bboo

CFAI actually explains that well.

Lifestyle protection strategies are applicable to individuals that need portfolios to fund certain general expenses. A portfolio that will "sustain" a given a given spending (therefore "lifestyle"). So create an asset allocation that will be able to fund withdrawals from clients (spending) over a certain time frame and not run out of capital.

CF matching is similar but adequate for a client that knows exactly what her spending will be (for example every 15th of the month he/she has a mortgage pmt to make).

Fixed Horizon Strategies are for somebody that is planning for retirement or for college education. So it sets a minimum portfolio value at horizon that MUST be met and invests now accordingly with combo of zero coupon + risky portfolio