Method for determining insurance benefits and premiums from dynamic credit information

Abstract

The embodiments described herein are directed to a method of obtaining credit life insurance for an individual by means of a service organization. In detail, the steps include: registering the individual with the service organization via a computer system in a computer network; accessing credit information on the individual by means of the computer system in the computer network and determining the total debt of the individual; determining the amount of debt to be covered by credit life insurance benefits; creating a data base including insurance companies that provide credit life insurance benefits, the data base further including the premiums that the insurance companies charge for issuing their credit life insurance; selecting specific coverage with required specific premiums; obtaining the individual's approval of the required specific premiums via the computer system in the computer network; and obtaining credit life insurance benefits for the individual.

1 . A method comprising:
 using one or more computer processing units:
 obtaining authorization from an individual to contact and obtain credit information provided by one or more credit bureau; and 
 on a periodic basis:
 accessing credit information of the individual; 
 determining an amount of debt owed by the individual based on the credit information; 
 providing a user interface to the individual indicating the determined amount of debt owed by the individual; 
 accessing a data structure comprising insurance company data corresponding to one or more insurance companies that provide insurance coverage, the data structure further comprising premium data corresponding to respective premiums that the one or more insurance companies charge for insurance coverage; 
 determining how much of the amount of debt owed by the individual is to be covered by insurance coverage, 
 automatically selecting a specific insurance company to provide insurance coverage for the determined amount of debt over a predetermined time period; and 
 calculating an insurance premium required as payment to provide the insurance coverage by the specific insurance company. 
 
   
     
     
         2 . The method of  claim 1 , wherein determining the amount of debt owed by the individual further comprises classifying the amount of debt owed by the individual into a plurality of debt categories based on indications in the credit information of types of debts associated with respective debts in the credit information. 
     
     
         3 . The method of  claim 2 , wherein determining the amount of debt owed by the individual further comprises determining the amount of debt attributable to the credit card debt category and at least one other debt category. 
     
     
         4 . The method of  claim 1 , wherein accessing the data structure further comprises updating insurance company data to include new insurance companies, and further comprises updating the specific premiums that the one or more insurance companies charge for providing their aggregated insurance benefits. 
     
     
         5 . The method of  claim 1 , further comprising informing the individual, on a periodic basis, of the insurance premium required as payment. 
     
     
         6 . Non-transitory computer storage that comprises executable instructions to cause one or more computer processors to perform operations comprising:
 obtaining authorization from an individual to contact and obtain dynamic credit information from a credit reporting bureau regarding the individual;   on a periodic basis:
 accessing dynamic credit information of the individual from a credit reporting bureau and from the dynamic credit information determining an amount of debt owed by the individual; 
 providing a user interface to the individual indicating the amount of debt owed by the individual; 
 determining how much of the amount of debt owed by the individual is to be covered by aggregated insurance benefits, 
 automatically selecting a specific insurance company to provide coverage for the aggregated insurance benefits over a limited time period associated with the periodic basis; 
 calculating an insurance premium required as payment to provide the aggregated insurance benefits coverage by the specific insurance company; and 
 receiving an acknowledgement from the individual to purchase insurance from the specific insurance company for the limited time period. 
   
     
     
         7 . The non-transitory computer storage of  claim 6 , further comprising executable instructions to perform: determining the amount of debt owed by the individual further comprises classifying the amount of debt owed by the individual into a plurality of debt categories based on indications in the credit information of types of debts associated with respective debts in the credit information. 
     
     
         8 . The non-transitory computer storage of  claim 7 , wherein determining the amount of debt owed by the individual further comprises determining the amount of debt attributable to the credit card debt category and at least one other debt category. 
     
     
         9 . The non-transitory computer storage of  claim 6 , wherein the amount of debt owed by the individual is a total debt amount, a periodic payment amount, or a minimum periodic payment amount. 
     
     
         10 . The non-transitory computer storage of  claim 6 , wherein the amount of debt owed by the individual is taken from a summary credit report. 
     
     
         11 . A computer-implemented system comprising:
 a computer processor configured to execute software code stored on a computer readable medium in order to cause the computer-implemented system to:
 obtain authorization from the individual to contact and obtain credit information from a credit reporting bureau; 
 periodically access credit information of an individual from a credit reporting bureau; 
 calculate the total debt owed by the individual on each of a plurality of debt categories, based on indications in the credit information of types of debts associated with respective debts in the credit information; 
 receive an indication of whether or not to insure one or more of the debt categories and 
 determine how much debt owed by the individual is to be covered by aggregated insurance benefits based on at least the received indication of whether or not to insure one or more debt categories and the total debt associated with each debt category. 
   
     
     
         12 . The computer-implemented system of  claim 11 , wherein the plurality of debt categories comprises two or more of the following debt categories: revolving loans, credit card debt, short-term loans, long-term loans, secured real estate loans, unsecured real estate loans, mortgages, auto loans, payday loans and business loans. 
     
     
         13 . The computer-implemented system of  claim 11 , wherein the total debt owed by the individual on each of a plurality of debt categories is a total debt amount, a periodic payment amount or a minimum periodic payment amount. 
     
     
         14 . The computer-implemented system of  claim 11 , wherein insurance benefits for the individual are provided in the event of one or more of the following:
 natural or accidental death, unemployment, layoff, medical withdrawal or hospitalization, dread disease or critical illness, dismemberment, short-term or long-term disability, natural disaster.   
     
     
         15 . The computer-implemented system of  claim 11 , wherein the information obtained from the credit bureau used to calculate the total debt owed by the individual on each of a plurality of debt categories is taken from a summary report. 
     
     
         16 . A method comprising:
 obtaining authorization from an individual to obtain credit information from a credit reporting bureau; and   using one or more computer processing units, on a periodic basis:
 accessing credit information of the individual from a credit reporting bureau; 
 based on at least the credit information of the individual, determining an amount of debt owed by the individual; 
 calculating the category specific amounts of debt owed by the individual in a plurality of debt categories, based on indications in the credit information of types of debts associated with respective debts in the credit information; 
 providing a user interface to the individual indicating respective amounts of debt owed by the individual in respective debt categories; 
 providing a user interface to the individual to select category specific amounts of debt to be insured; and 
 determining how much of the amount of debt owed by the individual is to be covered by aggregated insurance benefits based on whether or not debt categories were selected by the individual and the category specific amounts of debt associated with each debt category. 
   
     
     
         17 . The method of  claim 16 , wherein the amount of debt owed by the individual is a total debt amount, a periodic payment amount or a minimum periodic payment amount. 
     
     
         18 . The method of  claim 16 , wherein the periodic payment amount is a monthly payment amount and the minimum periodic payment amount is a minimum monthly payment amount. 
     
     
         19 . The method of  claim 16 , wherein the information obtained from the credit bureau used to determine the amount of debt owed by the individual is taken from a summary report. 
     
     
         20 . The method of  claim 16 , wherein the debt categories are selected from two or more of the following debt categories: revolving loans, credit card debt, short-term loans, long-term loans, secured real estate loans, unsecured real estate loans, mortgages, auto loans, payday loans and business loans.