Life Insurance Recommendation Engine
AssigneeEveryday Life
InventorJacob Tamarkin
Life of this patent
Estimating the term…
Abstract
Systems and methods for recommending a life insurance policy to a user based on a relatively small amount of information and without requiring access to tax returns or any other financial or medical information. The systems and methods make educated inferences regarding income and expense factors. The systems and methods can make a recommendation for an annual amount of money required to replicate current living standards, read financial products available from third-party providers, and present the products for purchase. The life insurance policies can be laddered life insurance policies.
Claims23
A method of recommending a life insurance policy, the method comprising:
- receiving information from a user about the user including birthdate, gender, health rating, income, savings, and life insurance, wherein the information from the user comprises user-specific data;
- accessing a public database to identify equivalency factors comprising information pertaining to individuals who share characteristics with the user based on the user-specific data;
- compiling inferred data for the user based on the user-specific data and the public database;
- calculating current and forecasted amounts of discretionary income in each of the user's anticipated working years based on the inferred data and the user-specific data;
- forecasting household constraints for potential scenarios where the user dies this year or in any year during their forecasted life expectancy;
- calculating an amount of money in each potential user death scenario needed to maintain each of the user's dependent's standard of living for the period in which that dependent may not yet be expected to be self-sufficient based on the user-specific data and the inferred data;
- compiling the money required under each scenario into a master forecast of money needed in each year of the user's life expectancy;
- calculating one or more suggested life insurance policies;
- reading available financial products capable of providing the money required;
- and
- presenting the available financial products to the user for purchase.
A system for analyzing user inputs for the purpose of recommending a financial instrument purchase to a user, the system comprising:
- an input module configured to receive user-specific data from the user comprising birthdate, gender, health rating, income, savings, life insurance coverage, and residence;
- an inference module configured to access a public database to identify characteristics of individuals who are similar to the user based on the user-specific data, wherein individuals who are highly similar to the user have a high equivalency factor with the user, wherein the inference module is configured to forecast values for a financial characteristic of the user based on the equivalency factors;
- an expense forecast module configured to forecast financial capabilities of the household taking into account that the user will perish;
- a budgeting module configured to calculate an amount of money per year will be needed by beneficiaries after the user is deceased based on the expense forecast module;
- and
- a financial instrument product catalog module configured to analyze existing third-party financial instrument provider's products and to identify one or more financial instruments to the user based on the budgeting module and the expense forecast module.
A method of recommending a life insurance policy to a user, the method comprising:
- receiving user data from the user, the user data comprising birthdate, gender, health rating, income, savings, life insurance coverage, and residence;
- without accessing any of the user's tax returns, financial statements, medical information, accessing a public database to forecast future income and future expenses;
- calculating a forecasted amount of discretionary income for each of a predetermined number of years in the future;
- factoring in the user's death into the future income, savings growth, and future expenses;
- calculating an annual amount of money required to maintain each of the dependents' standard of living enabled by the discretionary income, adjusted for future income, savings and expenses and replacement of caregiving services the user provides to each dependent;
- identifying a laddered life insurance plan based on the amount of money required to maintain each of the dependents' standard of living for the period until the dependent can be expected to be self-sufficient, the laddered life insurance policy having at least two stages of different coverage;
- and
- presenting to the user one or more life insurance products according to the stages of different coverage.
Dependencies are inferred from the claim text.