Patent ID: 8332245

Claim:
A system for providing life insurance, the system comprising: at least one insurance company host device configured to: (a) receive an application for insurance; (b) perform at least one database query based on data contained in the application for insurance; (c) determine whether to accept the application for insurance based on the at least one database query; (d) if the determination is not to accept the application for insurance, send an indication of denial of the application to a sender of the application; and (e) if the determination is to accept the application for insurance, generate a policy resulting from the acceptance of the application, the policy obligating an insurer to: (i) provide life insurance coverage for a total policy amount in exchange for a first set of premium payments during a first period of time, each of the first set of premium payments having a first amount, and (ii) provide the life insurance coverage for the total policy amount in exchange for a second set of premium payments during a second period of time, each of the second set of premium payments having: A. a second amount if a set of results of comprehensive underwriting is satisfactory, and B. a third amount greater than the second amount if the set of results of comprehensive underwriting is unsatisfactory.