Lifetime financial product

Abstract

A system and method that offers a simple product solution for managing financial risks in retirement is provided. The product solution combines a uniquely structured deposit product (e.g., certificate of deposit (CD)) together with an insurance policy (e.g., group longevity insurance policy) to guarantee a lifetime stream of income to a customer.

What is claimed is: 
     
         1 . A lifetime certificate of deposit (CD) product, comprising:
 at least one processor coupled to a memory, the processor executing:   a component that identifies a CD that offers a regular interval payment during a term prior to one of maturity or balance depletion, wherein a balance of the CD includes principal and interest; and   a component that identifies a longevity insurance policy established concurrently with the CD and that secures continuation of the regular interval payment upon the earlier of the maturity or the balance depletion.   
     
     
         2 . The lifetime CD product of  claim 1 , wherein the CD is an interest-bearing CD and wherein the regular interval payment includes an interest portion and a principal portion. 
     
     
         3 . The lifetime CD product of  claim 2 , wherein a duration coincides with exhaustion of the CD balance which is projected to occur at a pre-defined age or period of time. 
     
     
         4 . The lifetime CD product of  claim 2 , wherein an initial or renewal term associated with a CD term varies, and wherein the term of the CD is at least one of three months, five years or greater than five years. 
     
     
         5 . The lifetime CD product of  claim 2 , wherein the interval is annually. 
     
     
         6 . The lifetime CD product of  claim 2 , wherein the interval is at least one of bi-weekly, monthly, bi-monthly, quarterly or semi-annually. 
     
     
         7 . The lifetime CD product of  claim 2 , wherein the longevity insurance policy triggers at a pre-defined customer age between 80 and 85 years or upon a pre-defined event, wherein the pre-defined event is exhaustion of funds in a balance of the CD. 
     
     
         8 . A revenue management system that facilitates a lifetime income stream for a customer, comprising:
 at least one processor coupled to a memory, the processor executing:   a deposit product identification component that identifies a deposit product based at least in part upon an evaluation of the customer, wherein the deposit product is an interest-bearing certificate of deposit (CD); and   an insurance identification component that identifies a longevity insurance policy based at least in part upon the evaluation and wherein the longevity insurance policy is established concurrently with the deposit product;   wherein the deposit product or the longevity insurance policy guarantee the lifetime income stream based upon a life of the customer, and wherein the longevity insurance policy provides a guaranteed payment of the lifetime income stream during the life of the customer upon exhaustion of an initial deposit associated with the deposit product together with applicable interest earned.   
     
     
         9 . The revenue management system of  claim 8 , wherein:
 the deposit product offers the income stream to the customer as a function of an initial deposit together with an interest rate; and   the longevity insurance policy guarantees payment of the income stream during the life of the customer upon exhaustion of the initial deposit together with applicable interest funds.   
     
     
         10 . The revenue management system of  claim 9 , wherein the deposit product is an interest-bearing certificate of deposit (CD) that is structured to provide systematic withdrawals of principal and interest during a term of the CD. 
     
     
         11 . The revenue management system of  claim 9 , wherein the deposit product is structured to have a duration covering one or more automatically-occurring renewals of the deposit product. 
     
     
         12 . The revenue management system of  claim 9 , wherein the interest rate is a fixed interest rate. 
     
     
         13 . The revenue management system of  claim 9 , wherein the interest rate is a variable interest rate. 
     
     
         14 . The revenue management system of  claim 9 , further comprising:
 an analysis component that evaluates demographic information of the customer; wherein the deposit product identification component identifies the deposit product based at least in part upon the analysis, and wherein the insurance identification component identifies the longevity insurance policy based at least in part upon the analysis of the demographic information.   
     
     
         15 . The revenue management system of  claim 14 , further comprising a calculation component that computes an amount of the income stream. 
     
     
         16 . The revenue management system of  claim 15 , further comprising an inflation projection component that estimates inflation based at least in part upon economic factors, wherein the calculation component employs the inflation in computation of the amount of the income stream. 
     
     
         17 . The revenue management system of  claim 15 , further comprising a cost of living projection component that estimates a cost of living increase or decrease based at least in part upon economic factors, wherein the calculation component employs the increase or decrease in computation of the amount of the income stream. 
     
     
         18 . The system of  claim 15 , further comprising a machine-learning and reasoning component that employs at least one of a probabilistic and a statistical-based analysis that infers the amount of the income stream based at least in part upon demographic information of the customer. 
     
     
         19 . A computer-implemented method, comprising:
 employing at least one processor that executes the following acts;   obtaining identifying information related to a customer;   identifying a deposit product based at least in part upon a financial goal of the customer;   identifying an income guarantee vehicle based at least in part upon the financial goal of the customer;   establishing a financial product that includes the income guarantee vehicle combined with the deposit product; and   guaranteeing a lifetime income stream based at least in part upon the financial product.   
     
     
         20 . The computer-implemented method of  claim 19 , further comprising identifying a financial goal of the customer, wherein the financial goal is factored into the act of establishing the financial product.