System and method for processing data for insurance coverage for disability risks

Abstract

Disclosed is a novel disability insurance product that provides a benefit to the purchaser. The insurance product comprises a disability insurance product which offers coverage for a predetermined limited period of time. If at the end of the predetermined period of time the insured individual is still disabled according to the terms of the insurance product, the insurance provider will pay a lump sum benefit.

What is claimed is: 
     
         1 . A computer system for processing data relating to insurance policies covering a plurality of risks, comprising:
 a data storage device storing data relating to one or more insurance policies covering a plurality of individuals, the one or more insurance policies covering a plurality of risks including at least disability and critical illness;   a central processing unit comprising one or more computer processors and configured to:
 access data from the data storage device; 
 responsive to receipt of data indicative of disability of one of the covered individuals, provide output instructions for commencement of periodic payments to the individual in accordance with data stored in the data storage device; and 
 responsive to receipt of data indicative of diagnosis of one of the covered individuals with an illness specified in the data relating to one or more insurance policies stored in the data storage device, provide output instructions for payment of at least one critical illness benefit payment to the covered individual. 
   
     
     
         2 . The computer system of  claim 1 , further comprising a payment system comprising one or more payment system devices configured to provide payments responsive to receipt of the output instructions from the central processing unit. 
     
     
         3 . The computer system of  claim 1 , wherein the data storage device further stores data indicative of a predetermined term for payments relating to disability, and wherein the central processing unit is further configured to access said data indicative of the predetermined term and to provide output instructions for said periodic payments to the individual for the predetermined term. 
     
     
         4 . The computer system of  claim 3 , wherein the central processing unit is further configured to:
 output instructions for payment of a transition payment to the individual, in a finite amount equal to a multiple of an amount of one of the periodic payments, responsive to receipt of data indicative of the disability of the individual upon expiration of the predetermined period of time.   
     
     
         5 . The computer system of  claim 4 , wherein the transition payment is in an amount equal to a multiple of the amount of at least one of the periodic payments. 
     
     
         6 . The computer system of  claim 4 , wherein each of the periodic payments is in equal amounts. 
     
     
         7 . The computer system of  claim 1 , wherein the central processing unit is further configured to provide output instructions for at least one of the critical illness benefit payments in the form of an indemnity benefit. 
     
     
         8 . The computer system of  claim 1 , wherein the central processing unit is further configured to provide output instructions for payment of at least one critical illness benefit payment in the form of a plurality of payments providing an income stream. 
     
     
         9 . The computer system of  claim 1 , wherein the data storage devices stores data indicative of a plurality of conditions being critical illnesses, and the central processing unit is further configured to provide output instructions for payment of a first critical illness benefit payment upon a first occurrence of one of the plurality of conditions, and a second payment upon a reoccurrence of the same one of the plurality of conditions. 
     
     
         10 . The computer system of  claim 9 , wherein the central processing unit is further configured to provide output instructions for payment of a lump sum payment to the individual responsive to receipt of data indicative of survival of the individual for a survival period following diagnosis of the one of the plurality of conditions. 
     
     
         11 . The computer system of  claim 10 , wherein the central processing unit is further configured to provide output instructions for payment of a death benefit to a beneficiary of the individual responsive to receipt of data indicative of death of the individual prior to expiration of the survival period. 
     
     
         12 . A computer-implemented method for processing data relating to insurance policies covering a plurality of risks, comprising:
 storing, in one or more data storage devices, data indicative of one or more insurance policies covering a plurality of individuals, the one or more insurance policies covering a plurality of risks including at least disability and critical illness;   receiving, by a data input device, data indicative of one of disability of one of the covered individuals and diagnosis of a critical illness of one of the covered individuals;   receiving, by a central processing unit comprising one or more processors, via the data input device, the data indicative of one of disability of one of the covered individuals and diagnosis of a critical illness of one of the covered individuals; and   responsive to receipt of data indicative of one of disability of one of the covered individuals and diagnosis of a critical illness of one of the covered individuals, providing by the central processing unit output instructions for one or more payments to the individual in accordance with data stored in the data storage device.   
     
     
         13 . The computer-implemented method of  claim 12 , wherein the providing of output instructions comprises, responsive to receipt of data indicative of disability of one of the covered individuals, providing by the central processing unit output instructions for commencement of periodic payments to the individual in accordance with data stored in the data storage device. 
     
     
         14 . The computer-implemented method of  claim 12 , wherein the providing of output instructions comprises, responsive to receipt of data indicative of diagnosis of one of the covered individuals with an illness specified in the data relating to one or more insurance policies stored in the data storage device, providing by the central processing unit output instructions for payment of at least one critical illness benefit payment to the covered individual. 
     
     
         15 . The computer-implemented method of  claim 12 , further comprising receiving by a payment device in communication with the central processing unit the output instructions and making one or more payments to the covered individual in accordance with the output instructions. 
     
     
         16 . The computer-implemented method of  claim 12 , wherein the critical illness comprises one or more of cancer, heart attack and stroke. 
     
     
         17 . The computer-implemented method of  claim 12 , wherein the providing of output instructions comprises, responsive to receipt of data indicative of diagnosis of one of the covered individuals with an illness specified in the data relating to one or more insurance policies stored in the data storage device, providing by the central processing unit output instructions for payment of at least one critical illness benefit payment to the covered individual; and further comprising:
 responsive to receipt of data indicative of reoccurrence of the same illness, providing output instructions for payment of a second payment.   
     
     
         18 . A non-transitory computer-readable medium storing processor-executable instructions thereon, which instructions, when executed by a processor, cause the processor to:
 access data from data storage device, the stored data relating to one or more insurance policies covering a plurality of individuals, the one or more insurance policies covering a plurality of risks including at least disability and critical illness;   responsive to receipt of data indicative of disability of one of the covered individuals, provide output instructions for commencement of periodic payments to the individual in accordance with data stored in the data storage device; and   responsive to receipt of data indicative of diagnosis of one of the covered individuals with one of a plurality of conditions specified in the data relating to one or more insurance policies stored in the data storage device, provide output instructions for payment of at least one critical illness benefit payment to the covered individual.   
     
     
         19 . The non-transitory computer-readable medium of  claim 18 , wherein the instructions further cause the processor to:
 provide output instructions for payment of a first critical illness benefit payment upon a first occurrence of one of the plurality of conditions, and a second payment upon a reoccurrence of the same one of the plurality of conditions.   
     
     
         20 . The non-transitory computer-readable medium of  claim 18 , wherein the instructions further cause the processor to:
 provide output instructions for payment of a lump sum payment to the individual responsive to receipt of data indicative of survival of the individual for a survival period following diagnosis of the one of the plurality of conditions.