Family protection insurance method and system

Abstract

Family protection insurance provides for a flexible and adjustable insurance policy that can be adjustable to be consistent with changes in the adult's insurance needs. The insurance policy is a term policy where, at predefined intervals, the policy owner may increase the policy value without requiring additional underwriting. The policy owner may also, at any time, convert all or a portion of the term policy to permanent insurance, while still maintaining the term policy and replenish the death benefit amounts of the term policy through the intermittent value increments. Thus, adults may adjust the death benefits of the term policy and convert the term policy death benefits to permanent insurance consistent with changing insurance needs.

1 . A computer implemented method of providing life insurance comprising:
 issuing, using a computing device, a term life insurance policy for at least one insured, 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 the 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 one or more of 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 one or more of a plurality of times during the term of the term life insurance policy, converting, using the computing device, at least a portion of the face amount in excess of the minimum face amount into permanent insurance.   
     
     
         2 . The computer implemented method of  claim 1 , wherein a total permanent insurance is up to two times the maximum face amount of the term life insurance policy. 
     
     
         3 . The computer implemented method of  claim 1 , further comprising: underwriting the term life insurance policy for domestic partners of a family. 
     
     
         4 . The computer implemented method of  claim 3 , further comprising: insuring each of a plurality of children of the domestic partners at no additional cost. 
     
     
         5 . The computer implemented method of  claim 4 , wherein insuring dependents comprises insuring all children of the domestic partners at the issuance of the term insurance policy. 
     
     
         6 . The computer implemented method of  claim 5 , wherein insuring all children comprises insuring children not yet born to the domestic partners at the issuance of the term insurance policy. 
     
     
         7 . The computer implemented method of  claim 1 , wherein the incremental unit is one half of the minimum face amount. 
     
     
         8 . The computer implemented method of  claim 1 , further comprising: incrementing an annual or modal premium cost for the term life insurance policy based on the increased face amount at the predefined time intervals. 
     
     
         9 . The computer implemented method of  claim 1 , further comprising: providing the insured an option to increase a death benefit amount of the term life insurance policy; and increasing the face amount of the term life insurance policy if the insured elects the option. 
     
     
         10 . The computer implemented method of  claim 1 , further comprising: providing the insured an option to convert the portion of the face amount to the permanent insurance; and converting the portion of the face amount to the permanent insurance when the insured elects the option. 
     
     
         11 . A computer system comprising at least one computing device operable to at least:
 issue a term life insurance policy for at least one insured, 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 the 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 one or more of a plurality of predefined time intervals from issuance of the term life insurance policy, increase 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 one or more of a plurality of times during the term of the term life insurance policy, convert at least a portion of the face amount in excess of the minimum face amount into permanent insurance.   
     
     
         12 . The computer system of  claim 11 , wherein a total permanent insurance is up to two times the maximum face amount of the term life insurance policy. 
     
     
         13 . The computer system of  claim 11 , the at least one computing device further operable to underwrite the term life insurance policy for domestic partners of a family. 
     
     
         14 . The computer system of  claim 13 , the at least one computing device further operable to: insure each of a plurality of children of the domestic partners at no additional cost. 
     
     
         15 . The computer system of  claim 14 , wherein insuring dependents comprises insuring all children of the domestic partners at the issuance of the term insurance policy. 
     
     
         16 . The computer system of  claim 15 , wherein insuring all children comprises insuring children not yet born to the domestic partners at the issuance of the term insurance policy. 
     
     
         17 . The computer system of  claim 11 , wherein the incremental unit is one half of the minimum face amount. 
     
     
         18 . The computer system of  claim 11 , the at least one computing device further operable to increment an annual or modal premium cost for the term life insurance policy based on the increased face amount at the predefined time intervals. 
     
     
         19 . The computer system of  claim 11 , the at least one computing device further operable to provide the insured an option to increase a death benefit amount of the term life insurance policy, and increase the face amount of the term life insurance policy if the insured elects the option. 
     
     
         20 . The computer system of  claim 11 , the at least one computing device further operable to: provide the insured an option to convert the portion of the face amount to the permanent insurance; and convert the portion of the face amount to the permanent insurance when the insured elects the option.