Abstract: The present invention includes a data model which supports database operations that are associated with an insurance product issued by an issuer that provides a consumer with an ability to purchase an investment style life insurance policy, the individual components of which (e.g., term insurance, investments, cash and fees) can be controlled and/or replaced by the consumer. The data model enables the individual components to be tracked by the issuer so that the correct insurance coverage and investment returns are provided (and appropriate fees levied) as the consumer makes changes to the individual insurance policy components.

Abstract: A method enables a consumer to purchase an investment style life insurance policy, in which the individual components can be controlled and/or replaced by the consumer. A consumer first purchases a term life insurance policy. This term life insurance policy can be purchased from any source, including the issuer of the investment style life insurance policy. This term life insurance policy is then transferred to the issuer of the investment style life insurance policy. The transfer enables the recipient (i.e., the issuer) to receive any and all benefits under the term life insurance policy. In return, the issuer issues an investment style life insurance policy to the consumer whose insurance amount equals the face amount of the term life insurance policy originally held by the consumer. The consumer may also transfer other assets/rights/liabilities to the issuer along with the term life insurance policy.