Financial instrument utilizing an optional benefit election

1. A data processing system for managing an annuity account, the data processing system comprising:

one or more processors; and

one or more memory devices storing logic, operable when executed by the one or more processors to:

calculate one or more fees for:

a first provision entitling a beneficiary to monetary transfers for a duration of time extending for at least the life of a first designated party; and

a second provision granting an option to modify the duration of time to extend for at least the longer of the life of the first designated party and the life of a second designated party;

determine whether an option has been elected; and

based at least in part on the determination, process one or more of the monetary transfers to the beneficiary during the modified duration of time extending for at least the longer of the life of the first designated party and the life of the second designated party.

2. The data processing system of claim 1 , wherein the logic, when executed by the one or more processors is further operable to calculate a fee for an election of the option in response to a determination that the option has been elected.

3. The data processing system of claim 1 , wherein the logic, when executed by the one or more processors is further operable to process a monetary transfer to the beneficiary as a withdrawal from the annuity account in response to:

a withdrawal request on behalf of the second designated party; and

a determination that the first designated party is deceased.

4. The data processing system of claim 1 , wherein the logic, when executed by the one or more processors is further operable to process a monetary transfer to the beneficiary as a benefit payment in response to:

a determination that an account balance of the annuity account has reached a minimum threshold; and

a determination that a periodic interval has elapsed.

5. The data processing system of claim 4 , wherein the minimum threshold value is zero.

6. The data processing system of claim 1 , wherein the beneficiary comprises one or more of the first and second designated parties.

7. The data processing system of claim 1 , wherein the option is electable at anytime during an option period beginning on the date of an initial deposit into the annuity account and ending on the date of the first of the monetary transfers to the beneficiary.

8. The data processing system of claim 1 , wherein the option is electable at anytime during an option period that extends for five years from the date of an initial deposit into the annuity account.

9. The data processing system of claim 1 , wherein an amount of one or more of the monetary transfers is based at least in part on the age of the first designated party on the date of the first of the monetary transfers or, if the option is elected, the amount is based at least in part on the age of the younger of the first designated party and the second designated party on the date of the first of the monetary transfers.

10. The data processing system of claim 1 , wherein the first designated party is the spouse of the second designated party.

11. A data processing system for managing an annuity account associated with a first provision entitling a beneficiary to monetary transfers for a duration of time extending for at least the life of a first designated party and a second provision granting an option to modify the duration of time to extend for at least the longer of the life of the first designated party and the life of a second designated party, the data processing system comprising:

one or more processors; and

one or more memory devices storing logic, operable when executed by the one or more processors to:

determine whether an option has been elected; and

based at least in part on the determination, process one or more monetary transfers to the beneficiary during the modified duration of time extending for at least the longer of the life of the first designated party and the life of the second designated party.

12. The data processing system of claim 11 , wherein the logic, when executed by the one or more processors is further operable to calculate a fee for an election of the option in response to a determination that the option has been elected.

13. The data processing system of claim 11 , wherein the logic, when executed by the one or more processors is further operable to process a monetary transfer to the beneficiary as a withdrawal from the annuity account in response to:

a withdrawal request on behalf of the second designated party; and

a determination that the first designated party is deceased.

14. The data processing system of claim 11 , wherein the logic, when executed by the one or more processors is further operable to process a monetary transfer to the beneficiary as a benefit payment in response to:

a determination that an account balance of the annuity account has reached a minimum threshold; and

a determination that a periodic interval has elapsed.

15. The data processing system of claim 14 , wherein the minimum threshold value is zero.

16. The data processing system of claim 11 , wherein the beneficiary comprises one or more of the first and second designated parties.

17. The data processing system of claim 11 , wherein the option is electable at anytime during an option period beginning on the date of an initial deposit into the annuity account and ending on the date of the first of the monetary transfers to the beneficiary.

18. The data processing system of claim 11 , wherein the option is electable at anytime during an option period that extends for five years from the date of an initial deposit into the annuity account.

19. The data processing system of claim 11 , wherein an amount of one or more of the monetary transfers is based at least in part on the age of the first designated party on the date of the first of the monetary transfers or, if the option is elected, the amount is based at least in part on the age of the younger of the first designated party and the second designated party on the date of the first of the monetary transfers.

20. The data processing system of claim 11 , wherein the first designated party is the spouse of the second designated party.

21. A data processing system for managing an annuity account associated with a first provision entitling a beneficiary to monetary transfers for a duration of time extending for the life of a first designated party and a second provision granting an option to modify the duration of time, the option being electable subsequent to the effective date of the first provision, the data processing system comprising:

one or more processors; and

one or more memory devices storing logic, operable when executed by the one or more processors to:

process one or more monetary transfers to the beneficiary during the life of a first designated party;

determine, subsequent to the effective date of the first provision, whether an option has been elected; and

based at least in part on the determination, process one or more monetary transfers to the beneficiary during the modified duration of time.

22. The data processing system of claim 21 , wherein the logic, when executed by the one or more processors is further operable to calculate a fee for an election of the option in response to a determination that the option has been elected.

23. The data processing system of claim 21 , wherein the logic, when executed by the one or more processors is further operable to process a monetary transfer to the beneficiary as a withdrawal from the annuity account in response to a determination that the first designated party is deceased.

24. The data processing system of claim 21 , wherein the logic, when executed by the one or more processors is further operable to process a monetary transfer to the beneficiary as a benefit payment in response to:

a determination that an account balance of the annuity account has reached a minimum threshold; and

a determination that a periodic interval has elapsed.

25. The data processing system of claim 21 , wherein the option is electable at anytime subsequent to the date of an initial deposit into the annuity account and ending on the date of the first of the monetary transfers to the beneficiary.

26. The data processing system of claim 25 , wherein an amount of one or more of the monetary transfers is based at least in part on the age of the first designated party on the date of the first of the monetary transfers or, if the option is elected, the amount is based at least in part on the age of the younger of the first designated party and the second designated party on the date of the first of the monetary transfers.

27. The data processing system of claim 21 , wherein the option is electable at anytime during an option period that ends five years from the date of an initial deposit into the annuity account.

28. The data processing system of claim 21 , wherein the modified duration of time extends for at least the longer of the life of the first designated party and the life of a second designated party.

29. The data processing system of claim 28 , wherein the beneficiary comprises one or more of the first and second designated parties.

30. The data processing system of claim 28 , wherein the first designated party is the spouse of the second designated party.