Patent ID: 8326655

Claim:
A system for managing an insurance plan, comprising: at least one computer server; software stored on non-transitory storage medium connected to said least one computer and configured, when executed by said at least one computer, to receive data defining at least one benefit to be paid out on the occurrence of at least one insured event under the insurance plan; receive data relating to at least one insured event for an insured person; receive data defining at least one initial benefit amount to be paid out on the occurrence of one of the insured events including data relating to a life impact value associated with a life impact of the insured event on the insured person; assigning a criteria point value for a life impact of the insured event, wherein the criteria point value is proportionate to an actual impact of the insured event to the individual insured; determine a duration point value of the insured event that is proportionate to an assessed duration of the impact of the insured event to the individual insured, and if the duration of the insured event is permanent, then the point value is based upon the insured's age; calculate the total life impact score by combining the life impact and duration point values; calculate an earnings factor based upon an income growth expectation for the individual insured, wherein the earnings factor is greater where the individual insured had a high growth expectation as compared to a lower, or standard growth expectation; calculate an altered benefit amount by adjusting the initial benefit amount by the total life impact score and the earnings factor; and cause said at least one altered benefit to be paid to a nominated beneficiary.