Abstract: An income protection insurance product provides for payment of future benefits that can be customized by amount and/or duration. The benefits are customizable to financially plan for fluctuations in the anticipated expenses of a designated beneficiary that can be attributed to future events, income needs, or the like. The customized benefits are distributed to the designated beneficiary after the death of an insured and/or the occurrence of a secondary triggering event, such as a specified date, admission to an educational institution, age of a designated individual, a major health crisis for a designated individual, or the like. The benefit payments may vary yearly, monthly, or the like. The term can be specified for any duration, such as the lifetime of the designated unchangeable benefit life or a minimum or maximum term. The acquisition cost can be based on a risk profile of the designated unchangeable or changeable benefit life or benefit entity and/or the insured.