Systems and methods for automated matching and conversion of term life insurance policies

An automated computer system comprising:

• at least one processor, and
• at least one non-transitory memory storing a computer executable instructions, which when executed by the at least one processor, causes said processor to operate as:
• a receiving component, configured to receive electronic application data for converting a convertible term life insurance policy of a policy owner into a permanent life insurance policy with an insurance company;
• an underwriting component and a pricing component, configured to analyze the received electronic application data and determine whether the owner is a qualified customer for the conversion based at least in part on a plurality of customer health and policy qualifications, and to automatically perform an iterative computerized selection of a permanent life insurance policy, financed at least in part by a third party, that best fits a plurality of the determined customer health and policy qualifications, a calculation of a return on investment and cost for the third party, and one or more pricing and cost requirements for the policy owner as part of the pricing component,
• wherein the determination by the underwriting component comprises an identification of conversion rights in the owner's convertible term life insurance and a determination of the permanent life insurance policy into which the convertible term life insurance may be convertible;
• wherein the determination by the pricing component comprises an automated iterative analysis of a mortality assumptions based on the customer health;
• and wherein the calculated return on investment and costs for the third party and the pricing and costs for the insured are dependent on the results of the iterative analysis of the mortality assumptions;
• a processing component, configured to automatically facilitate conversion of the owner's convertible term life insurance policy into the permanent life insurance policy with the insurance company upon determination that the policy owner is the qualified customer for the conversion into at least one permanent insurance policy of the third party;
• a selection component, configured to select the permanent life insurance policy of the third party that best fits the determined, result of the underwriting component and the pricing component processing,
• wherein the selection component comprises providing and receiving a selection by the policy owner from at least two conversion options, a first option allowing conversion into a policy in which the policy owner may retain ownership, and a second option allowing for conversion into a policy in which the ownership of the policy is assigned to the third party;
• and
• a generating component, configured to automatically generate an agreement to be executed between the third party and the policy owner, wherein the generated agreement comprises a plurality of contractual obligations between the third party and the owner for a specified period of time, the obligations including:
• a first obligation in which the third party is obligated to pay premiums for the permanent life insurance policy to the insurance company that the owner is otherwise obligated to pay;
• a second obligation in which the owner is obligated to pay one or more fees to the third party;
• in the event of a selection of the second option, an assignment to the third party a first right to retain the permanent life insurance policy upon expiration of the specified period of time and to receive one or more collateralized payments from an insurance policy benefits, and
• a calculation of fees that the owner is obligated to pay to the third party.