Several companies give consumers the option to purchase combined life insurance, including Combined Insurance, USAA and Northwestern Mutual. This insurance option can be used to pay for long term care, final expenses and loss of income.
Combined Insurance offers two different options for life insurance that are both considered supplemental policies: Family Life Protector and Golden Advantage Protector. The Family Life Protector product is a whole life insurance plan that pays cash to policy holders and their families in times of financial need. Golden Advantage Protector is considered a limited benefit whole life insurance plan that is paid to the policy holder's beneficiaries for final expenses.
USAA offers what is called Combination Life Insurance, which gives consumers the ability to combine a permanent life insurance policy with a level term policy. This plan is designed to give consumers a lower premium with a level term policy while still providing coverage for income replacement, estate taxes and end of life expenses.
The plan offered by Northwestern Mutual is known as CompLife. This plan is a combination of permanent life insurance and term life insurance; however, the term life insurance is optional. There are three different levels of CompLife, including Adjustable CompLife, Estate CompLife and Survivorship CompLife. Adjustable CompLife is guaranteed over a period of time and does not have premium increases. Estate CompLife is similar in practice to Adjustable, but offers a premium that can increase based on any dividents. Survivorship CompLife provides coverage for two individuals and is paid at the death of the second.