System and method for creating a retirement plan funded with a variable life insurance policy and/or a variable annuity policy

a life insurance policy and variable annuity technology, applied in the field of system and method for creating a retirement plan funded with a variable life insurance policy and/or a variable annuity policy, can solve the problems of limited upside performance, impaired consumer demand for whole life contracts, and limited upside performan
US20060080148A1Inactive Publication Date: 2006-04-13KORESKO JOHN J V
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Patent Information

Authority / Receiving Office
US · United States
Patent Type
Applications(United States)
Current Assignee / Owner
KORESKO JOHN J V
Publication Date
2006-04-13
Estimated Expiration
Not applicable · inactive patent

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Abstract

A retirement plan is created using variable life insurance contracts and / or variable annuity contracts. Actuarial data used to create the retirement plan is entered via at least one user interface and processed. Based on the actuarial data, a variable life insurance policy and / or a variable annuity policy is generated for the purpose of funding the retirement plan. Additionally, a separate agreement is created that either extra-contractually modifies the variable life insurance policy and / or the variable annuity policy, or defines the terms under which the variable life insurance policy and / or the variable annuity policy is to be used in the retirement plan.
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Description

CROSS-REFERENCE TO RELATED APPLICATION

[0001] This application is a divisional of copending U.S. application Ser. No. 10 / 086,924 filed Feb. 28, 2002, the entire disclosure of which is incorporated herein by reference.

[0002] This application claims the benefit of U.S. Provisional Application No. 60 / 296,173, filed Jun. 6, 2001, entitled “System and Method for Creating a Defined Benefit Pension Plan Funded With Variable Life Insurance and Generating a Policy Thereof.”BACKGROUND OF THE INVENTION

[0003] Internal Revenue Code Section 412(i) covers defined benefit plans that are funded solely by annuity contracts and / or insurance contracts, including retirement income endowment contracts. A defined benefit plan is a retirement plan sponsored by an employer, such as a pension plan, in which a retired employee receives a specific monetary disbursement based on salary history and years of service, or both. A 412(i) plan is a defined benefit plan wherein the funding (annual contribution) is c...

Claims

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