Benefits Contract Providing a Bundle of Benefits

• US 20140164027A1
• Filed: 02/17/2014
• Published: 06/12/2014
• Est. Priority Date: 07/19/2005
• Status: Active Application

• Current Assignee: Prudential Insurance Company of America (Prudential Financial Incorporated)
• Original Assignee: Prudential Insurance Company of America (Prudential Financial Incorporated)
• Inventors: Cheung, Malcolm A., Fishbein, Robert A., Kuperstock, N. David, O'Donnell, Robert F., Herschler, Jacob M., Putterman, Steven L.
• Application Number:
  US14/181,838
• Publication Number:
  US 20140164027A1
• 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

1-22. -22. (canceled)

23. A data processing system configured to manage a benefits account, the data processing system comprising:

one or more memory devices;

one or more processing modules; and

software embodied in the one or more memory devices and configured, when executed by the one or more processing modules, to;

store, in the one or more memory devices, account data representing a number of benefits units associated with a plurality of benefits according to provisions of a benefits contract, wherein each benefits unit is discretionarily exercisable towards at least one of the plurality of benefits, and wherein the plurality of benefits comprises;

one or more from the first group consisting of;

a plurality of income payments; and

a withdrawal benefit; and

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;

receive transaction data representing a request to exercise a specified number of benefits units towards a specified one of the plurality of benefits;

generate status information identifying a coverage period provided at least in part by exercise of the specified number of benefits towards the specified one of the plurality of benefits;

transmit the status information through a network;

determine a default benefit to be transferred to a beneficiary designated by an account holder, wherein the default benefit is based at least in part on the account data representing the number of benefits units that are discretionarily exercisable, and wherein the default benefit comprises a life insurance benefit; and

in response to a triggering event, transfer the life insurance benefit to the beneficiary designated by the account holder, the triggering event being the death of the account holder.

24. The data processing system of claim 23, wherein:

the specified one of the plurality of benefits is the plurality of income payments;

the identified coverage period is a lifetime of a designated life; and

the software is further configured, when executed by the one or more processing modules, to transfer on a periodic basis the plurality of income payments during the lifetime of the designated life, the plurality of income payments being transferred in response to exercise of the specified number of benefits towards the plurality of income payments.

25. The data processing system of claim 23, wherein:

the specified one of the plurality of benefits is the supplemental health care coverage; and

the identified coverage period comprises;

a start date when the supplemental health care coverage begins; and

a stop date when the supplemental health care coverage terminates.

26. The data processing system of claim 23, wherein the software is further configured, when executed by the one or more processing modules, to update the account data representing the number of benefits units that are discretionarily exercisable, the update based on the received transaction data.

27. The data processing system of claim 23, wherein the software is further configured, when executed by the one or more processing modules, to:

receive order data comprising a number of benefits units requested to be purchased; and

in response to the received order data, calculate a sum of the number of benefits units stored in the one or more memory devices and the number of benefits units requested to be purchased.

28. The data processing system of claim 23, wherein the generated status information further identifies a maximum coverage value for the specified one of the plurality of benefits.

29. A method for managing a benefits account, the method comprising:

storing, in one or more memory devices, account data representing a number of benefits units associated with a plurality of benefits according to provisions of a benefits contract, wherein each benefits unit is discretionarily exercisable towards at least one of the plurality of benefits, and wherein the plurality of benefits comprises;

one or more from the first group consisting of;

a plurality of income payments; and

a withdrawal benefit; and

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;

receiving, at a data processing system, transaction data representing a request to exercise a specified number of benefits units towards a specified one of the plurality of benefits;

using the data processing system, generating status information identifying a coverage period provided at least in part by exercise of the specified number of benefits towards the specified one of the plurality of benefits;

using the data processing system, transmitting the status information through a network;

using the data processing system, determining a default benefit to be transferred to a beneficiary designated by an account holder, wherein the default benefit is based at least in part on the account data representing the number of benefits units that are discretionarily exercisable, and wherein the default benefit comprises a life insurance benefit; and

using the data processing system and in response to a triggering event, transferring the life insurance benefit to the beneficiary designated by the account holder, the triggering event being the death of the account holder.

30. The method of claim 29, wherein:

the specified one of the plurality of benefits is the plurality of income payments; and

the identified coverage period is a lifetime of a designated life.

31. The method of claim 30, further comprising, transferring on a periodic basis the plurality of income payments during the lifetime of the designated life, the plurality of income payments being transferred using the data processing system and in response to exercise of the specified number of benefits towards the plurality of income payments.

32. The method of claim 29, wherein:

the specified one of the plurality of benefits is the supplemental health care coverage; and

the identified coverage period comprises;

a start date when the supplemental health care coverage begins; and

a stop date when the supplemental health care coverage terminates.

33. The method of claim 29, further comprising, using the data process system and in response to the received transaction data, updating the account data representing the number of benefits units that are discretionarily exercisable.

34. The method of claim 29, further comprising

receiving, at the data processing system, order data comprising a number of benefits units requested to be purchased;

and

using the data processing system and in response to the received order data, calculating a sum of the number of benefits units stored in the one or more memory devices and the number of benefits units requested to be purchased.

35. The method of claim 29, wherein the generated status information further identifies a maximum coverage value for the specified one of the plurality of benefits.

36. Software embodied in a tangible computer-readable medium and configured, when executed by one or more processing modules, to:

store, in one or more memory devices, account data representing a number of benefits units associated with a plurality of benefits according to provisions of a benefits contract, wherein each benefits unit is discretionarily exercisable towards at least one of the plurality of benefits, and wherein the plurality of benefits comprises;

one or more from the first group consisting of;

a plurality of income payments; and

a withdrawal benefit; and

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;

receive transaction data representing a request to exercise a specified number of benefits units towards a specified one of the plurality of benefits;

generate status information identifying a coverage period provided at least in part by exercise of the specified number of benefits towards the specified one of the plurality of benefits;

transmit the status information through a network;

determine a default benefit to be transferred to a beneficiary designated by an account holder, wherein the default benefit is based at least in part on the account data representing the number of benefits units that are discretionarily exercisable, and wherein the default benefit comprises a life insurance benefit; and

in response to a triggering event, transfer the life insurance benefit to the beneficiary designated by the account holder, the triggering event being the death of the account holder.

37. The software of claim 36, wherein:

the specified one of the plurality of benefits is the plurality of income payments;

the identified coverage period is a lifetime of a designated life; and

the software is further configured, when executed by the one or more processing modules, to transfer on a periodic basis the plurality of income payments during the lifetime of the designated life, the plurality of income payments being transferred in response to exercise of the specified number of benefits towards the plurality of income payments.

38. The software of claim 36, wherein:

the specified one of the plurality of benefits is the supplemental health care coverage; and

the identified coverage period comprises;

a start date when the supplemental health care coverage begins; and

a stop date when the supplemental health care coverage terminates.

39. The software of claim 36, further configured, when executed by the one or more processing modules, to update the account data representing the number of benefits units that are discretionarily exercisable, the update based on the received transaction data.

40. The software of claim 36, further configured, when executed by the one or more processing modules, to:

receive order data comprising a number of benefits units requested to be purchased; and

in response to the received order data, calculate a sum of the number of benefits units stored in the one or more memory devices and the number of benefits units requested to be purchased.

41. The software of claim 36, wherein the generated status information further identifies a maximum coverage value for the specified one of the plurality of benefits.