Patent ID: 8359212

Claim:
A computer system for processing data related to a longevity insurance contract, comprising: a memory device storing data relating to the longevity insurance contract, including: a date for commencement of periodic payments under the longevity insurance contract and continuing for the life of one or more individual annuitant; data indicative of age of the one or more individual annuitants; data indicative of facility care benefit eligibility conditions comprising at least confinement of the annuitant to one of a convalescent home, nursing home and assisted living facility for an elimination period; and data indicative of a facility care benefit, the facility care benefit being an additional amount payable in periodic payments in response to a facility care event; a system processor in communication with the memory device, the system processor being configured to, responsive to receipt of data indicative of an application for a facility care benefit, access from the memory device data related to the facility care benefit eligibility conditions, based on the received data and the data indicative of the facility care benefit eligibility conditions, determine whether the facility care benefit eligibility conditions are met, and responsive to determining that the facility care benefit eligibility conditions are met, cause a facility care benefit to be paid to the annuitant; and a payment issuing system in communication with the system processor for receiving data indicative of a determined amount of the facility care benefit from the system processor and for issuing a payment in the determined amount of the facility care benefit.