Patent ID: 8738406

Claim:
A computer implemented method for providing a lump sum disability benefit to a loss payee, the computer implemented method comprising: generating, on a computer, a disability insurance policy that provides insurance coverage for the loss payee upon the occurrence of one or more disabilities defined therein; and wherein the disability insurance policy further defines an expiration date for the insurance policy, a date upon which benefits end under the insurance policy and a qualifying amount; determining, by the computer, an occurrence of one or more disabilities defined in the disability insurance policy; making a plurality of contributing payments to the loss payee upon the occurrence of one or more disabilities; determining, by the computer, that two or more requirements separate from the occurrence of the one or more disabilities, have been satisfied; wherein one of the two or more requirements is the sum of the plurality of contributing payments being greater than or equal to the qualifying amount; calculating, by the computer, the lump sum disability benefit equal to a sum of the plurality of contributing payments multiplied by a predetermined factor; producing, by the computer, a lump sum disability benefit to the loss payee upon the later of the expiration date of the policy or the date upon which benefits end under the insurance policy.