Abstract: Disclosed is a novel insurance product that provides an accelerated death benefit to the insured individual. The insurance product contains a lifeaccess accelerated benefit feature that allows the insured individual to file a claim and receive benefits under a life insurance product if the insured individual becomes chronically or terminally ill.

Abstract: A computer system for processing of data related to a permanent life insurance policy includes a data storage device storing data indicative of a policy owner, an insured under the policy, and a death benefit amount, payable under the policy to a beneficiary upon death of the insured, and a processor in communication with the data storage device. A withdrawal benefit providing periodic payments to the owner, each payment reducing the amount of the death benefit until reaching a residual death benefit amount, is available on owner request, at a minimum age of the insured, on meeting a condition related to a likelihood of policy lapse prior to death of the insured. The processor is configured to determine whether premium payments in accordance with a schedule will cause the condition to be met.

Abstract: A method for processing data related to a life insurance product having a death benefit amount payable to a beneficiary upon death of an insured includes receiving data indicative of certification that the insured is chronically ill, and responsive to receipt of the data indicative of the certification, providing output signals having data indicative of instructions to pay an owner of the life insurance product periodic payments, during the lifetime of the insured, each of which periodic payments reduces the death benefit amount.

Abstract: Disclosed is a novel insurance product that provides an accelerated death benefit to the insured individual. The insurance product contains a lifeaccess accelerated benefit feature that allows the insured individual to file a claim and receive benefits under a life insurance product if the insured individual becomes chronically or terminally ill.

Abstract: A method for processing data related to a life insurance product having a death benefit amount payable to a beneficiary upon death of an insured includes receiving data indicative of certification that the insured is chronically ill, and responsive to receipt of the data indicative of the certification, providing output signals having data indicative of instructions to pay an owner of the life insurance product periodic payments, during the lifetime of the insured, each of which periodic payments reduces the death benefit amount.

Abstract: Disclosed is a novel insurance product that provides an accelerated death benefit to the insured individual. The insurance product contains a lifeaccess accelerated benefit feature that allows the insured individual to file a claim and receive benefits under a life insurance product if the insured individual becomes chronically or terminally ill.