Methods and systems for providing deferred annuities with an income reset feature

Abstract

Methods and corresponding systems are provided for providing and administering deferred annuities with an annuity reset feature that provide periodic income payments to an annuitant for a term beginning at a start date. The methods include the step or steps of: receiving annuity information for an annuitant; determining at a first date one of a purchase price and an amount of at least one income payment due to the annuitant at the start date. The purchase price or the amount of at least one income payment due the annuitant includes a fee for the annuity reset feature that resets at least one variable of the annuity at a reset date later than the first date if the at least one variable of the annuity at the reset date is more beneficial to the annuitant than at least the first date; and offering the annuity with the reset feature to the annuitant.

What is claimed is: 
     
         1 . A computer implemented method for administering one or more deferred annuities comprising:
 using a computing device, monitoring one or more deferred annuities and determining periodically, at a reset date, whether an income reset feature is available for the one or more deferred annuities, wherein the one or more deferred annuities provide periodic income payments to an annuitant for a term beginning at a start date, and wherein the income reset feature resets at least one variable of the annuity when the at least one variable of the annuity is more beneficial to the annuitant;   using the computing device, when the income reset is available, determining whether the at least one variable of the one or more annuities is more beneficial to an annuitant than at a first date or at a previous reset date; and   using the computing device, when the at least one variable is more beneficial to the annuitant, resetting the at least one variable of the annuity to the more beneficial at least one variable.   
     
     
         2 . The method of  claim 1 , wherein the reset feature is provided as an optional rider to the one or more annuities. 
     
     
         3 . The method of  claim 1 , wherein the reset feature resets the at least one variable of the annuity annually on an anniversary of the annuity. 
     
     
         4 . The method of  claim 1 , wherein the at least one variable of the annuity that is reset comprises an amount of the income payments due the annuitant at the start date. 
     
     
         5 . The method of  claim 1 , wherein the one or more annuities allow the annuitant to pay a purchase price of the one or more annuities at any time and in any amount up until the start date, the method further comprising determining an amount of at least one income payment due the annuitant at a date later than the first date based on an amount and a frequency of premium payments made by the annuitant. 
     
     
         6 . The method of  claim 1 , wherein the variable of the annuity comprises an amount of the income payments due the annuitant at the start date and wherein determining whether the at least one variable of the annuity is more beneficial to the annuitant comprises recalculating the amount of the income payment due the annuitant at the start date based on an age of the annuitant at the reset date and a remaining term of a deferral period associated with the annuity at the reset date. 
     
     
         7 . The method of  claim 6 , wherein the amount of the income payment due the annuitant at the start date is further computed based on at least one of mortality data, interest rates, and a replacement cost at the reset date 
     
     
         8 . A system for administering one or more deferred annuities, the system comprising at least one computing device having software associated therewith that when executed causes the at least one computing device to perform a method comprising:
 monitoring one or more deferred annuities and determining periodically, at a reset date, whether an income reset feature is available for the one or more deferred annuities, wherein the one or more deferred annuities provide periodic income payments to an annuitant for a term beginning at a start date, and wherein the income reset feature resets at least one variable of the annuity when the at least one variable of the annuity is more beneficial to the annuitant;   when the income reset is available, determining whether the at least one variable of the one or more annuities is more beneficial to an annuitant than at a first date or at a previous reset date; and   when the at least one variable is more beneficial to the annuitant, resetting the at least one variable of the annuity to the more beneficial at least one variable.   
     
     
         9 . The system of  claim 8 , wherein the reset feature is provided as an optional rider to the annuity. 
     
     
         10 . The system of  claim 8  wherein the reset features resets the at least one variable of the annuity annually on an anniversary of the annuity. 
     
     
         11 . The system of  claim 8 , wherein the at least one variable of the annuity that is reset comprises an amount of the income payments due the annuitant at the start date. 
     
     
         12 . The system of  claim 8 , wherein the one or more annuities allow the annuitant to pay a purchase price of the one or more annuities at any time and in any amount up until the start date, the method further comprising determining an amount of at least one income payment due the annuitant at a date later than the first date based on an amount and a frequency of premium payments made by the annuitant. 
     
     
         13 . The system of  claim 8 , wherein the variable of the annuity comprises an amount of the income payments due the annuitant at the start date and wherein determining whether the at least one variable of the annuity is more beneficial to the annuitant comprises recalculating the amount of the income payment due the annuitant at the start date based on an age of the annuitant at the reset date and a remaining term of a deferral period associated with the annuity at the reset date. 
     
     
         14 . The system of  claim 13 , wherein the amount of the income payment due the annuitant at the start date is further computed based on at least one of mortality data, interest rates, and a replacement cost at the reset date. 
     
     
         15 . A non-transitory computer readable medium having software stored thereon that when executed causes at least one computing device to perform a method comprising:
 monitoring one or more deferred annuities and determining periodically, at a reset date, whether an income reset feature is available for the one or more deferred annuities, wherein the one or more deferred annuities provide periodic income payments to an annuitant for a term beginning at a start date, and wherein the income reset feature resets at least one variable of the annuity when the at least one variable of the annuity is more beneficial to the annuitant;   when the income reset is available, determining whether the at least one variable of the one or more annuities is more beneficial to an annuitant than at a first date or at a previous reset date; and   when the at least one variable is more beneficial to the annuitant, resetting the at least one variable of the annuity to the more beneficial at least one variable.   
     
     
         16 . The non-transitory computer readable medium of  claim 15  wherein the reset features resets the at least one variable of the annuity annually on an anniversary of the annuity. 
     
     
         17 . The non-transitory computer readable medium of  claim 15 , wherein the at least one variable of the annuity that is reset comprises an amount of the income payments due the annuitant at the start date. 
     
     
         18 . The non-transitory computer readable medium of  claim 15 , wherein the one or more annuities allow the annuitant to pay a purchase price of the one or more annuities at any time and in any amount up until the start date, the method further comprising determining an amount of at least one income payment due the annuitant at a date later than the first date based on an amount and a frequency of premium payments made by the annuitant. 
     
     
         19 . The non-transitory computer readable medium of  claim 15 , wherein the variable of the annuity comprises an amount of the income payments due the annuitant at the start date and wherein determining whether the at least one variable of the annuity is more beneficial to the annuitant comprises recalculating the amount of the income payment due the annuitant at the start date based on an age of the annuitant at the reset date and a remaining term of a deferral period associated with the annuity at the reset date. 
     
     
         20 . The non-transitory computer readable medium of  claim 19 , wherein the amount of the income payment due the annuitant at the start date is further computed based on at least one of mortality data, interest rates, and a replacement cost at the reset date.