System and method for flexible term riders for risk management products
AssigneeMetropolitan Life Insurance Co.
InventorPaul Wetmore
Life of this patent
Estimating the term…
Abstract
The present disclosure comprises a method implemented on a program-controlled computer processor and a system for generating and processing life insurance policies with a whole life component and a term life component. In one embodiment, the system will provide a rider (or “flex term rider”) for whole life policies that allows the initial policy to be blended with term life insurance. The percentage of the term life coverage may vary; for example, 50% of the coverage can be term life insurance. The lower the percentage of term life in the product blend, the higher the premiums will be.
Claims20
A computer-implemented method, comprising:
- storing in a non-transitory computer-readable medium data associated with a blended insurance policy, wherein said blended insurance policy comprises a whole life portion and a term life portion;
- receiving through a network connection data associated with a payment, said payment comprising a premium;
- determining, by a program-controlled computer processor, an amount of paid-up addition based on said payment;
- and
- updating, by the computer processor, the blended insurance policy based on the determined amount of paid-up addition.
A computer-implemented method for processing risk management product data associated with a risk management policy, comprising:
- storing in a non-transitory computer readable medium data associated with a whole life insurance policy;
- receiving, by a program-controlled computer processor, a request to associate a flex term rider with said whole life insurance policy;
- and
- updating, by said computer processor, said data associated with said whole life insurance policy to include data associated with said flex term rider;
- wherein said flex term rider reduces current premiums and future cash value associated with said whole life insurance policy.
A system comprising:
- a computer processor selectively programmed to determine a user's preference between future cash value growth and current premiums;
- said computer processor further programmed such that if said user's preference for future cash value growth exceeds a threshold, then said computer processor presents said user with an option to select a flex term rider;
- a network connection to receive said user's input;
- and
- an electronic database for storing risk management product data, including said user's selection of said flex term rider;
- wherein said flex term rider reduces current premiums and future cash value associated with a whole life insurance policy.
A system comprising:
- a non-transitory computer-readable medium configured to store data associated with a blended insurance policy, wherein said blended insurance policy comprises a whole life portion and a term life portion;
- a network connection configured to receive data associated with a payment, said payment comprising a premium;
- and
- a program-controlled computer processor configured to:
- determine an amount of paid-up addition based on said payment;
- and
- update the blended insurance policy based on the determined amount of paid-up addition.
Dependencies are inferred from the claim text.