Process for comprehensive financial and estate planning with life insurance product
First Claim
1. A non-transitory computer readable storage medium havingprogramming instructions stored thereon, the instructions for establishing and maintaining a financial product as a life insurance product for an insured party, the programming instructions comprising:
- processing an initial funding premium for said life insurance financial product;
subtracting funding charges from said initial funding premium and determining an initial cash surrender value for said life insurance financial product thereafter;
allocating said initial funding premium to one or more sub-accounts of different financial investment funds or accounts;
on a daily basis, determining account values for said different funds and accounts and calculating a corresponding cash surrender value for said life insurance financial product;
determining a life insurance base death benefit amount for said insured as a function of said corresponding cash surrender value sufficient to retain life insurance status under a net single premium method based on age declining ratio to cash value amount for said life insurance financial product and age of the insured and his/her risk classification and smoking status, said life insurance base death benefit amount increasing and decreasing based upon said corresponding cash surrender value;
deducting a cost of an at-risk insurance amount corresponding to said death benefit amount from said corresponding cash surrender value sufficient to retain life insurance status for said life insurance financial product;
maximizing the cash surrender value for said life insurance financial product by minimizing said cost of said at-risk insurance amount;
funding said life insurance financial product with additional funding premiums when payments are made and setting forth, in a schedule, said additional funding premiums, said schedule set forth in a policy established at the time said life insurance financial product is issued; and
processing said additional funding premiums set forth in said schedule without establishing insurability upon acceptance of said additional funding premiums such that each funding for said life insurance product acquires an amount of life insurance that varies with investment results over time.
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Accused Products
Abstract
A process for generating a financial and liquidity estate plan for a client and a life insurance product for use therewith. The process includes determining the client'"'"'s assets and defining a plurality of asset categories based on type and purpose of asset. The process also includes categorizing the client'"'"'s assets in the defined categories. By performing liquidity analyzes of the categorized assets, the process determines current estate liquidity and projected future estate liquidity of the client. The process further includes generating a plan for re-allocating the client'"'"'s assets among the defined categories based on the liquidity analyzes. The product defined by the process is a pre-paid, variable life insurance product having a death benefit that varies daily as a function of gains and losses on the invested cash value of the product.
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Citations
78 Claims
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1. A non-transitory computer readable storage medium having
programming instructions stored thereon, the instructions for establishing and maintaining a financial product as a life insurance product for an insured party, the programming instructions comprising: -
processing an initial funding premium for said life insurance financial product; subtracting funding charges from said initial funding premium and determining an initial cash surrender value for said life insurance financial product thereafter; allocating said initial funding premium to one or more sub-accounts of different financial investment funds or accounts; on a daily basis, determining account values for said different funds and accounts and calculating a corresponding cash surrender value for said life insurance financial product; determining a life insurance base death benefit amount for said insured as a function of said corresponding cash surrender value sufficient to retain life insurance status under a net single premium method based on age declining ratio to cash value amount for said life insurance financial product and age of the insured and his/her risk classification and smoking status, said life insurance base death benefit amount increasing and decreasing based upon said corresponding cash surrender value; deducting a cost of an at-risk insurance amount corresponding to said death benefit amount from said corresponding cash surrender value sufficient to retain life insurance status for said life insurance financial product; maximizing the cash surrender value for said life insurance financial product by minimizing said cost of said at-risk insurance amount; funding said life insurance financial product with additional funding premiums when payments are made and setting forth, in a schedule, said additional funding premiums, said schedule set forth in a policy established at the time said life insurance financial product is issued; and processing said additional funding premiums set forth in said schedule without establishing insurability upon acceptance of said additional funding premiums such that each funding for said life insurance product acquires an amount of life insurance that varies with investment results over time. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A non-transitory computer readable storage medium having stored thereon programming instructions for establishing and maintaining a financial product as a life insurance product for an insured party, the programming instructions comprising:
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processing an initial funding premium for said life insurance financial product; determining an initial cash surrender value for said life insurance financial product by accounting for said initial funding premium allocated in one or more investment accounts; on a daily basis, determining daily account values for said investment accounts and calculating a corresponding cash surrender value for said life insurance financial product; determining a death benefit amount for said insured as a function of said corresponding cash surrender value sufficient to retain life insurance status under a premium method based on age declining ratio to cash value amount for said life insurance financial product, said death benefit amount increasing and decreasing based upon said corresponding cash surrender value; deducting a cost of an at-risk insurance amount corresponding to said death benefit amount from said corresponding cash surrender value sufficient to retain said life insurance status; maximizing the cash surrender value for said life insurance financial product by minimizing said cost of said at-risk insurance amount; funding said life insurance financial product with additional funding premiums when payment is made and setting forth, in a schedule, said additional funding premiums, said schedule set forth in a policy established at the time said life insurance financial product is issued; and processing said additional funding premiums set forth in said schedule without establishing insurability upon acceptance of said additional funding premiums such that each funding for said life insurance product acquires an amount of life insurance that varies with investment results over time. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A non-transitory computer readable storage medium having programming instructions stored thereon for establishing and maintaining a financial product as a life insurance product for an insured party, the programming instructions comprising:
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processing an funding initial funding premium for said life insurance financial product; determining an initial cash surrender value for said life insurance financial product by accounting for said initial funding premium allocated in one or more investment accounts; on a daily basis and upon fluctuation of said investment accounts, determining account values for said investment accounts and calculating a corresponding cash surrender value for said life insurance financial product; determining a death benefit amount for said insured as a function of said corresponding cash surrender value sufficient to retain life insurance status for said life insurance financial product, an age declining ratio to cash value amount for said product, an age of the insured and his/her risk classification and smoking status, said death benefit amount increasing and decreasing based upon said corresponding cash surrender value; deducting a cost of an at-risk insurance amount corresponding to said death benefit amount from said corresponding cash surrender value sufficient to retain said life insurance status; maximizing the cash surrender value for said life insurance financial product by minimizing said cost of said at-risk insurance amount; funding said life insurance financial product with additional funding premiums when payments are made and setting forth, in a schedule, said additional funding premiums, said schedule set forth in a policy established at the time said life insurance financial product is issued; and processing said additional funding premiums set forth in said schedule without establishing insurability upon acceptance of said additional funding premiums such that each funding for said life insurance product acquires an amount of life insurance that varies with investment results over time. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28, 29, 30, 31)
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32. A non-transitory computer readable medium containing programming instructions for establishing and maintaining a financial product as a life insurance product for an insured party, the programming instructions comprising:
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processing an initial funding premium for said life insurance financial product with; determining an initial cash surrender value for said life insurance financial product by accounting for said initial funding premium allocated in one or more investment accounts; minimizing life insurance costs by; on a daily basis, determining daily account values for said investment accounts and calculating a corresponding cash surrender value for said life insurance financial product; determining daily a minimum amount of life insurance death benefit for said insured as a function of said corresponding cash surrender value sufficient to retain life insurance status under a premium method based upon on age of the insured and his/her risk classification, said minimum life insurance with death benefit being that minimum required to maintain said life insurance financial product as life insurance and said death benefit amount increasing and decreasing based upon said corresponding cash surrender value; deducting a cost of an at-risk insurance amount corresponding to said death benefit amount from said corresponding cash surrender value sufficient to retain life insurance status for said life insurance financial product; maximizing the cash surrender value for said life insurance financial product by minimizing said cost of said at-risk insurance amount; funding said life insurance financial product with additional funding premiums when payments are made and setting forth, in a schedule, said additional funding premiums, said schedule set forth in a policy established at the time said life insurance financial product is issued; and processing said additional funding premiums set forth in said schedule without establishing insurability upon acceptance of said additional funding premiums such that each funding for said life insurance product acquires an amount of life insurance that varies with investment results over time. - View Dependent Claims (33, 34, 35, 36, 37, 38, 39, 40, 41)
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42. A computer system with functional modules for establishing and maintaining a financial product as a life insurance product for an insured party comprising:
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means for processing an initial funding premium for said life insurance financial product; means, coupled to said means for processing, for subtracting funding charges from said initial funding premium and determining an initial cash surrender value for said life insurance financial product thereafter; means for allocating said initial funding premium to one or more sub-accounts of different financial investment funds or accounts; means for determining account values, on a daily basis, for said different funds and accounts and calculating a corresponding cash surrender value for said life insurance financial product; means for determining a life insurance base death benefit amount for said insured as a function of said corresponding cash surrender value sufficient to retain life insurance status under a net single premium method based on age declining ratio to cash value amount for said life insurance financial product and age of the insured and his/her risk classification and smoking status, said life insurance base death benefit amount increasing and decreasing based upon said corresponding cash surrender value; means for deducting a cost of an at-risk insurance amount corresponding to said death benefit amount from said corresponding cash surrender value sufficient to retain life insurance status for said life insurance financial product; means for maximizing the cash surrender value for said life insurance financial product by minimizing said cost of said at-risk insurance amount; means for processing additional funding premiums for said life insurance financial product when payment is made and based upon a schedule set forth in a policy established at the time said life insurance financial product is issued; and said means for processing said additional funding premiums effected without establishing insurability such that each funding for said life insurance product acquires an amount of life insurance that varies with investment results over time. - View Dependent Claims (43, 44, 45, 46, 47, 48)
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49. A computer system with functional modules for establishing and maintaining a financial product as a life insurance product for an insured party comprising:
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means for processing an initial funding premium for said life insurance financial product; means, coupled to said means for processing, for determining an initial cash surrender value for said life insurance financial product by accounting for said initial funding premium allocated in one or more investment accounts; means for determining daily account values, on a daily basis, for said investment accounts and calculating a corresponding cash surrender value for said life insurance financial product; means for determining a death benefit amount for said insured as a function of said corresponding cash surrender value sufficient to retain life insurance status for said life insurance financial product accounting for age of the insured and his/her risk classification and smoking status, said death benefit amount increasing and decreasing based upon said corresponding cash surrender value; means for deducting a cost of an at-risk insurance amount corresponding to said death benefit amount from said corresponding cash surrender value sufficient to retain said life insurance status; means for maximizing the cash surrender value for said life insurance financial product by minimizing said cost of said at-risk insurance amount; means for processing additional funding premiums for said life insurance financial product when payment is made and based upon a schedule set forth in a policy established at the time said life insurance financial product is issued; and said means for processing said additional funding premiums effected without establishing insurability such that each funding for said life insurance product acquires an amount of life insurance that varies with investment results over time. - View Dependent Claims (50, 51, 52, 53, 54, 55, 56, 57, 58)
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59. A computer system with functional modules for establishing and maintaining a financial product as a life insurance product for an insured party comprising:
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means for processing an funding initial funding premium for said life insurance financial product; means, coupled to said means for processing, for determining an initial cash surrender value for said life insurance financial product by accounting for said initial funding premium allocated in one or more investment accounts; means for determining account values, on a daily basis and upon fluctuation of said investment accounts, for said investment accounts and for calculating a corresponding cash surrender value for said life insurance financial product; means for determining a death benefit amount for said insured as a function of said corresponding cash surrender value sufficient to retain life insurance status under a premium method based on age declining ratio to cash value amount for said life insurance financial product, said death benefit amount increasing and decreasing based upon said corresponding cash surrender value; means for deducting a cost of an at-risk insurance amount corresponding to said death benefit amount from said corresponding cash surrender value sufficient to retain said life insurance status; means for maximizing the cash surrender value for said life insurance financial product by minimizing said cost of said at-risk insurance amount; means for processing additional funding premiums for said life insurance financial product when payment is made and based upon a schedule set forth in a policy established at the time said life insurance financial product is issued; and said means for processing said additional funding premiums effected without establishing insurability such that each funding for said life insurance product acquires an amount of life insurance that varies with investment results over time. - View Dependent Claims (60, 61, 62, 63, 64, 65, 66, 67, 68)
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69. A computer system with functional modules for establishing and maintaining a financial product as a life insurance product for an insured party comprising:
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means for processing an initial funding premium for said life insurance financial product with; means, coupled to said means for processing, for determining an initial cash surrender value for said life insurance financial product by accounting for said initial funding premium allocated in one or more investment accounts; means for minimizing life insurance costs with; means for determining daily account values for said investment accounts on a daily basis and for calculating a corresponding cash surrender value for said life insurance financial product; means for determining daily a minimum amount of life insurance death benefit for said insured as a function of said corresponding cash surrender value under a premium method accounting for the age of the insured, a risk classification and a smoking status, said minimum life insurance with death benefit being that minimum required to maintain said life insurance financial product as life insurance and said death benefit amount increasing and decreasing based upon said corresponding cash surrender value; means for deducting a cost of an at-risk insurance amount corresponding to said death benefit amount from said corresponding cash surrender value sufficient to retain life insurance status for said life insurance financial product; means maximizing the cash surrender value for said life insurance financial product by minimizing said cost of said at-risk insurance amount; means for processing additional funding premiums for said life insurance financial product when payment is made and based upon a schedule set forth in a policy established at the time said life insurance financial product is issued; and said means for processing said additional funding premiums effected without establishing insurability such that each funding for said life insurance product acquires an amount of life insurance that varies with investment results over time. - View Dependent Claims (70, 71, 72, 73, 74, 75, 76, 77, 78)
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Specification