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.

Abstract: A computer system for administering an insurance account for providing income replacement and longevity insurance for a primary wage earner and a beneficiary has a processor and a memory storage device in communication with the processor. The processor is adapted to access data indicative of whether the account is in an income replacement phase, an intermediate phase or a longevity phase. The processor is adapted to, if the primary wage earner is deceased and the beneficiary is not deceased, and the account is in the income replacement phase, output a signal having data indicative of one or more payments to the beneficiary.

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 determining a life insurance policy value by tracking and reconciling a policy's value in units that have a normalized value is disclosed. In accordance with the principles of the invention, a normalize unit value is determined at the conclusion of each of a predetermined period from a preceding net unit value and an investment instrument performance return achieved during each period. No fees associated with performance or management are deducted from the policy value principle or investment gain during each predetermined period. Rather, when an investment performance return is positive, a known percentage of the positive investment return is determined and accumulated, i.e. carried forward, to a predetermined date. When the performance return is negative, the known percentage is set to zero.