Life insurance option
AssigneeSamuels Property Group LLC
InventorJonathan H. SAMUELS
Life of this patent
Estimating the term…
Abstract
A method of providing deferred life insurance through a life insurance option. The deferred life insurance becomes effective later in the life of an insured after the option matures. The insured pays at least one payment during a first period for the deferred life insurance policy option. The deferred life insurance policy is inactive during the first period, and becomes effective at the beginning of the second period when the option matures. The insured pays at least one payment during a second period, which follows the first period, for the deferred life insurance policy, assuming the insured lives this long. The insured is entitled to a benefit based on the deferred term life insurance policy only in the event of death of the insured occurs during the second period.
Claims37
A method of providing a deferred death benefit that becomes effective later in life, comprising:
- receiving, processing and incorporating through a computer into a memory storage device, data from an insured, and receiving at least one payment during a first period for an option to purchase a deferred death benefit, wherein the first period has a predetermined expiration date and wherein the insured is not entitled to the benefit in the event of death of the insured during the first period;
- receiving and processing, either before or during a second period which follows the first period and which includes at least a second payment in exercize of the option to purchase the deferred;
- the second payment being based at least in part on information absent the insured obtained before or during the first period;
- and
- providing a death benefit based on the exercize of the option to purchase said deferred death benefit, wherein said death benefit becomes effective at the beginning of the second period and thereby entitling the insured to the benefit in the event of the insured dying during the second period,
- wherein the insured has a right to continue the death benefit into the second period.
A method of providing deferred insurance that becomes effective later in life of an insured, comprising:
- processing, receiving and incorporating through a computer into a memory storage device, data from an insured and receiving at least one payment from an insured during a first period of about one year to about forty years for an option to purchase a deferred insurance policy, wherein the insured is not entitled to a benefit under the deferred insurance policy in the event of death of the insured during the first period;
- and
- if the insured exercizes the option and lives beyond the first period and into a second period of about one year to about forty years, the second period following the first period, and issuing from a computer a policy converting the option on a computer into the deferred insurance policy, and issuing from a computer the insurance policy entitling the insured to a benefit based on the deferred insurance policy in the event of death of the insured during the second period.
An article of manufacture comprising a program storage device readable by a computer and tangibly embodying one or more programs of instructions executable by the computer wherein executed perform method steps for providing a deferred death benefit that becomes effective later in life, the method comprising the steps of:
- receiving at least one payment from an insured during a first period for an option to purchase a deferred death benefit, wherein the insured is not entitled to a benefit in the event of death of the insured during the first period or if the death of the insured is through a predetermined exclusion;
- and
- issuing a death benefit policy when the insured lives beyond the first period and into a second period that follows the first period, wherein the death benefit policy being effective at the beginning of the second period, and the insured being entitled to a benefit in the event of death of the insured during the second period.
Dependencies are inferred from the claim text.