met; and provide an output signal having data indicative of the determination whether premium payments in accordance with the schedule will cause the condition related to a likelihood of policy lapse prior to death of the insured to be met. - View Dependent Claims (21, 22, 23)
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24. A computer-implemented method for processing data related to a permanent life insurance policy having a death benefit, comprising:
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accessing by the processor from a data storage device data indicative of a schedule of premium payments, wherein the owner is eligible for a withdrawal benefit in the nature of periodic payments payable to the owner upon request and on satisfying a condition related to a likelihood of policy lapse prior to death of the insured; determining by the processor, based on the schedule of premium payments, whether premium payments in accordance with the schedule will cause the condition to be met; and providing by the processor an output signal having data indicative of the determination whether premium payments in accordance with the schedule will cause the condition to be met. - View Dependent Claims (25, 26, 27)
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28. A computer system for processing data related to a permanent life insurance policy having an owner and a death benefit payable to a beneficiary upon death of an insured, comprising:
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a data storage device having stored therein data indicative of the policy owner, the insured, and the death benefit amount; and a processor in communication with the data storage device, the processor configured to; receive data indicative of a request from the policy owner for an accelerated death benefit payment, determine whether the insured has reached a minimum age, responsive to determining that the insured has reached the minimum age, providing an output signal having data indicative of instructions to make periodic payments to the owner, and determine, responsive to each of the periodic payments, a reduced amount of the death benefit. - View Dependent Claims (29, 30, 31, 32, 33, 34, 35)
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36. A computer system for generating retirement plan illustrations, comprising:
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a storage device storing data indicative of rates and rules for a permanent life insurance policy having a withdrawal benefit, in the nature of periodic payments based in amount on the death benefit and reducing the death benefit until a residual death benefit amount is reached, available based on a minimum age of an insured, and a processor configured to;
receive data indicative of a retirement plan for at least an insured, comprising contribution data over a time period, growth data related to the contributions, and retirement income and asset assumptions;generate an illustration for the retirement plan with a permanent life insurance policy having a withdrawal benefit, with premiums reducing the contribution data, the processor being configured to calculate the reduced contribution data and reduced retirement income and asset assumptions, and to calculate and include in the illustration income data based on the withdrawal benefit commencing at the minimum age of the insured. - View Dependent Claims (37, 38)
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39. A computer-implemented method for generating retirement plan illustrations, comprising:
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accessing by a processor from a data storage device data indicative of a retirement plan for at least an insured, comprising contribution data over a time period, growth data related to the contributions, and retirement income and asset assumptions; generating by the processor an illustration for the retirement plan with a permanent life insurance policy having a withdrawal benefit available at a fixed age of the insured, the withdrawal benefit being in the nature of periodic payments based in amount on the death benefit and reducing the death benefit until a residual death benefit amount is reached, with premiums reducing the contribution data, the generating comprising calculating the reduced contribution data and reduced retirement income and asset assumptions, and calculating and including in the illustration income data based on the periodic payments commencing at a minimum age of the insured. - View Dependent Claims (40, 41)
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Specification