Chapter 33 of 39 · Protect
Life Insurance: matrix and cost & benefits
Two more tools on the Life Insurance tab help you compare and plan. The Premium Matrix shows how the premium changes with age, health and coverage, so you can see the cost of waiting or of more cover. Cost & Benefits follows one family member's policy year by year: premiums paid, cash value, surrender value, death benefit, and income you could take in retirement.
How it works
What you can do here
- See premiums by age or by coverage amount, for every health class
- Find the lowest, highest and average premium in the grid
- Follow a policy year by year: total paid, cash value, surrender value and death benefit
- Choose when premiums stop and when retirement income starts
- Compare crediting scenarios
1. Using the Premium Matrix
- 1
Choose the view
By age shows the premium at each issue age; By coverage amount shows it at each death benefit.
- 2
Set the policy
Choose IUL or UL, tobacco or non-tobacco, and the death benefit.
- 3
Read the grid
Each row is an issue age and each column a health class. The tiles show the lowest and highest in the grid and the average.
Compare two ages a few years apart to see what waiting costs.
2. Reading Cost & Benefits
- 1
Pick a family member
You need at least one added above.
- 2
Choose the premium
Build cash value pays more in to grow the policy. The minimum is the least that keeps the policy in force with premiums stopping at the age you set.
- 3
Set the ages
Pay premiums until age, and Take retirement income from age.
- 4
Choose a crediting scenario
Try a weaker and a stronger one to see the range.
- 5
Read the chart and table
Death benefit, cash value, premiums paid and income received by age, with totals for premiums paid and income received.
Try it yourself
Doing is the fastest way to learn. Open the tab and try these:
- Open Cost & Benefits for one person, then change the retirement income age and compare.