Patent ID: 8589147

Claim:
A method of providing a deferred death benefit that becomes effective later in life, comprising: receiving, processing and incorporating through a computer into a memory storage device, data from an insured, and receiving at least one payment during a first period for an option to purchase a deferred death benefit, wherein the first period has a predetermined expiration date and wherein the insured is not entitled to the deferred death benefit in an event of death of the insured during the first period; receiving and processing through a computer, either before or during a second period which follows the first period and which includes at least a second payment in exercise of the option to purchase the deferred death benefit; the second payment being based at least in part on information about the insured obtained before or during the first period; and providing through a computer a death benefit based on the exercise of the option to purchase said deferred death benefit, wherein said death benefit becomes effective at a beginning of the second period and thereby entitling the insured to the benefit in the event of death of the insured during the second period, wherein the insured has a right to continue the death benefit into the second period.