System for appraising life insurance and annuities

A system for processing a universal life insurance product for a consumer comprising:

• a distribution channel receiving a request for a universal life insurance product and information from the consumer, the distribution channel requesting an appraisal for the universal life insurance product based on the request and information;
• a product value appraisal system receiving the appraisal request and preparing solicitations;
• and
• a plurality of product carriers receiving solicitations and at least one of the plurality of product carriers submitting a proposal for providing the universal life insurance product;
• wherein the product value appraisal system generates a rating corresponding to the proposal.

A method of processing a universal life insurance product comprising:

• receiving a request for a universal life insurance product and information about a party requesting the universal life insurance product;
• preparing a bid solicitation for the universal life insurance product based on the request and information and transmitting the bid solicitation to a plurality of product carriers;
• a plurality of product carriers submitting initial proposals for providing the universal life insurance product;
• and
• generating ratings for the initial proposals, respectively.

A method of processing a universal life insurance product comprising:

• receiving a request for a universal life insurance product and information about a party requesting the universal life insurance product;
• preparing a bid solicitation for the universal life insurance product based on the request and information and transmitting the bid solicitation to a plurality of product carriers;
• a plurality of product carriers submitting initial proposals for providing the universal life insurance product;
• generating ratings for the initial proposals, respectively;
• and
• providing the ratings to the product carriers, respectively;
• allowing the product carriers to revise the initial proposals based on the ratings, respectively;
• and
• at least one of the product carriers revising a corresponding initial proposal to provide a revised proposal.

A method of evaluating an in-force universal life insurance policy comprising:

• receiving a request for valuing the in-force insurance policy and information including in-force insurance policy data about a requesting party via an Internet Web site;
• generating a rating for the in-force insurance policy based on the in-force insurance policy data using the Internet Web site;
• and
• sending the rating to the requesting party via the Internet.

A method for appraising value of a life insurance product to a customer, comprising:

• determining a first numeric rating of benefits by a life insurance product offered to a customer at a proposed price;
• determining a second numeric rating of the life insurance performance under predetermined assumptions about future interest rates and reduced premium levels;
• determining a third numeric rating of a financial status of an insurance company providing the life insurance product;
• determining a fourth numeric rating of historical interest credited rates for the life insurance product;
• determining a fifth numeric rating of the quality of customer service provided by the insurance company;
• determining a sixth numeric rating of the financial strength of the insurance company;
• and
• weighting the first, second, third, fourth, fifth and sixth numeric ratings to determine an overall rating of value for the life insurance product.

A method for appraising value of a life insurance product to a customer, comprising;

• determining a product value for money rating of a life insurance product;
• determining a product stress tolerance rating of the life insurance product;
• determining a management performance rating of a company offering the life insurance product;
• determining a historical interest credited rates rating of the life insurance product;
• determining a customer service quality rating of the company offering the life insurance product;
• determining a financial strength rating of the company offering the life insurance product;
• and
• weighting the product value for money rating, the product stress tolerance rating, the management performance rating, the historical interest credited rates rating, the customer service quality rating and financial strength rating to determine an overall rating of value of the life insurance product.