GLM Creations GIFTSURANCE* Methods & Policies
By: Dr. Guy McClung
A GIFTSURANCE insurance policy is a policy given as a gift to a person which is paid for by another person or group of persons. Friends or relatives can give such a gift to a person about whom they care and love. To accumulate commitments from other for paying for such a gift policy, a computer application is made available which is downloadable to a cellphone. Anyone interested in taking part in the policy funding downloads the app and then makes a commitment to fund a policy with a certain amount of money. [GIFTSURANCE is a Trademark]. Such a GIFTSURANCE insurance computer app may be provided in relation to any event, e.g. any life milestone (birth, reaching teenage, confirmation, bar mitzvah, high school graduation, college graduation, wedding, funeral, etc.), or such a program, app, and system can be set up for no reason other than generosity or as a gift to anyone at any time.
For example, an insurance company obtains information regarding a potential insured and then an app is made available to those who are interested in funding an insurance policy for that person. A time period for funding is determined and the policy funding period commences. Anyone can provide a funding amount (in any way disclosed herein using any method and any system disclosed herein). Running totals and running total funding can be provided during the funding period. Optionally, the insurance company and/or any other entity can provide a funding amount and/or match a funding amount during the funding period or at the end of the funding period.
Once the funding period expires, the total funding is announced, the amount of the insurance policy is announced, the policy is finalized and goes into effect, and the policy details and/or hard copy of the policy are provided to the insured. This can be done with or without previous knowledge of the insured and the policy may be of any selected type, e.g., term, whole life, etc. In one aspect, this is done for multiple people simultaneously; and in one particular aspect, an incentive amount of funding is provided by the insurance company that depends on the number of persons involved to be insured and/or on the amounts of funding reached during the funding period.
The policy or policies may be for a year, for multiple years, or for life of an insured. Optionally, a potential insured is notified before funding commences and the potential insured chooses a beneficiary or beneficiaries. In one aspect, the potential insured publicizes the identity of the beneficiary or beneficiaries.
In certain aspects, in one embodiment of these inventions, persons attending an event (e.g., a game, a concert, a race, a wedding, a funeral, a competition, a graduation, a baptism, a confirmation, a bar mitzvah, a bat mitzbah, a track meet, a competition, a reunion, a convention, a fund raiser, an auction; the birth of a child or grandchild, neice or nephew; birthday party, anniversary party,) have, via their cellphones, smartphones, and/or personal computers (e.g., laptops, netbooks, tablets), access to effect funding of an account of a particular person or persons (or multiple accounts of multiple persons or charities) during the event. The money for funding can come for any selected account of the person or entity that is doing the funding (e.g., but not limited to, from a checking account, from a savings account, charged to a credit card account, and from a debit account). The funded account can be a pension account.
In one aspect, on the cellphone or computer and/or on publicly viewable screen(s) at the event, a total amount of funding of the account in real time is made available to all at the event. A person (which can be an individual human person or a legal person such as a company or corporation) provides a funding amount to the account by using the cellphone or personal computer. In one particular aspect, once the person has downloaded an application (“app”) at the event (or before the event) simply pressing one button (or key) or a series of buttons (or keys) identifies the person and connects the person to the funding system with respect to the specific account to be funded; the system identifies the person (or entity) and then the person selects the amount of funding desired and, upon indicating “FINISH” or “COMPLETE” or “FUND” or some similar command, the system effects funding of the pension account in the desired amount.
In one example, a wedding is attended by a number of people. Before arrival and/or as guests arrive at the wedding reception, via their cellphones and/or personal computers, they download a GIFTSURANCE App. Once installed, the person wishing to fund an insurance policy for the bride or for the groom, or for both, can then access the funding system, choose an account (the bride’s or the groom’s), choose a dollar amount, and enter a premium level funding command. The desired amount of funding is transferred from the account selected by the person (or charged to the charge account selected by the person) to the selected account. Optionally, this funding transaction and the amount are instantaneously displayed on a screen or screens viewable by all at the reception – optionally with the identity of the person doing the funding displayed. Optionally, the bride and groom can have alerts from their cellphones or personal computers; e.g., each time an account is funded and/or when a certain funding level is achieved. Optionally, such alerts can also be provided via the publicly viewable screen(s). Optionally, any type of insurance policy can be provided (e.g., life, home, car, personal effects, travel insurance, boat).
Such event funding, e.g., fuding related to a wedding, can also be made available at any time before or after the actual event with a computer app downloadable at any time before the event. In certain aspects, the availability of the downloadable app is included in the an announcement of the event and/or with event invitations. It can also be made available at any entity at which a person registers for gifts (as is true for any event and for the funding of any account in any method herein according to the present invention).
In one particular GIFTSURANCE app, funding is provided for a life insurance policy account for the groom and for the bride. The policies can be for a year, multiple years, or for life; and they can be term or whole life, or a combination thereof. In one particular aspect, with a program prearranged with an insurance company, there is a floating amount of insurance and the final amount that applies to a spouse’s life is an amount funded by individual funding amounts effected by attendees at the wedding (and/or by persons not present but who have access to the app). For example, an insurance company agrees to provide a term life policy for the first year of marriage for the groom with the bride as beneficiary and the amount of insurance depends on how much funding is provided; for example, the prospective policy is for $250,000 of term insurance for one year if $400 total is provided in funding, $500,000 for $800 of funding, and $1,000,000 if $1600 in funding is provided.