Patent ID: 7958035

Claim:
A system for managing a life insurance product offered by an insurance provider to an individual having at least one death benefit payable to a beneficiary upon a death of an insured, said insurance product management system comprising: a data storage module for storing information associated with said insurance product; a computing system, in communication with said data storage module and said insurance provider, for determining and transmitting to said storage module data indicative of an insurance product face value payable to the beneficiary at the time of death of said insured, an account value of said insurance product, and an accelerated benefit less than said face value and payable in periodic payments to an owner of the insurance product during a lifetime of the insured and while the product remains in effect, the death benefit being reduced by an amount of the periodic payments; wherein said accelerated benefit is payable at any time during the lifetime of the insured responsive to at least one medical condition of said insured being met; and wherein said periodic payments pursuant to said accelerated benefit will be paid to said owner without restriction to the use of said payment; wherein values of face amount, an account value, surrender charges, indebtedness, and no lapse guarantee premiums of the life insurance product are reduced as a result of payment of the accelerated benefit.