What is Combined Life Insurance?

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

What is Combined Life Insurance?

Combined life insurance is a policy that merges multiple types of life insurance, such as term and whole life insurance, into a single plan. This combination allows policyholders to enjoy the benefits of both immediate coverage and long-term investment.

Combination Life Insurance

Examples of Combined Life Insurance

  1. Term and Whole Life Combination: Offers immediate coverage (term insurance) and accumulates cash value over time (whole life insurance).
  2. Universal and Term Life Combination: Provides flexible premiums (universal life) with the affordability of term insurance.

Benefits of Combined Life Insurance

  • Flexibility: Adjust coverage and premiums as your needs change.
  • Long-Term Security: Whole or universal life components provide lifelong coverage.
  • Cost-Effective: Combining policies can be more affordable than purchasing them separately.

How Does Combined Life Insurance Work?

  1. Initial Coverage: Term life component offers immediate coverage for a specified period.
  2. Investment Component: Whole or universal life part accumulates cash value, which can be borrowed against or used for retirement.

Comparison of Combined Life Insurance Options

Insurance TypeImmediate CoverageLong-Term InvestmentFlexibilityCost
Term + WholeHighYesModerateMid
Universal + TermModerateYesHighHigh
What Is Combination Life Insurance


Combined life insurance is an effective way to ensure immediate protection while also planning for the future. It offers a blend of flexibility, long-term security, and cost-effectiveness.

Contact us today for a free quote.

Related Reading: Get life insurance quotes

Request A Quote

Get help or a quote from a licensed financial professional. This service is free of charge.

Contact Us

Frequently Asked Questions

What is hybrid combo life insurance?

Hybrid life insurance policies with long-term care coverage offer a death benefit that your loved ones can partially or fully receive and is usually not subject to income tax. Moreover, the long-term care aspect can help cover the costs of care that might otherwise diminish the financial resources you intend to leave for your heirs.

What type of insurance is combined insurance?

Combined Insurance provides worldwide supplemental insurance such as accident, life, and critical care coverage. Their services are available in North America, Latin America, Europe, and the Pacific. The company’s main office is located in Chicago, Illinois.

Can you have two life insurance policies with the same company?

Is it possible to have more than one life insurance policy? Life insurance companies do not have any rules prohibiting you from owning multiple policies.

What is combo policy?

Essentially, it is a type of life insurance policy that combines two or more policies to meet the policyholder’s various insurance needs, investment goals, and savings objectives in one policy.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

Scroll to Top