Methods and Systems for Providing and Underwriting Life Insurance Benefits Convertible into Other Benefits

A computerized method for providing a corporate owned life insurance policy with convertible benefits, the method comprising:

• determining a first benefit to be provided under the corporate owned life insurance policy for an employee, a second benefit, comprising a retirement benefit, to be provided other than the first benefit, and at least one conversion event related to the employee;
• computing a first premium for an insurance policy which provides the first benefit before the occurrence of the conversion event, the first premium further computed to accumulate at the occurrence of the conversion event to a value sufficient to provide the second benefit after the occurrence of the conversion event;
• issuing the corporate owned insurance policy upon receipt of the first premium;
• and
• at the occurrence of the conversion event, funding the second benefit with the accumulated first premium.

A computerized method for underwriting an insurance policy with convertible benefits, the method comprising:

• receiving information for determining a first benefit to be provided under the policy, a second benefit, comprising a retirement benefit, to be provided under the policy other than the first benefit, at least one event triggering the first benefit, at least one event triggering the second benefit, and at least one conversion event;
• estimating at least part of the first and second benefits;
• computing a first premium required to provide the estimated first benefit before the occurrence of the conversion event, the first premium further computed to accumulate to a value at the occurrence of the conversion event to provide the estimated second benefit after the occurrence of the conversion event;
• receiving at least part of the first premium;
• receiving at least one second premium over the first premium;
• investing the received premiums for accumulation;
• at the occurrence of the conversion event, funding the second benefit with the accumulated received premiums;
• and
• after the occurrence of the conversion event, paying a benefit payment due under the first type of insurance or second type of insurance that is greater than the estimated first benefit or the estimated second benefit in part based on the at least one second premium.

A computerized method for providing a corporate owned life insurance policy with convertible benefits, the method comprising:

• determining a first benefit to be provided under the corporate owned life insurance policy for an employee, a second benefit, comprising a retirement benefit, and at least one conversion event related to the employee;
• computing a first premium for an insurance policy which provides the first benefit before the occurrence of the conversion event, the first premium further computed to accumulate at the occurrence of the conversion event to a value sufficient to provide the second benefit and a portion of the first benefit after the occurrence of the conversion event;
• issuing the corporate owned insurance policy upon receipt of the first premium;
• and
• at the occurrence of the conversion event, funding the second benefit with the accumulated first premium and retaining the portion of the first benefit.