System and method for generating and providing a simplified voluntary disability product

A computer implemented method for providing to an individual a disability insurance product comprising the steps of:

• generating a disability insurance product contract using a generating module and storing data relating to the disability insurance product in a storage device;
• providing coverage for at least one disability defined in the insurance product contract and for at least one illness defined in the insurance product contract in accordance with the data relating to the disability insurance product stored in the storage device;
• making by a payment module in communication with the generating module periodic payments in substantially equal amounts to the insured individual in the instance of the at least one disability defined in the stored data relating to the insurance product contract, said periodic payments continuing for a predetermined period of time provided the insured individual remains disabled;
• making payment by the payment module on a periodic basis for a first medical opinion as to a diagnosis of the at least one illness defined in the stored data relating to the insurance product contract;
• making periodic payments by the payment module to the insured individual in the instance of the at least one illness defined in the stored data relating to the insurance product contract, said periodic payments continuing for the predetermined period of time provided the insured individual remains living;
• making a transition payment by the payment module in a finite amount equal to a multiple of the amount of one of the periodic payments upon the expiration of the predetermined period of time for said periodic payments responsive to the disability, provided that the insured individual remains disabled at said expiry of said predetermined period of time;
• and
• making a transition payment by the payment module in a finite amount equal to a multiple of the amount of one of the periodic payments to the insured individual responsive to the diagnosis upon the expiration of the predetermined period of time, provided that the insured individual remains living.

A computer implemented method for providing an illness insurance product comprising the steps of:

• generating an illness insurance product contract using a generating module and storing data relating to the illness insurance product contract in a data storage device;
• providing coverage for at least one illness defined in the stored data relating to the insurance product contract;
• making a payment by a payment module in communication with the generating module on a periodic basis for a first medical opinion as to a diagnosis of the at least one illness specified in the policy;
• making periodic payments by the payment module in substantially equally amounts to an insured individual in the instance of data indicative of a diagnosis of the individual with the at least one illness defined in the insurance product contract related data, said periodic payments continuing for a predetermined period of time provided the insured individual remains ill with the illness;
• and
• making a payment by the payment module of a predetermined single sum in a finite amount equal to a multiple of the amount of one of the periodic payments upon the expiration of the predetermined period of time for said periodic payments, provided that data is received indicative that the insured individual remains ill with the illness defined in the stored data relating to the insurance contract and living at said expiry of said predetermined period of time.

A system for providing an insurance product comprising:

• a storage device having data relating to an insurance product, periodic payments provided to an individual in the event of diagnosis of the individual with an illness specified in an insurance product contract or disability of the individual, and a transition payment;
• a processing module operatively coupled to the storage device, said processor configured to read said data relating to said insurance product, periodic payments provided to an insured individual in the event of diagnosis of the individual with an illness specified in the policy or disability of the individual, and a transition payment, the storage device storing modules utilized by the processor, the modules comprising:
• a generating module for generating an insurance product contract which provides periodic payments of substantially equal amount to the insured individual in the event of an illness defined in the data relating to the insurance product contract and continuing for a predetermined period provided that the event of an illness under the data relating to the contract remains or in the event of receipt of data indicative of disability of the individual and continuing for the predetermined period and a payment on a periodic basis for a first medical opinion as to a diagnosis of the illness specified in the insurance contract;
• and
• a payment module for determining periodic payments to said insured individual, determining a transition payment in a finite amount a multiple of the amount of the periodic payments payable upon the expiration of said periodic payments under the condition of receipt of data indicative that the insured individual remains disabled or that the event of an illness under the stored data relating to the contract remains at the expiry of said predetermined period, and outputting the determined payments.