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Insurance Abstract
An insurance product for protecting a wage earner against a reduction
in compensation resulting from an event such as involuntary dismissal
from employment or military service activation, and subsequent reemployment
at a reduced compensation. An insurance product may elect to recover
a vesting percentage of paid premiums or to convert a conversion
percentage of paid premiums to an equity-building vehicle, such
as an annuity, life insurance policy, pension, or an insurance device,
such as long term disability insurance or health care insurance.
A method for providing and implementing an insurance product to
protect a wage earner against a reduction in compensation resulting
from such an event is also disclosed.
Insurance Claims
1. An insurance product for lifestyle protection comprising: an
insurance coverage that protects an insured against a reduction
in compensation, the reduction in compensation arising from the
insured being involuntarily dismissed from an initial employment
position having an initial compensation amount and commencing a
replacement employment position having a reduced compensation amount
that is less than the initial compensation amount.
2. The insurance product in accordance with claim 1 wherein the
reduction in compensation is the difference between the initial
compensation amount and the reduced compensation amount.
3. An insurance product for lifestyle protection comprising: an
insurance coverage that protects an insured against a reduction
in compensation, the reduction in compensation arising from the
insured being involuntarily dismissed from an initial employment
position having an initial compensation amount and commencing a
replacement employment position having a reduced compensation amount
that is less than the initial compensation amount, the insurance
coverage requiring a premium payment be paid for at least an eligibility
period before the insured is eligible to file a claim for benefits.
4. The insurance product in accordance with claim 3 wherein the
reduction in compensation is the difference between the initial
compensation amount and the reduced compensation amount.
5. The insurance product in accordance with claim 3 wherein the
insurance coverage requires a reemployment period during which the
insured at least procures the replacement employment position after
the involuntary dismissal, to be eligible to file the claim for
benefits.
6. The insurance product in accordance with claim 5 wherein upon
acceptance of the claim for benefits, the insured receives benefits
for a benefit period.
7. The insurance product in accordance with claim 6 wherein the
benefits comprise a predetermined percentage of the reduction in
compensation.
8. The insurance product in accordance with claim 7 wherein the
predetermined percentage is in the range of about fifty percent
to one hundred percent.
9. The insurance product in accordance with claim 8 wherein the
predetermined percentage is sixty percent.
10. The insurance product in accordance with claim 3 wherein the
initial compensation amount is annual earned wages or salary of
the insured with or without the inclusion of stock options, overtime
compensation, commissions or bonuses.
11. The insurance product in accordance with claim 3 wherein the
reduced compensation amount is the annual earned wages or salary
of the insured with or Without the inclusion of stock options, overtime
compensation, commissions or bonuses.
12. The insurance product in accordance with claim 4 wherein the
reduction in compensation is subject to a maximum salary gap percentage
of fifty percent of the initial compensation amount.
13. The insurance product in accordance with claim 12 wherein the
benefits comprise a predetermined percentage of the reduction in
compensation in the range of about fifty percent to one hundred
percent.
14. The insurance product in accordance with claim 13 wherein the
predetermined percentage is sixty percent.
15. The insurance product in accordance with claim 3 wherein the
eligibility period is from six months to three years.
16. The insurance product in accordance with claim 15 wherein the
eligibility period is two years.
17. The insurance product in accordance with claim 6 wherein the
benefit period is from one to three years.
18. The insurance product in accordance with claim 17 wherein the
benefit period is two years.
19. The insurance product in accordance with claim 5 wherein the
reemployment period is one year.
20. The insurance product in accordance with claim 6 wherein the
insurance coverage terminates upon commencement of the benefit period.
21. The insurance product in accordance with claim 3 wherein the
insurance coverage provides protection for the working life of the
insured.
22. The insurance product in accordance with claim 6 wherein the
insured receives benefits in monthly increments.
23. The insurance product in accordance with claim 3 wherein the
insured may optionally have an early termination percentage of the
paid premium payments be returned if the insured is involuntarily
dismissed during the eligibility period.
24. The insurance product in accordance with claim 23 wherein the
early termination percentage is sixty percent.
25. The insurance product in accordance with claim 3 wherein the
insurance product further comprises one or more other insurance
coverages that protect against expenses incurred during unemployment.
26. The insurance product in accordance with claim 3 wherein the
insurance product further comprises an insurance coverage to cover
the cost of COBRA health insurance payments during unemployment.
27. The insurance product in accordance with claim 3 wherein the
insurance product optionally provides the insured with a vesting
option whereby the insured is eligible to recover a vesting percentage
of all paid premium payments after passage of a vesting qualifying
period.
28. The insurance product in accordance with claim 27 wherein the
vesting percentage of all paid premium payments increases in a straight
line manner during a vesting entitlement period that commences with
expiration of the vesting qualifying period.
29. The insurance product in accordance with claim 28 wherein the
vesting percentage has a maximum of sixty percent.
30. The insurance product in accordance with claim 28 wherein the
vesting entitlement period is from five to twenty years.
31. The insurance product in accordance with claim 27 wherein the
insurance product optionally provides the insured with a conversion
option whereby the insured may convert a conversion percentage of
all paid premium payments to an equity-building vehicle or an insurance
device after passage of a conversion qualifying period.
32. The insurance product in accordance with claim 31 wherein the
vesting qualifying period is of a shorter duration than the conversion
qualifying period.
33. The insurance product in accordance with claim 31 wherein the
vesting qualifying period and the conversion qualifying period are
of the same duration.
34. The insurance product in accordance with claim 31 wherein the
equity-building vehicle is a life insurance policy.
35. The insurance product in accordance with claim 3 wherein the
insurance product optionally provides the insured with a conversion
option whereby the insured may convert a conversion percentage of
all paid premium payments to an equity-building vehicle or an insurance
device after passage of a conversion qualifying period.
36. The insurance product in accordance with claim 35 wherein the
equity-building vehicle is a life insurance policy.
37. An insurance product for lifestyle protection comprising: an
insurance coverage that protects an insured against a reduction
in compensation, the reduction in compensation arising from the
insured leaving an initial employment position having an initial
compensation amount and being activated or deployed for military
service, the military service having a reduced compensation amount
that is less than the initial compensation amount.
38. The insurance product in accordance with claim 37 wherein the
reduction in compensation is the difference between the initial
compensation amount and the reduced compensation amount.
39. An insurance product for lifestyle protection comprising: an
insurance coverage that protects an insured against a reduction
in compensation, the reduction in compensation arising from the
insured leaving an initial employment position having an initial
compensation amount and being activated or deployed for military
service, the military service having a reduced compensation amount
that is less than the initial compensation amount, the insurance
coverage requiring a premium payment be paid before the insured
is eligible to file a claim for benefits.
40. The insurance product in accordance with claim 39 wherein the
reduction in compensation is the difference between the initial
compensation amount and the reduced compensation amount.
41. The insurance product in accordance with claim 39 wherein the
insured remains in active military service for at least an eligibility
period to be eligible to file the claim for benefits.
42. The insurance product in accordance with claim 41 wherein,
upon acceptance of the claim for benefits, the insured receives
benefits for a benefit period.
43. The insurance product in accordance with claim 42 wherein the
benefits comprise a predetermined percentage of the reduction in
compensation.
44. The insurance product in accordance with claim 42 wherein the
insurance coverage terminates upon commencement of the benefit period.
45. The insurance product in accordance with claim 42 wherein the
insured receives benefits in monthly increments.
46. The insurance product in accordance with claim 41 wherein the
insured may optionally have an early termination percentage of the
paid premium payments be returned if the insured leaves active military
service during the eligibility period.
47. The insurance product in accordance with claim 39 wherein the
insurance product optionally provides the insured with a vesting
option whereby the insured is eligible to recover a vesting percentage
of all paid premium payments after passage of a vesting qualifying
period.
48. The insurance product in accordance with claim 47 wherein the
insurance product optionally provides the insured with a conversion
option whereby the insured may convert a conversion percentage of
all paid premium payments to an equity-building vehicle or an insurance
device after passage of a conversion qualifying period.
49. The insurance product in accordance with claim 39 wherein the
insurance product optionally provides the insured with a conversion
option whereby the insured may convert a conversion percentage of
all paid premium payments to an equity-building vehicle or an insurance
device after passage of a conversion qualifying period.
50. A method for providing an insurance product for lifestyle protection,
the method comprising: offering insurance coverage to protect an
-insured against a reduction in compensation arising from the insured
being involuntarily dismissed from an initial employment position
having an initial compensation amount and commencing a replacement
employment position having a reduced compensation amount that is
less than the initial compensation amount.
51. The method in accordance with claim 50 wherein the reduction
in compensation is the difference between the initial compensation
amount and the reduced compensation amount.
52. A method for providing an insurance product for lifestyle protection,
the method comprising: (a) offering insurance coverage to protect
an insured against a reduction in compensation arising from the
insured being involuntarily dismissed from an initial employment
position having an initial compensation amount and commencing a
replacement employment position having a reduced compensation amount
that is less than the initial compensation amount and (b) requiring
a premium payment be paid for at least an eligibility period before
the insured is eligible to file a claim for benefits.
53. The method in accordance with claim 52 wherein the reduction
in compensation is the difference between the initial compensation
amount and the reduced compensation amount.
54. The method in accordance with claim 52 further comprising requiring
the insured to at least procure the replacement employment position
within a reemployment period after the involuntary dismissal to
be eligible to file the claim for benefits.
55. The method in accordance with claim 54 further comprising accepting
the claim for benefits and providing the insured with benefits for
a benefit period.
56. The method in accordance with claim 55 wherein the benefits
comprise a predetermined percentage of the reduction in compensation.
57. The method in accordance with claim 52 wherein the method further
comprises providing the insured with a vesting option whereby the
insured is eligible to recover a vesting percentage of all paid
premium payments after passage of a vesting qualifying period.
58. The method in accordance with claim 52 wherein the method further
comprises providing the insured with a conversion option whereby
the insured may convert a conversion percentage of all paid premium
payments to an equity-building vehicle or an insurance device after
passage of a conversion qualifying period.
59. The method in accordance with claim 52 wherein the method further
comprises providing one or more other insurance coverages that protect
against expenses incurred during unemployment.
60. A method for providing an insurance product for lifestyle protection
comprising, the method comprising: offering an insurance coverage
to protect an insured against a reduction in compensation arising
from the insured leaving an initial employment position having an
initial compensation amount and being activated or deployed for
military service, the military service having a reduced compensation
amount that is less than the initial compensation amount.
61. The method in accordance with claim 60 wherein the reduction
in compensation is the difference between the initial compensation
amount and the reduced compensation amount.
62. A method for providing an insurance product for lifestyle protection
comprising, the method comprising: (a) offering an insurance coverage
to protect an insured against a reduction in compensation arising
from the insured leaving an initial employment position having an
initial compensation amount and being activated or deployed for
military service, the military service having a reduced compensation
amount that is less than the initial compensation amount and (b)
requiring a premium payment be paid before the insured is eligible
to file a claim for benefits.
63. The method in accordance with claim 62 wherein the reduction
in compensation is the difference between the initial compensation
amount and the reduced compensation amount.
64. The method in accordance with claim 62 further comprising requiring
the insured to remain in active military service for at least an
eligibility period to be eligible to file the claim for benefits.
65. The method in accordance with claim 64 further comprising accepting
the claim for benefits and providing the insured with benefits for
a benefit period.
66. The method in accordance with claim 65 wherein the benefits
comprise a predetermined percentage of the reduction in compensation.
67. The method in accordance with claim 62 wherein the method further
comprises providing the insured with a vesting option whereby the
insured is eligible to recover a vesting percentage of all paid
premium payments after passage of a vesting qualifying period.
68. The method in accordance with claim 62 wherein the method further
comprises providing the insured with a conversion option whereby
the insured may convert a conversion percentage of all paid premium
payments to an equity-building vehicle or an insurance device after
passage of a conversion qualifying period.
69. A method of implementing an insurance product to protect an
insured against a reduction in compensation arising from the insured
being involuntarily dismissed from an initial employment position
having an initial compensation amount and commencing a replacement
employment position having a reduced compensation amount that is
less than the initial compensation amount, the method comprising:
(a) enrolling the insured in the insurance product and (b) receiving
premium payments from the insured for at least an eligibility period.
70. A method of implementing an insurance product to protect an
insured against a reduction in compensation arising from the insured
being involuntarily dismissed from an initial employment position
having an initial compensation amount and commencing a replacement
employment position having a reduced compensation amount that is
less than the initial compensation amount, the method comprising:
(a) processing a claim for benefits and (b) providing benefits to
the insured for a benefit period.
71. The method in accordance with claim 70 further comprising requiring
the insured to at least procure the replacement employment position
within a reemployment period following the involuntary dismissal
to be eligible to file the claim for benefits.
72. A method of implementing an insurance product to protect an
insured against a reduction in compensation arising from the insured
leaving an initial employment position having an initial compensation
amount and being activated or deployed for military service, the
military service having a reduced compensation amount that is less
than the initial compensation amount, the method comprising: (a)
enrolling the insured in the insurance product and (b) receiving
a premium payment from the insured.
73. A method of implementing an insurance product to protect an
insured against a reduction in compensation arising from the insured
leaving an initial employment position having an initial compensation
amount and being activated or deployed for military service, the
military service having a reduced compensation amount that is less
than the initial compensation amount, the method comprising: (a)
requiring the insured to remain in active military service for at
least an eligibility period to be eligible to file a claim for benefits;
(b) processing the claim for benefits and (c) providing benefits
to the insured for a benefit period.
Insurance Description
CROSS-REFERENCE TO RELATED APPLICATION
[0001] This application claims the benefit of, and claims priority
to provisional U.S. Patent Application Ser. No. 60/642,014, filed
on Jan. 7, 2005, which is incorporated herein by reference in its
entirety.
FIELD OF THE INVENTION
[0002] The present invention relates generally to an insurance
product or products that protects a wage earner against a reduction
in compensation resulting from an event such as involuntary dismissal
from employment or military service activation, and subsequent reemployment
at a reduced compensation. The present invention also relates to
a method or methods for providing and implementing an insurance
product to protect a wage earner against a reduction in compensation
resulting from such an event.
BACKGROUND OF THE INVENTION
[0003] The employment market in the U.S. has become increasingly
fraught with unease in recent years. Numerous external forces have
created a situation where many wage earners live in a persistent
state of anxiety due to an unsteady job market. Specifically, more
and more businesses are looking to improve their financial status
by outsourcing or shifting U.S. jobs to overseas markets where wages
may be less expensive. Moreover, improvements in technology in foreign
markets have expanded the scope of jobs that can feasibly be moved
overseas. Now, jobs in both manufacturing and service industries,
once thought to be secure, may be shifted to an overseas market
with ease. As a result, even wage earners who are able to build
a solid relationship with an employer over many years hold concerns
regarding their long-term employment stability.
[0004] Several consequences arise as a result of this tenuous U.S.
employment environment. Persistent concerns regarding a wage earner's
ability to support himself or herself with a reliable salary will
carry over to the wage earner's dependents and family. Undue stress
and discord in the home may lead to difficult family situations
such as marital separation and/or divorce. In addition, increased
numbers of unemployment claims from wage earners who suffer involuntary
dismissal will place an undue burden upon society as a whole.
[0005] Particular among these consequences is the fact that many
wage earners who struggle to find new employment following an involuntary
dismissal accept a replacement employment position with reduced
compensation. Many families experience significant difficulty in
maintaining a consistent level of compensation in the home following
an involuntary dismissal. Accordingly, a need exists for a form
of insurance whereby a wage earner who suffers involuntary dismissal
for reasons other than, for example, criminal activity, may be protected
against a reduction in compensation arising from reemployment at
an employment position having a reduced compensation.
[0006] Many of these concerns regarding the involuntary dismissal
of a wage earner and the maintenance of a consistent level of compensation
in the home are paralleled in the context of a member of the National
Reserve or armed forces undergoing military service activation or
deployment. Accordingly, a need exists for a form of insurance whereby
a wage earner who is activated for military service or deployment
may be protected against a reduction in compensation upon leaving
his or her position of employment for activation.
[0007] Another related concern arises when a wage earner must leave
active employment or retire at a time prior to attaining eligibility
for social security or other retirement benefits. In this situation,
a wage earner encounters a gap where he or she is unable to maintain
a consistent level of compensation through active employment, but
is not yet able to qualify for retirement benefits. Accordingly,
a need exists for a form of insurance whereby a wage earner may
protect against a reduction in compensation resulting from an involuntary
dismissal and reemployment in a position having a reduced compensation
and have the option to supplement his or her compensation during
the span of time between the termination of active employment and
the commencement of retirement benefits.
SUMMARY OF THE PRESENT INVENTION
[0008] Briefly described, the present invention relates to an insurance
product for protecting a wage earner against a reduction in compensation
resulting from reemployment at a reduced compensation level following
an involuntary dismissal from an employment position at a higher
compensation level. The term "compensation" may include,
but is not limited. to, salary, wages, income, stock options, overtime
compensation,. commissions, or bonuses, intangible or otherwise.
Whoever implements an insurance product in accordance with the present
invention may determine what specific aspects of compensation qualify
in determining the total amount of compensation for purposes of
the employment position immediately prior to involuntary dismissal
as well as the replacement employment position. Additionally, the
specific aspects of compensation for determining the total amount
of compensation of the employment position immediately prior to
involuntary dismissal may vary from the specific amounts of compensation
for determining the total amount of compensation of the replacement
employment position. Further, the present invention relates to an
insurance product that protects against a reduction in compensation
resulting from activation for military service. Still further, the
present invention relates to an insurance product whereby an insured
may elect to have a vesting percentage of paid premiums be returned
after a first specified period of time or to have a conversion percentage
of premiums be converted into an equity-building vehicle, such as
an annuity, life insurance policy, pension, or an insurance device,
such as long term disability insurance or health care insurance,
after a second specified period of time.
[0009] Additionally, the present invention relates to a method
or methods for providing such an insurance product to a wage earner.
In one method for providing an insurance product, a wage earner
may selectively enter into use of an insurance product and commence
the payment of premiums as an insured, provided that the wage earner
carries an insurable risk of potential reduced compensation arising
from an involuntary dismissal and subsequent reemployment, subject
to various underwriting criteria. Once various eligibility criteria
have been met, an insured may file a claim for benefits resulting
from an involuntary dismissal and subsequent reemployment in a position
with a reduced level of compensation. Benefits may be paid to an
insured for a benefit period as a means of supplementing an insured's
reduction in compensation. An insured is thus able to maintain a
compensation level that is more consistent with the previous level
of compensation and subsequently is better equipped to maintain
the lifestyle associated with the employment position immediately
prior to involuntary dismissal. Further, benefit payments associated
with a filed claim for benefits can hopefully mitigate and minimize
discord and stress within the insured's family during replacement
employment. Additionally, with the incentive of benefits coinciding
with a replacement employment position, the insured is more likely
to seek replacement employment without delay. Accordingly, societal
costs of the insured's unemployment may be minimized.
[0010] In another method for providing such an insurance product,
a wage earner who faces the prospect of military activation or deployment
for military service may selectively enter into use of an insurance
product and commence the payment of premiums. When an insured suffers
a loss in compensation as a result of military activation or deployment,
an insured may file a claim for lost compensation to supplement
the reduced level of compensation, subject to eligibility criteria.
An insured is thus able to maintain a level of compensation that
is more consistent with the level of compensation prior to military
activation or deployment and subsequently is better equipped to
maintain the lifestyle associated with the employment prior to military
activation or deployment. Moreover, the negative impact of lost
compensation upon the activated or deployed insured's family may
be mitigated or minimized by the benefits paid to the insured.
[0011] In still yet another aspect of such an insurance product,
a wage earner may elect to build equity through participation in
the insurance product. Upon satisfaction of eligibility criteria,
an insured may elect to have a vesting percentage of all paid premiums
be returned following passage of a first specified period of time.
Additionally, an insured may elect to convert a conversion percentage
of all paid premiums following a second specified time to an equity-building
vehicle, such as an annuity, life insurance policy, or pension,
which vehicle would be payable to the insured or the insured's designee,
or an insurance device, such as long term disability insurance or
health care insurance, which device would cover personal expenses
related to the insured. In accordance with the equity-building vehicle,
an insured may treat the insurance product as a form of investment
whereby the benefits function as a compensation supplement to maintain
long-term financial security for an insured who must leave a position
of employment prior to eligibility for other retirement benefits
such as social security. Moreover, the annuity or other funds associated
with the equity-building vehicle may receive favorable treatment
under U.S. tax laws upon payment to the insured or the insured's
designee.
[0012] Further areas of applicability of the present invention
will become apparent from the detailed description provided hereinafter.
It should be understood that the detailed description and specific
examples, while indicating the preferred embodiments of the invention,
are intended for purposes of illustration only and are not intended
to limit the scope of the invention.
BRIEF DESCRIPTION OF THE DRAWINGS
[0013] Further features, embodiments, and advantages of the present
invention will become apparent from the following detailed description
with reference to the drawings, wherein:
[0014] FIG. 1 is an overall schematic of a method for providing
an insurance product in accordance with the present invention whereby
a wage earner may selectively be insured against the prospect of
a reduced level of compensation for a new position of employment
following an involuntary dismissal;
[0015] FIG. 2 is an overall schematic of another method for providing
an insurance product in accordance with the present invention whereby
a wage earner employed, in the civilian sector may selectively be
insured against the prospect of military activation or deployment
for military service; and
[0016] FIG. 3 is an overall schematic of providing an insurance
product in accordance with the present invention whereby an insured
may elect to have a vesting percentage of premiums paid be returned
after a first specified period of time or to have a conversion percentage
of premiums be converted into an equity-building vehicle, such as
an annuity, life insurance policy, or pension, or an insurance device,
such as long term disability insurance or health care insurance,
after a second specified period of time.
DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS
[0017] An insurance product in accordance with the present invention
protects a wage earner against the prospect of a reduction in compensation
upon reemployment in a replacement employment position following
an involuntary dismissal, or upon reduction in compensation resulting
from activation for military service. Further, the insurance product
provides an option whereby an insured may elect to have a percentage
of paid premiums be returned after a first specified period of time
or to have a percentage of premiums converted into an equity-building
vehicle, such as an annuity, life insurance policy, or pension,
or an insurance device, such as long term disability insurance or
health care insurance, after a second specified period of time.
[0018] The term "wage earner" as used in the context
of the present invention may be a person with either full-time employment
or part-time employment. Preferably, the wage earner is a full-time
employee with an average of at least thirty-five hours of work time
each week. Furthermore, the wage earner may be paid by a salary
or hourly wages. Preferably, the full-time wage earner is salaried.
The term "insured" as used in the context of the present
invention refers to a wage earner who enrolls in the insurance product.
[0019] The term "compensation" may include, but is not
limited to, salary, wages, income, stock options, overtime compensation,
commissions, or bonuses, intangible or otherwise. Whoever implements
an insurance product in accordance with the present invention may
determine what specific aspects of compensation qualify in determining
the total amount of compensation for purposes of the employment
position immediately prior to involuntary dismissal as well as the
replacement employment position. Additionally, the specific aspects
of compensation for determining the total amount of compensation
of the employment position immediately prior to involuntary dismissal
may vary from the specific amounts of compensation for determining
the total amount of compensation of the replacement employment position.
[0020] Referring now to the drawings, a method or methods for providing
an insurance product in accordance with the present invention are
next described. The following description of these method(s) are
merely exemplary in nature and are in no way intended to limit the
invention, its application, or uses.
[0021] FIG. 1 is an overall schematic of a method for providing
an insurance product in accordance with the present invention whereby
a wage earner may selectively be insured against the prospect of
a reduced level of compensation for a replacement position of employment
following an involuntary dismissal. A wage earner who seeks to be
insured may, upon the satisfaction of specific eligibility criteria,
selectively commence the payment of premiums and become an insured.
If an insured is dismissed from his or her employment at any time
for a reason other than an involuntary dismissal, the insured is
not eligible to file a claim for benefits. Furthermore, in some
instances, it is preferred that pursuant to the terms of the insurance
product, an insured may not be eligible to file a claim for benefits
regardless of the nature of the dismissal. Examples of instances
whereby it may be preferred for an insured not to be eligible to
file a claim for benefits despite an involuntary dismissal include,
but are not limited to: (a) a dismissal and subsequent reemployment
at a reduced level of compensation by the same employer, affiliated
company of the employer, or subsidiary company of the employer;
(b) a dismissal resulting from an insured's misconduct regarding
unlawful discrimination; (c) a dismissal resulting from an insured's
misconduct regarding sexual harassment; (d) a dismissal resulting
from an insured's drug or alcohol abuse; (e) a dismissal resulting
from an insured's conviction for a felony related to the employment
position; and (f) a dismissal resulting from an insured's actions
in a labor dispute such as a strike.
[0022] If an insured is involuntarily dismissed from an employment
position prior to the completion of an initial eligibility period
while continuing payment of premiums, then the insured has several
possible options. In accordance with a first option, the insured
may opt to recover an early termination percentage of the premiums
paid up to the point when premiums cease to be paid. In accordance
with a second option, the insured may temporarily cease payment
of premiums and resume at a later time. In accordance with a third
option, the insured may opt to continue payment of premiums. The
second and third options effectively permit an insured to maintain
eligibility in a manner such that a claim for benefits may be filed
at a future time.
[0023] If an insured is involuntarily dismissed from an employment
position following the passage of an initial eligibility period
and a secondary eligibility period, if applicable, while continuing
payment of premiums or the insured maintains eligibility by continuing
payment of premiums despite an involuntary dismissal from employment
prior to passage of the eligibility period(s) then, if and when
the insured is able to obtain a replacement employment position,
he or she is eligible to file a claim for benefits if the compensation
amount for the replacement employment position is less than that
of the employment position immediately prior to involuntary dismissal.
If the claim for benefits is determined to be valid, then a predetermined
percentage of the reduction in compensation may be paid to the insured
for a benefit period that commences with the replacement employment
position. In a preferred embodiment of the present invention, the
insured's participation in the insurance product is terminated upon
commencement of the benefit period.
[0024] In accordance with the method for providing an insurance
product of FIG. 1, to be eligible for participation as an insured
it is preferred that a wage earner be employed in an employment
position that is expected to provide regular employment for greater
than a six-month period. Thus, temporal or seasonal employment positions
or a wage earner who works in accordance with a fixed contract would
preferably be excluded from participation. With respect to compensation
levels for determining eligibility to participate in an insurance
product in accordance with the present invention, a range of acceptable
compensation amounts may exist. In a preferred embodiment of the
present invention, a minimum annual salary of a wage earner sufficient
for eligibility is preferably between about $25,000 and $50,000
and a preferred maximum salary range of a wage earner sufficient
for eligibility is between about $150,000 and $200,000. However,
a wage earner who earns an annual salary in excess of $200,000 may
also be eligible. Such individuals may be subject to enhanced underwriting
scrutiny and may be charged an additional premium to acquire coverage.
As a matter of course, however, such a wage earner who earns a salary
in excess of $200,000 and meets such enhanced underwriting criteria
may also receive the advantage of an increase in benefits than what
may otherwise be available to an insured. Each of these monetary
figures is based upon current dollar values as of the filing of
this application.
[0025] Additionally, a wage earner earning at or above the maximum
salary range is at an increased risk of a reduction in compensation
since such a wage earner may experience increased difficulty with
respect to finding a replacement employment position at or near
the salary level of the employment position immediately prior to
involuntary dismissal. Accordingly, such a wage earner may optionally
be eligible to use an insurance product in accordance with the present
invention provided that additional eligibility criteria have been
satisfied, such as the inclusion of a maximum indemnity amount.
Acceptable minimum and maximum ranges of salary as well as total
compensation for determining wage earner eligibility for participation
may fluctuate incrementally, or even by wide margins, in accordance
with various economic and non-economic factors.
[0026] In accordance with the method for providing an insurance
product of FIG. 1, underwriting criteria for determining whether
a particular wage earner carries an insurable risk of potential
reduced compensation arising from an involuntary dismissal and subsequent
reemployment may include, but are not limited to, geographic location,
personal employment history, economic factors, and industry-specific
criteria. Wage earners associated with certain types of industries
such as construction, arts, entertainment, recreation, food services,
and accommodations are preferably ineligible due to -unusually high
turnover rates associated with these industries. Additionally, wage
earners employed by employers with unusually high quantities of
involuntary dismissals are preferably ineligible for participation..
[0027] In accordance with the method for providing an insurance
product of FIG. 1, the initial eligibility period is the period
of time that an insured must pay premiums in order to be eligible
to file a claim for benefits. The initial eligibility period is
preferably a span of time sufficient to operate as a mechanism to
reduce or to deter the number of claims filed by an insured who
seeks to participate in the insurance product in advance of an anticipated
involuntary dismissal. Therefore, the span of time is selected for
the initial eligibility period such that profits associated with
sale of the insurance product are maximized while providing a reasonable
and acceptable product price in the marketplace. In a preferred
embodiment of the present invention, the duration of the initial
eligibility period is from six months to three years, and more preferably
two years. The duration of the initial eligibility period is adjustable
and may be arranged to correspond directly with the pricing of the
insurance product. For example, an insured willing to pay an increased
premium for coverage may have the benefit of a shorter initial eligibility
period, and an insured seeking to pay a reduced premium may have
a longer initial eligibility period.
[0028] In accordance with the method for providing an insurance
product of FIG. 1, an insured who uses the insurance product may
suffer involuntary dismissal prior to passage of the initial eligibility
period. In this instance, the insured may terminate use of the insurance
product and request recovery of an early termination percentage
of premiums paid up to the point; when payments of premium cease.
Additionally, if the insured voluntarily shifts to an employment
position that fails to meet other eligibility criteria for participation
with the insurance product, participation may be terminated by the
insurer and the insured may request recovery of an early termination
percentage of premiums paid up to the point when payments of premium
cease. In each circumstance, the early termination percentage is
selected such that it operates to maximize profits associated with
sale of the insurance product while providing a reasonable and acceptable
product price in the marketplace. In a preferred embodiment of the
present invention, the early termination percentage of paid premiums
that may optionally be recovered by the insured is within the range
of about fifty percent to one hundred percent, and more preferably
sixty percent.
[0029] If an insured changes employment during the initial eligibility
period, the insured may be subject to the secondary eligibility
period during which the insured must be employed for a span of time
in the new employment position in order to have eligibility to file
a claim for benefits. Preferably, the secondary eligibility period
is at least one year. The secondary eligibility period may preferably
only apply if the change in employment occurs during the latter
portion of the initial eligibility period such that less than a
year remains in the initial eligibility period when the change in
employment occurs. Notably, however, it is within the scope of the
present invention to eliminate a secondary eligibility period following
a shift in employment during the initial eligibility period, provided
that an insured is subject to an increased premium.
[0030] In accordance with the method for providing an insurance
product of FIG. 1, an insured who continues payment of premiums
during the entirety of the initial eligibility period as well as
the secondary eligibility period, if applicable, and who subsequently
suffers involuntary dismissal and reemployment at a reduced level
of compensation may be eligible to file a claim for benefits. In
order to optimize both the marketability and profitability associated
with an insurance product in accordance with the present invention,
various parameters, such as a benefit period for benefits that may
be paid to an insured and a predetermined percentage of the reduction
in compensation that may be paid to an insured, may be placed upon
the claim for benefits. Market factors affecting the determination
of such parameters include the optimization of profits associated
with the insurance product and assurance that an acceptable product
is placed into the marketplace. As such, the duration of the benefit
period, during which the insured may receive benefits in accordance
with these factors, is preferably from one to three years, and more
preferably two years, from the time that replacement employment
commences. Additionally, the predetermined percentage of the reduction
in compensation payable to the insured in accordance with these
factors is preferably within the range of about fifty percent to
one hundred percent, and more preferably sixty percent, of the reduction
in compensation. The duration of the benefit period and the predetermined
percentage of the reduction in compensation payable to the insured
are adjustable and may be arranged to correspond directly with the
pricing of the insurance product. For example, an insured willing
to pay an increased premium for coverage may have the advantage
of a longer benefit period, and an insured seeking to pay a reduced
premium may have a shorter benefit period. Similarly, an insured
seeking to recover a greater percentage of the reduction in compensation
may be subject to an increased premium while an insured willing
to recover a reduced percentage of the reduction in compensation
may be subject to a reduced premium. In some instances, the predetermined
percentage of the reduction in compensation payable to an insured
could be as high as one hundred percent, particularly in cases where
an insured may require enhanced lifestyle protection for personal
tax,.financial, retirement planning, or other reasons.
[0031] In accordance with the method for providing an insurance
product of FIG. 1, an insurance product may optionally include a
reemployment period. The reemployment period is the period of time
in which an insured preferably commences a replacement employment
position following involuntary termination in order to be eligible
to file a claim for benefits. As with the initial eligibility criteria,
the replacement employment position preferably meets specific eligibility
criteria in order for the insured to be able to file a claim for
benefits. Specifically, to be eligible to file a claim for benefits,
an insured is preferably reemployed in a full-time replacement employment
position with at least an average of thirty-five work hours each
week. Additionally, the replacement employment position is preferably
a position that is expected to provide regular employment for greater
than a six-month period. Thus, temporal or seasonal employment positions
or wage earners who work in accordance with a fixed contract would
typically be excluded from participation. However, it is also within
the scope of the present invention that the replacement employment
position may include multiple distinct employment positions in order
to satisfy the eligibility criteria to file a claim for benefits.
Benefits are to continue for the duration of the benefit period
while an insured is actively employed in the replacement employment
position. If, however, an insured is dismissed from the replacement
employment position, benefits may be terminated unless further replacement
employment commences. Further, if an insured dies while benefits
are due, benefits may terminate at the insured's death. Otherwise
outstanding benefits due to the deceased insured may be paid to
the estate of the insured or the insured's designee.
[0032] An insured preferably commences a replacement employment
position within the duration of the reemployment period in order
to have eligibility to file a claim for benefits. It is also within
the scope of the present invention that the insured may have eligibility
to file a claim for benefits by procuring the replacement employment
position within the duration of the reemployment period. Such a
period of time promotes the personal interests of an insured by
encouraging replacement employment as well as the societal interests
in reducing the level of unemployment. The time in which reemployment
is to occur is selected such that it operates as an inducement to
the insured to acquire a replacement employment position. These
considerations are balanced with the desire to maximize the profits
associated with sale of an insurance product in accordance with
the present invention yet provide a reasonable and acceptable product
price in the marketplace. In a preferred embodiment of the present
invention, the reemployment period is one year.
[0033] In accordance with the method for providing an insurance
product of FIG. 1, calculation of the reduction in compensation
for purposes of determining the amount payable to an insured who
files a valid claim for benefits will preferably entail subtraction
of the total compensation amount for the replacement employment
position from the total compensation amount of the employment position
immediately prior to involuntary dismissal. Calculation of the total
compensation for the replacement employment position preferably
includes the sum total of all compensation including, but not limited
to, salary, wages, income, stock options, overtime compensation,
commissions, and bonuses, intangible or otherwise. Calculation of
the total compensation for the employment position immediately prior
to involuntary dismissal preferably includes salary and/or wages
without the addition of other forms of compensation such as stock
options, overtime compensation, commissions, and bonuses, intangible
or otherwise. While these calculations are advantageous in that
they tend to dissuade an insured from fraudulent or improper claims,
such calculations may be adjusted to include or exclude the various
components of compensation as would be desired. Profits associated
with an insurance product of the present invention may be optimized
while providing a reasonable and acceptable product price in the
market if a maximum salary gap percentage of the total compensation
for the employment position immediately prior to involuntary dismissal
is determined. Furthermore, the maximum salary gap percentage imposes
an incentive upon an insured who has been involuntarily dismissed
to accept a replacement employment position with a compensation
amount more closely situated to the employment position immediately
prior to involuntary dismissal, thus reducing the economic impact
of the reduction in compensation. The maximum salary gap percentage
is preferably fifty percent of the total compensation amount immediately
prior to involuntary dismissal. Thus, in a preferred embodiment
of the present invention, the maximum amount of benefits to be received
by an insured who files a valid claim for benefits is sixty percent
of the reduction in compensation subject to the maximum salary gap
percentage of fifty percent of the total compensation amount immediately
prior to involuntary dismissal. Additionally, benefits associated
with an insurance product in accordance with the present invention
are preferably paid on a monthly basis.
[0034] In accordance with the method for providing an insurance
product of FIG. 1, a wage earner's participation as an insured terminates
upon commencement of the benefit period. Thus, in a preferred embodiment,
an insured is entitled to a single benefit period during which benefits
are paid. However, a wage earner whose participation has terminated
after use of the insurance product following a benefit period during
which a filed claim for benefits is paid may optionally reapply
to commence participation anew subject to various underwriting standards
and risk evaluation factors. Included among these underwriting standards
and risk evaluation factors may be the type of industry for the
replacement employment position, the history of the new employer
with respect to involuntary dismissals, the potential of the wage
earner to be involuntarily dismissed, the potential of the wage
earner to make a fraudulent claim, and the potential of the wage
earner to gain compensation at an unrealistically high level in
the replacement employment position. Furthermore, it is also within
the scope of the present invention that an insured may opt to pay
an increased premium for coverage in order to have the option of
multiple potential benefit periods during the insured's participation
with the insurance product. Thus, such an insurance product would
provide coverage during the working life of the insured. Notably,
however, an insured seeking the benefit of coverage for his or her
working life may be subject to enhanced underwriting scrutiny.
[0035] The insurance product of the present invention may be advantageously
offered in conjunction with other optional coverages and corresponding
benefits that may be marketable to wage earners wishing to be insured
against losses incurred from an interruption in employment. Such
optional coverages may involve the provision of benefits to an insured
during unemployment and may cease once the insured finds replacement
employment. For example, an insurance product in accordance with
the present invention may be packaged with an additional insurance
coverage to provide a separate benefit to cover the COBRA health
insurance payments that an insured may incur during the period of
unemployment. Additionally, an insurance product in accordance with
the present invention may be packaged with an additional insurance
coverage to provide a separate benefit for vital personal living
expenses such as monthly mortgage, rent and credit card payments.
Such optional coverage, if sold in conjunction with an insurance
product of the present invention, would require increased premiums
for the insured.
[0036] FIG. 2 is an overall schematic of another method for providing
an insurance product in accordance with the present invention whereby
a wage earner employed in the civilian sector may selectively be
insured against the prospect of military activation or deployment
for military service. In accordance with the method of the present
invention, an insurance product is provided whereby, upon the satisfaction
of specific eligibility criteria, a wage earner who faces the prospect
of military activation or military service deployment may selectively
enter into use of the insurance product and commence payment of
premiums, thus becoming an insured. If the insured never ultimately
enters into active military service, the insured is not eligible
to file a claim for benefits. However, if the insured enters into
active military service, then operation of the method of FIG. 2
depends upon whether the insured remains in active military service
for an eligibility period. If the insured leaves active military
service prior to the completion of the eligibility period while
maintaining the payment of premiums, then the insured has several
possible options under the policy. In accordance with a first option,
the insured may opt to recover an early termination percentage of
the premiums paid up to the point when premiums cease to be paid.
In accordance with a second option,.the insured may temporarily
cease payment of premiums and resume at a later time. In accordance
with a third option, the insured may opt to continue use of the
insurance product and continue payment of premiums. The second and
third options effectively permit an insured to maintain eligibility
in a manner such that a claim for lost compensation may be filed
at a future time.
[0037] On the other hand, If the insured remains in active military
service for the eligibility period, and this activation or deployment
results in a reduced level of compensation, then the insured may
file a claim for benefits to recover a percentage of the reduction
in compensation that results from the military service activation
or deployment. Benefits may preferably be made in monthly increments
for the duration of a benefit period. The insured's participation
in the insurance product is terminated upon commencement of the
benefit period. Optionally, the insured's spouse or other designated
family member may file a claim for benefits once the insured has
remained in active military service for the duration of the eligibility
period.
[0038] A wide range of options is available for use with the foregoing
core method. For example, a wage earner who may be a candidate for
participation in an insurance product in accordance with the present
invention may include a draft-eligible but otherwise non-military
civilian, military reservist, or even, in some circumstances, active
military personnel. Draft-eligible civilians may wish to mitigate
against possible loss in compensation due to sudden selection via
military draft. Reservists are more likely to be called to active
service, and thus may face correspondingly higher premiums, but
are likely to be more interested in preserving a higher compensation
level in the not unlikely event that they are called to active service
and face a corresponding drop in compensation when they leave their
civilian jobs. As will be discussed further below, active military
personnel may wish to purchase insurance against the possibility
that they are required to remain in active service for a longer
period of time than they otherwise anticipated, and thus would potentially
suffer from loss in compensation relative to the higher civilian
salaries they otherwise might command in that same time period.
[0039] Referring to FIG. 2, it is noted that, given the range of
possible candidates for participation in an insurance product in
accordance with the present invention, the illustrated method may
not require the first steps to be carried out in the illustrated
sequence. More specifically, it will be apparent that a particular
wage earner may enter into use of the product and payment of premiums
may commence, either before or after the wage earner enters active
military service. Of course, as described previously, some types
of wage earners may enter into use of the product but never enter
active military service, thereby rendering them ineligible for benefits.
[0040] Special options also exist for payment of premiums. More
specifically, there is a greater likelihood that the person or entity
responsible for payment of the premiums is not the insured. For
example, the civilian employer may pay all or part of the premiums
as part of a particular employee benefit in order to recruit or
retain employees, the government responsible for the military may
pay all or part of the premiums in order to encourage enlistment
or service, or the like. Moreover, payment may be shared between
the insured and the employer, between the insured and the government,
or between the employer and the government.
[0041] In another option, eligibility for benefits could be affected
by the insured's status in the service. For example, dishonorably
discharged personnel might lose this particular benefit, or an insured
who returns to civilian life prior to the end of the eligibility
period through no fault of his or her own may be made eligible anyway,
or the government may take over responsibility for payment of premium.
Other situations, eligibility criteria, and the like will be apparent
to those of ordinary skill in the art.
[0042] In yet another option, an insured who returns to civilian
life and is otherwise eligible to make a claim, but does not do
so, may be permitted to carry his or her policy over to a civilian
job without requalifying or without triggering new time period requirements,
or are subject only to reduced time period requirements.
[0043] Finally, it will be apparent that many or all options available
in other insurance products offered in accordance with other embodiments
of the present invention may be equally applicable to this military
service product.
[0044] FIG. 3 is an overall schematic of still yet another method
for providing an insurance product in accordance with the present
invention whereby an insured may elect to have a vesting option
whereby a vesting percentage of all premiums paid may be returned
after a first specified period of time or to have a conversion option
whereby a conversion percentage of premiums may be converted into
an equity-building vehicle, such as an annuity, life insurance policy,
or pension, or an insurance device, such as long term disability
insurance or health care insurance, after a second specified period
of time.
[0045] In accordance with the method for providing an insurance
product of FIG. 3, an insurance product is provided whereby, upon
the satisfaction of specific eligibility criteria, the wage earner
may selectively enter use of the insurance product and begin the
payment of premiums as an insured, which provides the insured with
the option to file a claim for lost compensation upon involuntary
dismissal and replacement employment at a reduced level of compensation
or to build equity. In accordance with the vesting option, once
premiums have been paid for a first specified period of time without
filing a claim for benefits, which may be termed the vesting qualifying
period, the insured may opt to cancel the policy and recover a vesting
percentage of the premiums paid. Thus, the vesting percentage of
premiums paid to be recovered in accordance with the vesting option
will vest upon the completion of the vesting qualifying period.
Additionally, in accordance with the conversion option, the insured
may opt to continue payment of premiums for a second specified period
of time, which may be termed the conversion qualifying period. Upon
completion of the conversion qualifying period without filing a
claim for benefits, the insured may opt to convert a conversion
percentage of the premiums paid to an equity-building vehicle payable
to the insured or other designee, such as an annuity, life insurance
policy, or pension, or an insurance device, such as long term disability
insurance or health care insurance. While it is advantageous to
have different specified periods of time corresponding to the vesting
qualifying period and the conversion qualifying period so as to
provide an incentive to insureds who continue payment of premium,
it is also within the scope of the present invention that the vesting
qualifying period and the conversion qualifying period may have
the same duration, thus permitting both options to become available
to an insured upon passage of the same period of time.
[0046] In accordance with the method for providing an insurance
product of FIG. 3, the vesting qualifying period is preferably a
sufficiently lengthy period of time, such as ten years. Notably,
the duration of the vesting qualifying period is adjustable and
may be arranged to correspond directly with the pricing of the insurance
product. For example, an insured willing to pay an increased premium
for coverage may have the benefit of a shorter vesting qualifying
period, and an insured seeking to pay a reduced premium may have
a longer vesting qualifying period. Furthermore, the vesting qualifying
period may be tied to the specific financial planning goals of the
insured. Moreover, determination of the vesting percentage of the
premiums paid that are recoverable by the insured upon the passage
of the vesting qualifying period involves many of the same factors
applicable to the determination of the predetermined percentage
of the reduction in compensation of FIG. 1. Another factor affecting
determination or optimization of the applicable vesting percentage
is favorable tax treatment for the insured. In accordance with these
factors, the vesting percentage of the premiums to be returned to
the insured upon policy cancellation is preferably a maximum of
sixty percent of the total premiums paid. Further, the amount of
premiums that will vest following passage of the vesting qualifying
period may vest over the course of a vesting entitlement period,
which may preferably be from five to twenty years. In a more preferred
embodiment, the vesting entitlement period is ten years and the
amount of premiums that may vest during the vesting entitlement
period may vest in a straight-line manner from ten years insured
to twenty years insured. Thus, six percent of the total premiums
paid may vest upon passage of the tenth year of payment of premiums.
In such a preferred embodiment, an additional six percent of the
total premiums paid may vest upon passage of each additional year
up to the twentieth year such that a total of sixty percent of total
premiums paid in accordance with the terms of the policy would be
available as a return of premium to the insured.
[0047] In accordance with the method for providing an insurance
product of FIG. 3, the conversion qualifying period is preferably
a sufficiently lengthy period of time, such as ten years. Additionally,
in accordance with the equity-building vehicle, the age of the insured
at which funds associated with an annuity or life insurance policy
may be paid to the insured or the insured's designee is preferably
sixty-seven. Further, a life insurance policy option associated
with the insurance product is preferably a whole life policy. Still
further, the insured may selectively designate another individual
or the insured's estate as the beneficiary of the funds associated
with the annuity or life insurance policy.
[0048] Selection of either or both of the vesting option and the
conversion option of an insurance product in accordance with the
present invention is preferably completed at the time of application
for participation. However, it is also within the scope of the present
invention than an insured may elect to add either or both of the
vesting option and the conversion option at a later time after application.
Election of either or both of the vesting option and the conversion
option may require payment of an increased premium. In a preferred
embodiment, the vesting option and the conversion option are layered
such that an insured must first elect the vesting option before
being presented with an opportunity to elect the conversion option
as well. Notably, an insured who elects either or both of the vesting
option and conversion option may also appreciate the aspect of the
present invention whereby an insured may elect to pay an increased
premium in order to have coverage for his or her working life such
that participation with the insurance product does not terminate
upon commencement of a single benefit period during which benefits
are paid to the insured.
[0049] In accordance with the method(s) for providing an insurance
product of the present invention, variables associated with eligibility
standards, actuarial tables, premium payments, and other relevant
parameters would necessarily be dependant upon the individualized
business purposes and financial goals of the person or entity that
provides the insurance product. Further, one of ordinary skill in
the relevant art is capable without undue experimentation of determining
desirable actuarial as well as other applicable figures and percentages.
Still further, selection of the variables and parameters associated
with the method(s) for providing an insurance product may be interdependent
such that changes in an individual variable or parameter may necessitate
corresponding changes in one or more other variables or parameters
in accordance with the business purposes and financial goals of
the person or entity that provides the insurance product.
[0050] In accordance with the method(s) for providing an insurance
product of the present invention, all quantitative estimations are
based upon current financial and actuarial data and information
available for determination of such estimates. As is readily understood
by those of ordinary skill in the relevant art, such estimations
may fluctuate by incremental, or even significant, margins and may
also vary in accordance with the standards of a specific geographical
locale.
[0051] In accordance with the method(s) for providing an insurance
product of the present invention, a full-time salaried wage earner
may preferably pay premiums using a standard payroll deduction or
other private transaction.
[0052] In accordance with the method(s) for providing an insurance
product of the present invention, the insurance product or products
of the present invention may preferably constitute a private business
transaction not subject to public or government subsidy. Further,
the insurance product or products of the present invention may be
portable, such that insurance coverage follows the insured, or non-portable,
such that insurance coverage remains with the employer. The portable
version of an insurance product is preferred. The portable version
of the insurance product may preferably be sold through distribution
sources direct to the individual wage earner and will follow the
insured from employment position to employment position throughout
his or her work life. In contrast, the non-portable version of an
insurance product may preferably be provided through an employer's
benefit program and will terminate upon the wage earner's departure
from the employment position. In both portable and non-portable
versions of the insurance product, involuntary dismissal may trigger
the ability to file a claim when the insured acquires a replacement
employment position with a reduced level of compensation.
[0053] In accordance with the method(s) for providing an insurance
product of the present invention, an insured may renew the insurance
product for a new term on an annual basis. At each renewal, premium
amounts may be adjusted in accordance with market factors.
[0054] An insurance product in accordance with the method(s) of
the present invention may be offered, marketed or distributed as
a discrete product or in conjunction with related products. Furthermore,
such an insurance product in accordance with the present invention
may be offered by, marketed by or distributed through financial
planners, intermediaries, insurers, agents, and the like individually
or as a part of another product such as a product for retirement,
disability insurance, health protection, unemployment insurance,
COBRA coverage and/or financial planning. Additionally, an insurance
product in accordance with the present invention may be offered
as a group policy sold and distributed through an employer, which
may reduce the amount for premiums to be paid by insureds.
[0055] Based upon the foregoing information, it is readily understood
by those persons skilled in the art that the present invention is
susceptible of broad utility and application. Many embodiments and
adaptations of the present invention other than those specifically
described herein, as well as many variations, modifications, and
equivalent arrangements, will be apparent from or reasonably suggested
by the present invention and the foregoing descriptions thereof,
without departing from the substance or scope of the present invention.
Accordingly, while the present invention has been described herein
in detail in relation to its preferred embodiments, it is to be
understood that this disclosure is only illustrative and exemplary
of the present invention and is made merely for the purpose of providing
a full and enabling disclosure of the invention. The foregoing disclosure
is not intended to be construed to limit the present invention or
otherwise exclude any such other embodiments, adaptations, variations,
modifications or equivalent arrangements; the present invention
being limited only by the claims appended hereto and the equivalents
thereof. Although specific terms are employed herein, they are used
in a generic and descriptive sense only and not for the purpose
of limitation.
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