System and method for processing data related to death benefit amounts for life insurance policies

A computer-implemented method for processing data relating to a life insurance policy issued to a policy owner, comprising:

• storing by a data storage device data relating to the life insurance policy, including data indicative of a face amount, a benefit account, an investment account and a death benefit factor;
• accessing by a processor from the data storage device data indicative of the face amount, a value of the investment account, a value of the benefit account, and a value of the death benefit factor;
• determining by the processor a first value based on a sum of the face amount and the value of the investment account;
• determining by the processor a second value based on the benefit account value, the investment account value and the value of the death benefit factor;
• determining by the processor a death benefit of the life insurance policy to be the greater of the first value and the second value;
• providing by the processor output data indicative of the determined death benefit amount;
• and
• receiving by a communications device from the processor the data indicative of the determined death benefit amount and communicating by the communications device the received data via a network.

A non-transitory computer-readable storage medium having processor-executable instructions stored thereon, the instructions, when executed by a processor, causing the processor to:

• access data stored in a data storage device, the stored data relating to a life insurance policy and including data indicative of a face amount, a value of an investment account, a value of a benefit account, and a value of a death benefit factor;
• determine a first value based on a sum of the face amount and the value of the investment account;
• determine a second value based on the benefit account value, the investment account value and the value of death benefit factor;
• determine a death benefit of the life insurance policy to be the greater of the first value and the second value;
• and
• providing by the processor output data indicative of the determined death benefit amount.