Patent ID: 8630877

Claim:
A system for providing retirement gap insurance, the system comprising: a processor; a non-transitory computer-readable medium coupled to the processor and storing a plurality of instructions, which, when executed, cause the processor to provide the retirement gap insurance, the plurality of instructions comprising: instructions that cause the processor to receive input data regarding assets and liabilities from a customer who has not attained retirement age; instructions that cause the processor to determine a retirement plan using the input data for the customer in order to determine a retirement plan amount that will provide income for a predetermined number of years after the customer reaches the retirement age, the retirement plan including a first periodic payment amount to be deposited into retirement savings and a second periodic payment of a premium amount associated with the retirement gap insurance; instructions that cause the processor to define the retirement savings as an investment plan comprising one or more investment products for the customer; instructions that cause the processor to deposit the first periodic payment amount into the one or more investment products defined by the investment plan, wherein paying the second periodic payment of the premium amount associated with the retirement gap insurance and adhering to the investment plan including depositing the first periodic payment amount into the one or more investment products by the customer are preconditions for covering a shortfall in the retirement savings compared to the retirement plan amount through the retirement gap insurance when the customer enters a retirement period; instructions that cause the processor to determine, at the retirement age, a value of the retirement savings; instructions that cause the processor to compare the value of the retirement savings to the retirement plan amount to determine if a difference in the value of the retirement savings and the retirement plan amount exists; instructions that cause the processor to cover the difference when the customer enters the retirement period if the value of the retirement savings is lower than the retirement plan amount and if the customer adhered to the investment plan including depositing the first periodic payment amount into the investment products defined by the investment plan and paid the second periodic payment of the premium amount associated with the retirement gap insurance, and instructions that cause the processor to return a portion of the second periodic payment of the premium amount to the customer if the value of the retirement savings is greater than the retirement plan amount.