Patent ID: 8355933

Claim:
A method for increasing liquid assets available to an individual to at least partially fund living expenses of the individual at an assisted living facility, the method comprising: receiving, at a first computing apparatus operated on behalf of an underwriting entity, personal information regarding the individual, information regarding a medical history of the individual, and information regarding a life insurance policy for the individual; determining, by the first computing apparatus, a mortality rating for the individual based at least on the medical history of the individual; accessing, by the first computing apparatus, a database containing a mortality table; determining, by the first computing apparatus, a life expectancy for the individual from the mortality table based at least on the personal information and the mortality rating for the individual; determining, by the first computing apparatus, a proposed sale value for the life insurance policy based at least on the life expectancy for the individual and the information regarding the life insurance policy; providing the proposed sale value to the individual; receiving, at the first computing apparatus, an election of the individual to proceed with a sale of the life insurance policy for the proposed sale value; responsive to the election, communicating, by the first computing apparatus via at least one communication network, at least the information regarding the life insurance policy, the information regarding the medical history of the individual, and the proposed sale value to a second computing apparatus operated on behalf of a purchase coordinator; soliciting, by the purchase coordinator via the at least one communication network, potential purchasers for the life insurance policy; receiving, by purchase coordinator via the at least one communication network, bids from the potential purchasers to buy the life insurance policy; selecting, by the purchase coordinator, one of the bids as a winning bid for the life insurance policy, wherein the winning bid is greater than or equal to the proposed sale value and was made by a successful purchaser; effecting, by the purchase coordinator, a sale of the life insurance policy to the successful purchaser for a purchase price equivalent to the winning bid; and delivering proceeds from the purchase price to a party other than the individual for use in paying at least some of the living expenses of the individual at the assisted living facility, wherein the party to whom the proceeds are delivered is bound to use the proceeds for paying at least some of the living expenses of the individual at the assisted living facility.