ASSET POOL WITHDRAWAL GUARANTEE

• US 20080133280A1
• Filed: 12/05/2007
• Published: 06/05/2008
• Est. Priority Date: 12/05/2006
• Status: Abandoned Application

• Current Assignee: AEGON Financial Services Group, Inc. (AEGON N.V.)
• Original Assignee: AEGON Financial Services Group, Inc. (AEGON N.V.)
• Inventors: ZIEGLER, RONALD L.
• Application Number:
  US11/951,066
• Publication Number:
  US 20080133280A1
• 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

A method for administering a withdrawal guarantee that insures against the loss an individual would incur in the event that a pool of assets is depleted due to withdrawals, investment performance, charges, expenses, or a combination thereof.

Claims

1. A method for providing a withdrawal guarantee on a pool of assets owned by an account owner, said method comprising the steps of:

obtaining information about the account owner;

determining the pool of assets that are to be covered by the withdrawal guarantee;

establishing an insurance premium for the insurance coverage;

calculating a withdrawal base;

calculating a maximum withdrawal amount; and

making insurance guarantee payments to the account owner upon the occurrence of one or more contingencies.

2. The method of claim 1 wherein the contingency is depletion of assets in the asset pool.

3. The method of claim 1 wherein the contingency is the survival of the owner of the account.

4. The method of claim 1 wherein the contingency is at least one of a nursing care, critical illness, or disability event.

5. The method of claim 4 wherein the nursing care, critical illness, or disability event allows for the amount of annuity payments to increase.

6. The method of claim 1 wherein the entity providing the withdrawal guarantee is different than the entity holding or controlling the covered assets.

7. The method of claim 1 wherein the entity providing the withdrawal guarantee is the same as the entity holding or controlling the covered assets.

8. The method of claim 1 wherein the contingency is death, where a death benefit is provided which ensures that upon the account owner'"'"'s death, a minimum amount is available for the account owner'"'"'s heirs.

9. The method of claim 1 wherein the pool of assets is a mutual fund account.

10. The method of claim 1 wherein the pool of assets is a 401(k) account.

11. The method of claim 1 wherein the pool of assets is an Individual Retirement Account (IRA).

12. The method of claim 1 wherein the pool of assets is a brokerage account.

13. The method of claim 1 wherein the withdrawal base is a function of the amount of funds deposited into or held in the covered asset pool.

14. The method of claim 1 wherein maximum withdrawal amount is a withdrawal percentage times the withdrawal base.

15. The method of claim 1 wherein the insurance premium is a percentage of the withdrawal base.

16. The method of claim 1 wherein the insurance premium is a percentage of the covered asset pool.

17. The method of claim 1 wherein the insurance premium is a percentage of the difference between the withdrawal base and the covered asset pool.

18. The method of claim 1 wherein a computer is used to effectuate the management of the withdrawal guarantee.

19. The method of claim 1 further comprising the step of periodically reviewing account information relating to the covered asset pool such as deposits, withdrawal activity, and asset holdings.

20. The method of claim 19 further comprising the step of periodically reporting account information to the account owner.

21. The method of claim 1 further comprising the step of increasing the withdrawal base when additional funds are added to the covered asset pool.

22. The method of claim 1 further comprising the step of increasing the withdrawal base up to the amount of the covered asset pool if such asset pool increased above the withdrawal base due to positive investment performance.

23. The method of claim 1 further comprising the step of decreasing the withdrawal base if the withdrawals taken are more than the maximum withdrawal amount.

24. The method of claim 1 further comprising the step of increasing the premium charged for the insurance coverage if the withdrawals taken are more than the maximum withdrawal amount.

25. The method of claim 1 wherein the insurance guarantee payments are made to the account owner for the life of the account owner.

26. A data processing method for administering a withdrawal guarantee on a pool of assets owned by an account owner, said method comprising the steps of:

storing data relating to the account owner on a computer;

determining the pool of assets that are to be covered by the withdrawal guarantee;

establishing an insurance premium for the insurance coverage;

using a computer to calculate a withdrawal base;

using a computer to calculate a maximum withdrawal amount; and

making insurance guarantee payments to the account owner in the form of a contingent payout annuity upon the occurrence of one or more contingencies.

27. A method for providing a withdrawal guarantee on a pool of assets owned by an account owner, said method comprising the steps of:

obtaining information from the account owner;

determining which pool of assets is to be covered by the withdrawal guarantee wherein the pool of assets is at least one of a mutual fund account, a 401(k) account, an Individual Retirement Account, a brokerage account, or a separately managed account;

wherein the entity providing the withdrawal guarantee is different than the entity holding or controlling the covered assets;

charging an insurance premium for the insurance coverage;

calculating a withdrawal base;

calculating a maximum withdrawal amount; and

making insurance guarantee payments to the account owner upon the occurrence of one or more contingencies.

28. A method for providing a withdrawal guarantee on a pool of assets owned by an account owner, said method comprising the steps of:

obtaining information about the account owner;

determining the pool of assets that are to be covered by the withdrawal;

establishing an insurance premium for the insurance coverage;

calculating a withdrawal base;

calculating a maximum withdrawal amount; and

making insurance guarantee payments to the account owner upon the occurrence of one or more contingencies;

wherein the entity providing the withdrawal guarantee is different than the entity holding or controlling the covered assets.