by 
The Curious Bag
-
If you are thinking of purchasing a life insurance policy, your agent may have advised you that combined life insurance is the best option. This type of insurance can help provide more complete financial protection.
Definition
Combined life insurance is a policy that adds coverages not included in a standard life policy. All elected coverages are provided by one policy, instead of by separate policies.
Standard Coverage
A standard life insurance policy only pays the face value if you die while the coverage is in force. In the case of a whole life policy, it also pays you the face value if you live to age 100.
Additional Coverages
Examples of additional coverages provided under a combined policy include disability, long term care, nursing home coverage, loss of wages and extra health coverage.
Simplicity for Beneficiaries
A combined life insurance policy makes it easier for you or your beneficiaries to make a claim, since you will not have to decipher the paperwork for multiple policies.
Cost
Because all coverages in combined life insurance are provided under the same policy, the cost is typically lower than if you purchased comparable separate policies.
Source:
Financial Web: Combined Life Insurance to Fill Your Coverage Gaps
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC