SYSTEM AND METHOD FOR PROCESSING DATA RELATED TO A LIFE INSURANCE POLICY HAVING A SECONDARY GUARANTEE

摘要

A computer system for processing data related to an universal life insurance policy issued by an issuer to an owner and having a death benefit payable to a beneficiary on death of an insured, includes a data storage device storing data indicative of rates and formulas applicable to the policy, and a processor in communication with the data storage device. The processor is configured to: receive data indicative of, for an universal life insurance policy to be illustrated, an age of an insured, a death benefit amount, and timing of payment of premiums; determine an amount of premiums required for the policy by determining whether a policy protection account will have a minimum balance at a selected future date, the policy protection account balance being calculated by crediting to the policy protection account balance amounts of premiums, reduced by a first tier premium charge at a first rate up to a break point amount of premiums, and a second tier premium charge at a second rate above the break point amount of premiums.