Patent ID: 7962351

Claim:
An apparatus to facilitate administration of existing life insurance policies issued to consumers, comprising: a communication device to receive information associated with a life insurance policy previously issued to a consumer for a given face amount; a processor coupled to the communication device; and a storage device in communication with said processor and storing instructions adapted to be executed by said processor to: periodically determine a net amount at risk currently associated with the life insurance policy, automatically select an applicable cost of insurance rate, from a set of potential cost of insurance rates, to be periodically applied to at least a portion of the net amount at risk currently associated with the consumer's life insurance policy, based at least in part on the determined net amount at risk, periodically calculate a cost of insurance charge by (i) multiplying a first portion of the current net amount at risk by a first cost of insurance rate and (ii) multiplying a second portion of the current net amount at risk by the automatically selected applicable cost of insurance rate, wherein the automatically selected applicable cost of insurance rate is different than the first cost of insurance rate, and transmit an indication associated with the applicable cost of insurance rate.