Duane E Burgess

US Patent:

59666935, Oct 12, 1999

Filed:

May 7, 1996

Appl. No.:

8/643966

Inventors:

Duane Burgess - Indianapolis IN

Assignee:

Money Accumulation Programs, Inc. - Indianapolis IN

International Classification:

G06F 1760

US Classification:

705 4

Abstract:

A leveraged whole or universal life insurance plan is administered using a computer processing method to ensure lender security, accumulation of value to an employee, and minimum tax exposure. The employer borrows in installments to partly cover insurance premiums on a policy owned by the employee, and pays interest on the loan for the life of the plan. The employee also pays part of the premiums, and collaterally assigns the policy as security for repayment of the loan. As the insurance policy appreciates in value, premiums decrease. The employee can pay down the loan and eventually eliminate premium payments, or can borrow against the policy for tax-free retirement income. The excess of the death benefit over any loan principal remaining upon the death of the employee is a tax-free payment to the employee's beneficiaries. The computerized method includes storing parameters of insurance policies and loan agreements in a computer memory, over ranges of possible death benefits, cash values, loan principals, and incremental payments over a span of years. Employee factors are quantified and input to the computer processor, which is programmed to integrate the employee factors with the insurance and loan terms to select an integrated loan/insurance arrangement to schedule payments to meet maximum contributions and retirement and life expectancy expectations.

Address:

2232 Springtime Rd, Greenwood, IN 46143

Phone:

(317)5352558

VIN:

1FMHK8D87BGA84271

Make:

FORD

Model:

EXPLORER

Year:

2011