What are Combination Plans?
In the world of insurance, combination plans are life insurance policies that combine the best features with various types of coverage. Often, a combination plan will provide a mix of benefits and terms that are found in both whole life coverage and term life insurance policies. The use of combination plans is more common as part of the benefit package extended to the employees of a corporation rather than an individual insurance package. One of the advantages of participating in a group combination plan is that the employee has some control over the structure of his or her benefits. If the main focus for the employee is providing some sort of benefit to loved ones in the event of the death of the insured party, combination plans often provide several ways to accomplish this. When there is a desire to accumulate cash value in the coverage over time, combination plans can also make this possible. In many cases, the cash value is accrued on a tax-deferred basis, which may also be attract
