Patent ID: 7797174

Claim:
A method of providing a deferred death benefit that becomes effective later in life, comprising: processing, receiving and incorporating through a computer into a memory storage device, data from an insured, and consisting of 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 benefit in the event of death of the insured during the first period or if the death of the insured is through a predetermined exclusion, such as suicide; a second period which follows the first period and which includes at least a second payment, the second payment being based at least partly on medical examination information of the insured obtained prior to the first period; and the benefit becomes effective at the beginning of the second period and thereby entitled the insured to the benefit only in the event of death of the insured during the second period, wherein the insured has a right, but no obligation, to continue into the second period, and wherein the second period has a pre-determined expiration date.