Financial instrument utilizing an optional benefit election

A data processing system for managing an annuity account includes one or more processors and one or more memory devices. The memory device(s) may store data indicating whether an option has been elected. In addition, the memory devices(s) may include logic, operable when executed by the one or more processors to calculate one or more fees. The fee(s) may be for a first provision entitling a beneficiary to monetary transfers for a duration of time extending for at least the life of a first designated party. In addition, the fee(s) may be for a second provision granting an option to modify the duration of time to extend for at least the longer of the life of the first designated party and the life of a second designated party. The logic may be further operable, when executed by the one or more processors, to determine whether the option has been elected. Based at least in part on the determination, the logic may also be operable, when executed by the one or more processors, to process one or more of the monetary transfers to the beneficiary during the duration of time extending for at least the longer of the life of the first designated party and the life of a second designated party.