Definition: Progression insurance, also known as growth insurance or life insurance for growth, provides coverage that helps protect individuals from financial loss due to a decline in their health or income over time. Definition: Progression insurance is defined as a type of life insurance that allows an individual to receive benefits based on the amount and rate of growth they experience throughout their life. It typically covers a period of 20 years, allowing policyholders to earn premiums and access benefits upon reaching certain age limits or earning income over a specific period. The benefit structure in this type of insurance typically includes two components: an initial premium and an after-tax return component. The benefit amount is based on the average growth rate during that period, while the after-tax return component reflects any capital gains or dividends earned throughout the policy's term. Benefits may also include options like health and disability coverage, survivor benefits, and optional annuities. These options allow individuals to have additional financial protection in case of sickness or injury rather than relying solely on income. Progression insurance is typically available through a variety of carriers, including mutual funds, investment companies, and banks and savings banks that offer the policy as an alternative to traditional life insurance products. The term "growth" refers to an increase in earnings or wealth over time, often measured in percentage terms rather than dollar amounts. In summary, progression insurance is a type of life insurance designed to provide financial protection for individuals through the accumulation of income and growth over their lifetime. It covers an initial premium and has components that allow policyholders to earn benefits upon reaching certain age limits or earning income. The goal of this type of insurance is to help protect against financial loss due to decline in health or income, while allowing policyholders to receive additional protection if they achieve a higher rate of earnings. Is there anything specific you would like to know about progression insurance?
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