System and process for providing multiple income start dates for annuities

Abstract

The present invention provides a method for providing an annuity structure and a system for processing an annuity structure. The annuity structure may include a base portion segment, where the base portion segment is a functional annuity having a first annuity schedule; and a secondary portion segment, where the secondary portion segment is a functional annuity having a second annuity schedule. In the invention, the base portion segment and the secondary portion segment each operate as its own annuity. Also, the base portion segment and the secondary portion segment are each included in a single contract, i.e., under the umbrella of one contract.

What is claimed is: 
     
         1 - 27 . (canceled) 
     
     
         28 . A method, implemented on a computational device, for issuing an annuity structure having a base portion segment and at least one secondary portion segment, the method comprising:
 generating, by the computational device, an annuity structure comprising:
 a base portion segment, where the base portion segment is a functional annuity having a first annuity schedule; and 
 a secondary portion segment, where the secondary portion segment is a functional annuity having a second annuity schedule; 
 where the base portion segment and the secondary portion segment each operate as its own annuity; 
 the base portion segment and the secondary portion segment being each included in a single contract; and 
   issuing, by the computational device, the annuity structure to an annuity holder; and   the annuity structure has an annuity commencement date of the base portion segment under the contract;   the annuity structure having an annuity commencement date of the secondary portion segment under the contract;   the base portion segment constituted by an accumulation period followed by a payout period; and   the secondary portion segment constituted by an accumulation period followed by a payout period.   
     
     
         29 . The annuity structure of  claim 28 , the annuity commencement date of the base portion segment effecting cash flow of both the base portion segment and the secondary portion segment. 
     
     
         30 . The annuity structure of  claim 29 , the annuity commencement date of the secondary portion segment being different than the annuity commencement date of the base portion segment. 
     
     
         31 . The annuity structure of  claim 28 , the annuity commencement date of the secondary portion segment being different than the annuity commencement date of the base portion segment. 
     
     
         32 . The annuity structure of  claim 28 , where the annuity structure comprises a plurality of secondary portion segments, where:
 each of the plurality of secondary portion segment is a functional annuity having a separate annuity schedule; and   each of the plurality of secondary portion segments operates as its own annuity, each of the plurality of secondary portion segments being included in the contract.   
     
     
         33 . The annuity structure of  claim 28 , where the secondary portion segment has a portion exercise income date that is independent of the annuity commencement date for the annuity structure. 
     
     
         34 . The annuity structure of  claim 28 , where funds are transferred between the base portion segment and the secondary portion segment. 
     
     
         35 . The annuity structure of  claim 28 , further including a plurality of base portion segments, and where funds are transferred between a first one of the plurality of base portion segments and a second one of the plurality of base portion segments. 
     
     
         36 . A process, implemented on a computational device, for issuing an annuity structure having a base portion segment and at least one secondary portion segment, the process comprising the steps of:
 receiving, by the computational device, a request for the annuity structure, where the request includes financial requirements for the annuity structure;   determining, by the computational device, an annuity schedule for each of the base portion segment and at least one secondary portion segment;   creating, by the computational device, the annuity structure based on the determined annuity schedules; and   issuing, by the computational device, the annuity structure to an annuity holder; and   wherein the base portion segment and at least one secondary portion segment are all included under a single contract; and   the annuity structure has an annuity commencement date of the base portion segment under the contract, the annuity commencement date of the base portion segment effecting cash flow of both the base portion segment and the secondary portion segment, and   the annuity structure having an annuity commencement date of the secondary portion segment under the contract; and   the base portion segment constituted by an accumulation period followed by a payout period, and   the secondary portion segment constituted by an accumulation period followed by a payout period.   
     
     
         37 . The process according to  claim 36 , further comprising the step of receiving an initial payment prior to the issuance of the annuity. 
     
     
         38 . The process according to  claim 36 , further comprising the step of receiving a plurality of payments subsequent to the issuance of the annuity, where the payments are received based on the determined annuity schedules. 
     
     
         39 . The process according to  claim 36 , further comprising the step of making a plurality of payments to the annuity holder subsequent to the issuance of the annuity, where the payments are made based on the determined annuity schedules. 
     
     
         40 . The process according to  claim 36 , where the annuity structure has an annuity commencement date based on the annuity schedule for the base portion segment. 
     
     
         41 . The process according to  claim 40 , where the secondary portion segment has a portion exercise income date that is independent of the annuity commencement date for the annuity structure. 
     
     
         42 . The process for issuing an annuity of  claim 36 , wherein:
 the base portion segment has a first income start date; and   the secondary portion segment has a second income start date, the first income start date being different than the second income start date.   
     
     
         43 . The method of  claim 36 , further including implementing the annuity structure as a guaranteed income rider. 
     
     
         44 . A computer readable medium, implemented on a computational device, having code for causing a process, performed by the computational device, to issue an annuity structure having a base portion segment and at least one secondary portion segment, the computer readable medium comprising:
 code, implemented by the computational device, that receives a request for the annuity structure, where the request includes financial requirements for the annuity structure;   code, implemented by the computational device, that determines the annuity schedule for each of the base portion segment and at least one secondary portion segment;   code, implemented by the computational device, that creates the annuity structure based on the determined annuity schedules; and   code, implemented by the computational device, that issues the annuity structure to an annuity holder; and   wherein the base portion segment and at least one secondary portion segment are all included in a single contract; and   the annuity structure has an annuity commencement date of the base portion segment under the contract, and   the annuity structure having an annuity commencement date of the secondary portion segment under the contract; and   the base portion segment constituted by an accumulation period followed by a payout period, and   the secondary portion segment constituted by an accumulation period followed by a payout period.   
     
     
         45 . The computer readable medium according to  claim 44 , further comprising code, implemented by the computational device, that receives an initial payment prior to the issuance of the annuity. 
     
     
         46 . The computer readable medium according to  claim 44 , further comprising code, implemented by the computational device, that receives a plurality of payments subsequent to the issuance of the annuity, where the payments are received based on the determined annuity schedules. 
     
     
         47 . The computer readable medium according to  claim 44 , where the annuity structure has an annuity commencement date based on the annuity schedule for the base portion segment; and
 where the secondary portion segment has a portion exercise income date that is independent of the annuity commencement dates for the annuity structure.