Gesture-enabled interfaces, systems, methods, and applications for custom designing non-level life insurance benefits policies and supporting customized pricing
This disclosure is directed to systems, methods, apparatuses, and techniques that utilize enhanced gesture-based input mechanisms to facilitate designing custom non-level life insurance benefits policies and supporting customized pricing. These technologies can be specially designed and configured to optimize creation, editing, and/or sharing of life insurance benefits policies. The technologies include multi-gesture functionalities that enable users to view and access various features. Other embodiments are disclosed.
1 . A system for creating a customized, non-level death benefit life insurance policy wherein the death benefits automatically change periodically, up or down without new underwriting, according to a customized schedule, and providing a level premium quote for the customized benefit policy for a specified coverage period, comprising:
a user interface enabling an insured to simulate and evaluate, in real-time, different factors and assumptions associated with forecasting the insured's current and future benefit needs and view and update, in real-time, the customized benefit policy and the customized level premium quote estimate for the specified coverage period, the user interface displaying a plurality of adjustable functions for creating a personal profile including information pertaining to the insured's current and future death benefit needs, wherein input fields for the plurality of adjustable functions include numbers, sliders, tables, formulas, or data relationship components, the plurality of adjustable functions including the following:
a first function corresponding to the insured's demographic factors that impact the projected need for life insurance benefits;
a second function corresponding to the insured's economic factors related to a need for life insurance benefits;
a third function corresponding to the insured's family factors that impact the amount and timing of life insurance benefit needs;
a fourth function including adjustable fields corresponding to a plurality of expenses assumptions associated with projecting future expenses;
a fifth function including adjustable fields corresponding to income assumptions associated with projecting future sources of income; and
a sixth function corresponding to the insured's health status factors associated with estimating the level premium quote for the specified coverage period;
a benefit determination model configured to, in response to the insured interacting with the first, second, third, fourth, and fifth functions:
determine projected life insurance benefits needed or desired as the insured ages;
discount the future benefits from each future age of the insured; and
determine a customized policy benefit schedule during the specified coverage period;
a policy pricing model configured to, in response to the insured interacting with the sixth function, determine the level premium quote for the customized benefit policy for the specified coverage period;
wherein, the user interface is configured to:
display the level premium quote;
generate and display an interactive benefit curve comprising a plurality of adjustable portions that can be manipulated by the insured, the interactive benefit curve illustrating the customized benefit policy and the customized level premium quote estimate for the specified coverage period, the interactive benefit curve being configured to dynamically display a change in an amount of benefit over the specified coverage period based on inputs received via the user interface;
in response to the insured manipulating the adjustable portions of the interactive benefit curve, update the display in real-time to display a modified benefit curve associated with an updated level premium quote for the specified coverage period; and
enable the insured to submit a formal application for the customized life insurance benefit policy and the updated level premium quote for the specified coverage period to a third-party system associated with an insurance carrier.
2 . The system of claim 1 , wherein the specified coverage period is based on at least one of a planned retirement age of the insured, a time period specified by the insured, and restrictions or requirements of the insurance carrier.
3 . The system of claim 1 , wherein the benefit schedule is a yearly benefit schedule.
4 . The system of claim 1 , wherein the first function includes fields associated with at least the insured's current age, planned retirement date, spousal status, and children status.
5 . The system of claim 1 , wherein the insured's economic factors include one or more of: current income, mortgage balances, other debts and respective amortization schedules, savings and retirement account balances, and existing life insurance coverage.
6 . The system of claim 1 , wherein the insured's family factors include one or more of: ages of any children, college tuition support plans, children with special needs, elderly parents, long-term care for the elderly parents, and other financial support needs.
7 . The system of claim 1 , wherein the expenses assumptions include one or more of: expenses for burial services, household support, childcare, long-term health care, and college tuition.
8 . The system of claim 1 , wherein the income assumptions include one or more of: future income, a portion of gross income for insurance coverage, savings and retirement account contribution rates, and investment returns.
9 . The system of claim 1 , wherein the sixth function includes displaying underwriting class input fields and general health assessment fields, the underwriting class input fields including one or more of age, gender, and smoker status.
10 . The system of claim 9 , wherein the sixth function further includes displaying computer-assisted definitions associated with one or more of the underwriting class input fields or general health assessment fields to assist with estimating a health underwriting class.
11 . The system of claim 1 , wherein plurality of adjustable functions further includes a seventh function corresponding to the insured's desire to gift life insurance benefits comprising death benefits designated for one or more of: charitable organizations, non-immediate family members, and beneficiaries inheriting income tax liabilities embedded with inherited tax-qualified retirement accounts.
12 . The system of claim 1 , wherein the policy pricing model determines the level premium quote based, at least in part, on one or more pricing factors selected from the group consisting of: (1) pricing assumptions and investment yield assumptions, (2) targeted profit margins corresponding to the specified coverage period, (3) expected mortality rate corresponding to an underwriting class, (4) the specified time periods and benefit schedule, (5) an expected persistency of the customized life insurance benefit policy, and (6) reserves and capital requirements.
13 . The system of claim 1 , wherein the user interface displays the level premium quote numerically or via other means based, at least in part, on the benefit schedule.
14 . The system of claim 1 , wherein the user interface is further configured to update the displayed customized benefit policy and the level premium quote in response to receiving updates to one or more of the input fields or the adjustable fields.