Patent ID: 8655776

Claim:
A data processing system configured to manage a benefits account, the data processing system comprising: one or more memory devices; one or more processing modules; and software embodied in the one or more memory devices and configured, when executed by the one or more processing modules, to: receive order data representing a number of benefits units requested to be purchased, the order data received on a purchase date, the benefits units being associated with a plurality of benefits according to provisions of a benefits contract, wherein each benefits unit is discretionarily exercisable at a later date towards at least one of the plurality of benefits, wherein for each benefits unit purchased a utilizable value of each one of the plurality of benefits is defined at the time that the benefits unit is purchased, and wherein the plurality of benefits comprises: one or more from the first group consisting of: a plurality of income payments; and a withdrawal benefit; and one or more from the second group consisting of: a disability insurance; a long-term care insurance; a prescription drug coverage; a health care coverage; and a supplemental health care coverage; store, in the one or more memory devices, account data representing a number of benefits units purchased; receive transaction data representing a request to exercise a specified number of the purchased benefits units towards a specified one of the plurality of benefits; generate status information identifying a coverage period provided at least in part by exercise of the specified number of the purchased benefits units towards the specified one of the plurality of benefits; transmit the status information through a network; in response to the death of an account holder: determine that one or more of the purchased benefit units have not been exercised; automatically exercise the one or more unexercised benefit units towards a retroactive life insurance policy on the account holder, the retroactive life insurance policy providing a financial benefit for transfer to a beneficiary designated by the account holder in the benefits contract; and transfer the financial benefit provided by the retroactive life insurance policy to the beneficiary.