LIFE INSURANCE FUNDED HEROIC MEDICAL EFFORTS TRUST FEATURE

• US 20100088112A1
• Filed: 10/01/2009
• Published: 04/08/2010
• Est. Priority Date: 10/03/2008
• Status: Abandoned Application

• Current Assignee: Katen & Associates LLC
• Original Assignee: Katen & Associates LLC
• Inventors: Katen, Karen, Krasny, Jacques
• Application Number:
  US12/572,110
• Publication Number:
  US 20100088112A1
• Time in Patent Office: Days
• US Class Current: 705/2
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G16H 50/30 for calculating health indices; for individual health risk assessment

Abstract

Provided herein are processes, including a computer implemented process, and an apparatus for making financial resources available for the treatment, medication, and other life extending expenses of life-expectancy reducing situations through life insurance policies. Also provided herein is medical network to provide up to date, accurate, and credible data related to life-expectancy reducing situations when time is of the essence.

Claims

1. A computer implemented method of providing coverage for life extending expenses in a life insurance policy, the computer implemented method comprising:

determining a cost of a feature associated with funds for use in paying for life extending expenses of an insured individual related to at least one life-expectancy reducing event, wherein the feature is to be associated with a life insurance policy of the insured individual, wherein the life insurance policy includes a coverage period and a death benefit, and wherein the funds provided by the feature for use in paying for the life extending expenses is greater than any offset of the death benefit under the life insurance policy caused by the feature; and

associating the feature with the life insurance policy, wherein the feature provides encouragement to prolong the life of the insured individual and delay payment of the death benefit.

2. The computer implemented method of claim 1, wherein determining the cost of the feature further comprises utilizing at least one of an age adjusted empirical rate of qualifying disorders, an existing individual life expectancy rating system for individual circumstances, the coverage period of the life insurance policy, the death benefit of the life insurance policy, a percentage of the death benefit of the life insurance policy associated with the feature, or cost of the life insurance policy without the feature.

3. The computer implemented method of claim 2, wherein determining the cost of the feature further comprises multiplying each of the age adjusted empirical rate, the existing individual life expectancy rating system, the coverage period, the death benefit, and the percentage, and dividing that product by the cost of the life insurance policy without the feature.

4. The computer implemented method of claim 1, further comprising:

receiving notification of a life-expectancy reducing event for the insured individual;

validating the life-expectancy reducing event for the insured individual; and

validating the feature is still in effect.

5. The computer implemented method of claim 4, in response to validating the life-expectancy reducing event for the insured individual, further comprising initiating payment of the funds for use to pay for life extending expenses of the insured individual related to the life-expectancy reducing event.

6. The computer implemented method of claim 1, further comprising

receiving at least one contribution from a healthcare provider;

applying the contribution towards the cost of the feature; and

designating a position to the healthcare provider in a provider formulary, wherein the provider formulary is associated with the feature.

7. The computer implemented method of claim 6, further comprising determining the contribution from the healthcare provider.

8. The computer implemented method of claim 7, wherein determining the contribution further comprises utilizing at least one of a projected disease incidence where a product could be used, an incremental sales from favorable formulary positioning, the product gross margin, or total population insured.

9. The computer implemented method of claim 8, wherein determining the cost of the feature further comprises multiplying the projected disease incidence by the incremental sales, further multiplying by the product gross margin, and further dividing by the total population insured.

10. The computer implemented method of claim 1, further comprising receiving at least one request from the insured individual for data associated with a life-expectancy reducing event of the insured individual from a medical network, wherein the medical network includes data associated with the life-expectancy reducing event.

11. The computer implemented method of claim 10, further comprising providing at least one result to the insured individual from the medical network in response to the request from the insured individual for data associated with a life-expectancy reducing event of the insured individual.

12. The computer implemented method of claim 1, further comprising continuously receiving and accumulating data associated with life-expectancy reducing events to maintain a medical network that includes data associated with life-expectancy reducing events.

13. The computer implemented method of claim 1, wherein associating the feature with the life insurance policy includes updating a computer record associated with the life insurance policy in an insurance database to indicate that the feature is incorporated into the policy.

14. An apparatus, comprising:

a memory;

at least one hardware based processor; and

program code resident in the memory and configured to be executed by the at least one processor to provide coverage for life extending expenses in a life insurance policy by determining a cost of a feature associated with funds for use in paying for life extending expenses of an insured individual related to at least one life-expectancy reducing event, wherein the feature is to be associated with a life insurance policy of the insured individual, wherein the life insurance policy includes a coverage period and a death benefit, and wherein the funds provided by the feature for use in paying for the life extending expenses is greater than any offset of the death benefit under the life insurance policy caused by the feature; and

associating the feature with the life insurance policy, wherein the feature provides encouragement to prolong the life of the insured individual and delay payment of the death benefit.

15. The apparatus of claim 14, wherein the program code is configured to determine the cost of the feature by utilizing at least one of an age adjusted empirical rate of qualifying disorders, an existing individual life expectancy rating system for individual circumstances, the coverage period of the life insurance policy, the death benefit of the life insurance policy, a percentage of the death benefit of the life insurance policy associated with the feature, or cost of the life insurance policy without the feature.

16. The apparatus of claim 15, wherein the program code is configured to determine the cost of the feature by multiplying each of the age adjusted empirical rate, the existing individual life expectancy rating system, the coverage period, the death benefit, and the percentage, and dividing that product by the cost of the life insurance policy without the feature.

17. The apparatus of claim 14, wherein the program code is further configured to receive a notification of a life-expectancy reducing event for the insured individual;

validate the life-expectancy reducing event for the insured individual; and

validate that the feature is still in effect.

18. The apparatus of claim 17, wherein the program code is further configured to, in response to validating the life-expectancy reducing event for the insured individual, initiate payment of the funds for use to pay for the life-extending expenses of the insured individual related to the life-expectancy reducing event.

19. The apparatus of claim 14, wherein the program code is further configured to

receive at least one contribution from a healthcare provider;

apply the contribution towards the cost of the feature; and

designate a position to the healthcare provider in a provider formulary, wherein the provider formulary is associated with the feature.

20. The apparatus of claim 19, wherein the program code is further configured to determine the contribution from the healthcare provider.

21. The apparatus of claim 20, wherein the program code is further configured to determine the contribution by utilizing at least one of a projected disease incidence where a product could be used, an incremental sales from favorable formulary positioning, the product gross margin, or total population insured.

22. The apparatus of claim 21, wherein the program code is further configured to determine the cost of the feature by multiplying the projected disease incidence by the incremental sales, further multiplying by the product gross margin, and further dividing by the total population insured.

23. The apparatus of claim 14, wherein the program code is further configured to receive at least one request from the insured individual for data associated with a life-expectancy reducing event of the insured individual from a medical network, wherein the medical network includes data associated with the life-expectancy reducing event.

24. The apparatus of claim 23, wherein the program code is further configured to provide at least one result to the insured individual from the medical network in response to the request from the insured individual for data associated with a life-expectancy reducing event of the insured individual.

25. The apparatus of claim 14, wherein the program code is further configured to continuously receive and accumulate data associated with life-expectancy reducing events to maintain a medical network that includes data associated with life-expectancy reducing events.

26. The apparatus of claim 14, wherein the program code is further configured to associate the feature with the life insurance policy by updating a computer record associated with the life insurance policy in an insurance database to indicate that the feature is incorporated into the policy.

27. A method of providing coverage for life extending expenses in a life insurance policy, the method comprising:

determining a cost of a feature associated with funds for use in paying for life extending expenses of an insured individual related to at least one life-expectancy reducing event, wherein the feature is to be associated with a life insurance policy of the insured individual, wherein the life insurance policy includes a coverage period and a death benefit, and wherein the funds provided by the feature for use in paying for the life extending expenses is greater than any offset of the death benefit under the life insurance policy caused by the feature; and

associating the feature with the life insurance policy, wherein the feature provides encouragement to prolong the life of the insured individual and delay payment of the death benefit.

28. The method of claim 27, wherein determining the cost of the feature further comprises utilizing at least one of an age adjusted empirical rate of qualifying disorders, an existing individual life expectancy rating system for individual circumstances, the coverage period of the life insurance policy, the death benefit of the life insurance policy, a percentage of the death benefit of the life insurance policy associated with the feature, or cost of the life insurance policy without the feature.

29. The method of claim 28, wherein determining the cost of the feature further comprises multiplying each of the age adjusted empirical rate, the existing individual life expectancy rating system, the coverage period, the death benefit, and the percentage, and dividing that product by the cost of the life insurance policy without the feature.

30. The method of claim 27, further comprising:

receiving notification of a life-expectancy reducing event for the insured individual;

validating the life-expectancy reducing event for the insured individual; and

validating the feature is still in effect.

31. The method of claim 30, in response to validating the life-expectancy reducing event for the insured individual, further comprising initiating payment of the funds for use to pay for life extending expenses of the insured individual related to the life-expectancy reducing event.

32. The method of claim 27, further comprising

receiving at least one contribution from a healthcare provider;

applying the contribution towards the cost of the feature; and

designating a position to the healthcare provider in a provider formulary, wherein the provider formulary is associated with the feature.

33. The method of claim 32, further comprising determining the contribution from the healthcare provider.

34. The method of claim 33, wherein determining the contribution further comprises utilizing at least one of a projected disease incidence where a product could be used, an incremental sales from favorable formulary positioning, the product gross margin, or total population insured.

35. The method of claim 34, wherein determining the cost of the feature further comprises multiplying the projected disease incidence by the incremental sales, further multiplying by the product gross margin, and further dividing by the total population insured.

36. The method of claim 35, further comprising receiving at least one request from the insured individual for data associated with a life-expectancy reducing event of the insured individual from a medical network, wherein the medical network includes data associated with the life-expectancy reducing event.

37. The method of claim 36, further comprising providing at least one result to the insured individual from the medical network in response to the request from the insured individual for data associated with a life-expectancy reducing event of the insured individual.

38. The method of claim 27, further comprising continuously receiving and accumulating data associated with life-expectancy reducing events to maintain a medical network that includes data associated with life-expectancy reducing events.

39. A method of providing coverage for life extending expenses in a life insurance policy, the method comprising:

associating with a life insurance policy a feature associated with funds for use in paying for life extending expenses of an insured individual related to at least one life-expectancy reducing event, wherein the life insurance policy includes a coverage period and a death benefit, and wherein the funds provided by the feature for use in paying for the life extending expenses is greater than any offset of the death benefit under the life insurance policy caused by the feature; and

in response to a life-expectancy reducing event, dispensing funds to the insured individual under the feature and prior to the insured individual'"'"'s death for use in paying for life extending expenses, wherein the feature provides encouragement to prolong the life of the insured individual and delay payment of the death benefit.