Benefits contract providing a bundle of benefits
First Claim
1. 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;
receive order data representing a number of benefits units requested to be purchased, the order data received on a purchase date, the benefits units being associated with a plurality of benefits according to provisions of a benefits contract, wherein each benefits unit is discretionarily exercisable at a later date towards at least one of the plurality of benefits, wherein for each benefits unit purchased a utilizable value of each one of the plurality of benefits is defined at the time that the benefits unit is purchased, 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;
store, in the one or more memory devices, account data representing a number of benefits units purchased;
receive transaction data representing a request to exercise a specified number of the purchased 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 the purchased benefits units towards the specified one of the plurality of benefits;
transmit the status information through a network;
in response to the death of an account holder;
determine that one or more of the purchased benefit units have not been exercised;
automatically exercise the one or more unexercised benefit units towards a retroactive life insurance policy on the account holder, the retroactive life insurance policy providing a financial benefit for transfer to a beneficiary designated by the account holder in the benefits contract; and
transfer the financial benefit provided by the retroactive life insurance policy to the beneficiary.
1 Assignment
0 Petitions
Accused Products
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.
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Citations
22 Claims
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1. A data processing system configured to manage a benefits account, the data processing system comprising:
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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; receive order data representing a number of benefits units requested to be purchased, the order data received on a purchase date, the benefits units being associated with a plurality of benefits according to provisions of a benefits contract, wherein each benefits unit is discretionarily exercisable at a later date towards at least one of the plurality of benefits, wherein for each benefits unit purchased a utilizable value of each one of the plurality of benefits is defined at the time that the benefits unit is purchased, 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; store, in the one or more memory devices, account data representing a number of benefits units purchased; receive transaction data representing a request to exercise a specified number of the purchased 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 the purchased benefits units towards the specified one of the plurality of benefits; transmit the status information through a network; in response to the death of an account holder; determine that one or more of the purchased benefit units have not been exercised; automatically exercise the one or more unexercised benefit units towards a retroactive life insurance policy on the account holder, the retroactive life insurance policy providing a financial benefit for transfer to a beneficiary designated by the account holder in the benefits contract; and transfer the financial benefit provided by the retroactive life insurance policy to the beneficiary. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A method for managing a benefits account, the method comprising:
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receiving order data representing a number of benefits units requested to be purchased, the order data received on a purchase date, the benefits units associated with a plurality of benefits according to provisions of a benefits contract, wherein each benefits unit is discretionarily exercisable at a later date towards at least one of the plurality of benefits, wherein for each benefits unit purchased a utilizable value of each one of the plurality of benefits is defined at the time that the benefits unit is purchased 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; storing, in one or more memory devices, account data representing a number of benefits units purchased; receiving, at a data processing system, transaction data representing a request to exercise a specified number of the purchased 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 the purchased benefits units towards the specified one of the plurality of benefits; using the data processing system, transmitting the status information through a network; in response to the death of an account holder; using the data processing system, determining that one or more of the purchased benefit units have not been exercised; using the data processing system, automatically exercising the one or more unexercised benefit units towards a retroactive life insurance policy on the account holder, the retroactive life insurance policy providing a financial benefit for transfer to a beneficiary designated by the account holder in the benefits contract; and using the data processing system, transferring the financial benefit provided by the retroactive life insurance policy to the beneficiary. - View Dependent Claims (8, 9, 10, 11, 12, 13)
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14. Software embodied in a tangible computer-readable medium and configured, when executed by one or more processing modules, to:
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receive order data representing a number of benefits units requested to be purchased, the order data received on a purchase date, the benefits units being associated with a plurality of benefits according to provisions of a benefits contract, wherein each benefits unit is discretionarily exercisable at a later date towards at least one of the plurality of benefits, wherein for each benefits unit purchased a utilizable value of each one of the plurality of benefits is defined at the time that the benefits unit is purchased, 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; store, in one or more memory devices, account data representing a number of benefits units purchased; receive transaction data representing a request to exercise a specified number of the purchased 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 the purchased benefits units towards the specified one of the plurality of benefits; transmit the status information through a network; in response to the death of an account holder; determine that one or more of the purchased benefit units have not been exercised; automatically exercise the one or more unexercised benefit units towards a retroactive life insurance policy on the account holder, the retroactive life insurance policy providing a financial benefit for transfer to a beneficiary designated by the account holder in the benefits contract; and transfer the financial benefit provided by the retroactive life insurance policy to the beneficiary. - View Dependent Claims (15, 16, 17, 18, 19)
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20. A data processing system configured to manage a benefits account, the data processing system comprising:
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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; receive order data representing a number of benefits units requested to be purchased, the order data received on a purchase date, the benefits units being associated with a plurality of benefits according to provisions of a benefits contract, wherein each benefits unit is discretionarily exercisable at a later date towards at least one of the plurality of benefits, wherein for each benefits unit purchased a utilizable value of each one of the plurality of benefits is defined at the time that the benefits unit is purchased, 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; store, in the one or more memory devices, account data representing a number of benefits units purchased; receive transaction data representing a first request to exercise a first specified number of the purchased benefits units towards a specified one of the plurality of benefits from the first group; receive transaction data representing a second request to exercise a second specified number of the purchased benefits units towards a specified one of the plurality of benefits from the second group; generate status information identifying; a first coverage period provided at least in part by exercise of the first specified number of the purchased benefits units towards the specified one of the plurality of benefits from the first group; and a second coverage period provided at least in part by exercise of the second specified number of the purchased benefits units towards the specified one of the plurality of benefits from the second group; transmit the status information through a network; in response to the death of an account holder; determine that one or more of the purchased benefit units has not been exercised; automatically exercise the one or more unexercised benefit units towards a retroactive life insurance policy on the account holder, the retroactive life insurance policy providing a financial benefit for transfer to a beneficiary designated by the account holder in the benefits contract; and transfer the financial benefit provided by the retroactive life insurance policy to the beneficiary.
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21. A method for managing a benefits account, the method comprising:
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receiving order data representing a number of benefits units requested to be purchased, the order data received on a purchase date, the benefits units associated with a plurality of benefits according to provisions of a benefits contract, wherein each benefits unit is discretionarily exercisable at a later date towards at least one of the plurality of benefits, wherein for each benefits unit purchased a utilizable value of each one of the plurality of benefits is defined at the time that the benefits unit is purchased 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; storing, in one or more memory devices, account data representing a number of benefits units purchased; receiving, at a data processing system, transaction data representing a first request to exercise a first specified number of the purchased benefits units towards a specified one of the plurality of benefits from the first group; receiving, at the data processing system, transaction data representing a second request to exercise a second specified number of the purchased benefits units towards a specified one of the plurality of benefits from the second group; using the data processing system, generating status information identifying; a first coverage period provided at least in part by exercise of the first specified number of the purchased benefits units towards the specified one of the plurality of benefits from the first group; and a second coverage period provided at least in part by exercise of the second specified number of the purchased benefits units towards the specified one of the plurality of benefits from the second group; using the data processing system, transmitting the status information through a network; in response to the death of an account holder; using the data processing system, determining that one or more of the purchased benefit units has not been exercised; using the data processing system, automatically exercising the one or more unexercised benefit units towards a retroactive life insurance policy on the account holder, the retroactive life insurance policy providing a financial benefit for transfer to a beneficiary designated by the account holder in the benefits contract; and using the data processing system, transferring the financial benefit provided by the retroactive life insurance policy to the beneficiary.
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22. Software embodied in a tangible computer-readable medium and configured, when executed by one or more processing modules, to:
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receive order data representing a number of benefits units requested to be purchased, the order data received on a purchase date, the benefits units being associated with a plurality of benefits according to provisions of a benefits contract, wherein each benefits unit is discretionarily exercisable at a later date towards at least one of the plurality of benefits, wherein for each benefits unit purchased a utilizable value of each one of the plurality of benefits is defined at the time that the benefits unit is purchased, 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; store, in one or more memory devices, account data representing a number of benefits units purchased; receive transaction data representing a first request to exercise a first specified number of the purchased benefits units towards a specified one of the plurality of benefits from the first group; receive transaction data representing a second request to exercise a second specified number of the purchased benefits units towards a specified one of the plurality of benefits from the second group; generate status information identifying; a first coverage period provided at least in part by exercise of the first specified number of the purchased benefits units towards the specified one of the plurality of benefits from the first group; and a second coverage period provided at least in part by exercise of the second specified number of the purchased benefits units towards the specified one of the plurality of benefits from the second group; transmit the status information through a network; in response to the death of an account holder; determine that one or more of the purchased benefit units has not been exercised; automatically exercise the one or more unexercised benefit units towards a retroactive life insurance policy on the account holder, the retroactive life insurance policy providing a financial benefit for transfer to a beneficiary designated by the account holder in the benefits contract; and transfer the financial benefit provided by the retroactive life insurance policy to the beneficiary.
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Specification