Patent ID: 8296166

Claim:
A computer implemented method of providing life insurance comprising: underwriting and issuing, using a computing device, a term life insurance policy for two adults, the term life insurance having at least two face amount limits and one premium amount, a first of the at least two face amount limits representing a minimum face amount and a second of the two face amount limits representing a maximum face amount that is greater than the minimum face amount, the term life insurance policy provisioned for an insured to purchase additional coverage up to the maximum face amount and to convert a portion of a face amount of the policy in excess of the minimum face amount into permanent insurance; at a plurality of predefined time intervals from issuance of the term life insurance policy, increasing, using the computing device, a face amount of the term life insurance policy by an incremental unit without any additional underwriting, wherein the increasing is up to the maximum face value; and at a plurality of times during the term of the term life insurance policy, converting at each of the plurality of times, using the computing device, at least a portion of the face amount to permanent insurance, wherein a total permanent insurance is up to two times the maximum face amount of the term life insurance policy.