Systems and methods for bridging coverage

A non-transitory computer-readable storage medium comprising a plurality of computer-readable instructions tangibly embodied on the computer-readable storage medium, which, when executed by a data processor, provide a bridge life insurance policy, the plurality of instructions comprising:

• instructions that cause the data processor to receive, from a customer, a request to purchase a life insurance policy from a first organization, the life insurance policy having a coverage amount, wherein approval of the request requires completion of an external process;
• instructions that cause the data processor to determine that the a second organization, that is associated with the first organization, has had a previous relationship with the customer independent of the request to purchase the life insurance policy;
• instructions that cause the data processor to determine, based at least on financial information obtained during the previous relationship between the second organization and the customer, that the customer meets eligibility requirements for a bridge life insurance policy;
• instructions that cause the data processor to define a coverage amount for the bridge life insurance policy less than or equal to the coverage amount of the life insurance policy;
• instructions that cause the data processor to issue the bridge life insurance policy to the customer;
• instructions that cause the data processor to initiate the external process required for the approval of the life insurance policy;
• instructions that cause the data processor to issue the life insurance policy upon completion of the external process;
• and
• instructions that cause the data processor to terminate the bridge life insurance policy based upon issuance of the life insurance policy.

A method of providing a bridge life insurance policy, the method comprising:

• providing a processor;
• receiving, from an existing customer of a first organization, a request to purchase a life insurance policy from the first organization, the life insurance policy having a coverage amount;
• determining, using the processor, that approval of the request requires completion of an external process including at least one of a medical examination or a blood and urine analysis;
• receiving, from the existing customer, a second request for a bridge life insurance policy having a second coverage amount less than or equal to the coverage amount;
• determining, based on financial information obtained about the existing customer through a previous relationship between the existing customer and the first organization, an indicator of risk for issuing the bridge life insurance policy to the existing customer, wherein the financial information was obtained independent of the request to purchase the life insurance policy;
• issuing the bridge life insurance policy to the existing customer;
• initiating the external process required for the approval of the life insurance policy;
• issuing the life insurance policy upon completion of the external process;
• and
• terminating the bridge life insurance policy based upon issuance of the life insurance policy.