METHODS AND SYSTEMS FOR PROVIDING AND UNDERWRITING LIFE INSURANCE BENEFITS CONVERTIBLE INTO OTHER BENEFITS

摘要

Method and system for providing a insurance policy with convertible benefits. The method includes receiving information to determine a first type of benefit which will be provided under a first type of insurance, a second type of benefit to be provided under a second type of insurance policy, and a conversion event. The method further includes computing a premium for an insurance policy which provides the first benefit before the conversion event and the second benefit after the occurrence of the conversion event, and the issuance of an insurance policy based on the computed premium.

主权项

1. A computerized method for providing an insurance policy with convertible benefits, the method comprising:
electronically receiving information for determining a life insurance benefit and a long term care benefit and at least one conversion event, wherein the life insurance benefit and the long term care benefit are provided by a single insurance policy, and wherein the life insurance benefit is converted to the long term care benefit upon occurrence of the at least one conversion event, the at least one conversion event including one of retirement of an insured, the insured reaching a given age, fulfilling a given length of service, and disability of the insured; and electronically computing, using a processing device, the long term care benefit after the occurrence of the at least one conversion event, wherein the computed long term care benefit is a percentage of a face value of the life insurance benefit to be applied to the long term care benefit based on an expected cost of providing the long term care benefit and at least in part on a desired rate of return for a provider of the long term care benefit.