What is the main feature of combination whole life insurance?

Combination whole life insurance is characterized by its integration of whole life insurance with an initial term life insurance component. This means that the policy provides a death benefit typical of whole life coverage, which remains in effect for the insured’s entire life, while also offering a temporary period of term insurance that is usually set for a predetermined number of years.

The benefit of this approach is that it allows for lower premium payments during the initial term phase, making it more affordable for policyholders who want coverage for a certain period (often when they have higher financial responsibilities) but also want the lifelong coverage that whole life insurance provides. After the term period, the initial term insurance typically converts into whole life coverage without requiring evidence of insurability.

In contrast, options indicating that the policy offers term insurance only, has no cash value, or presents premium discounts for healthy individuals do not accurately reflect the unique features of combination whole life insurance. The primary element that makes the combination whole life insurance distinct is the blending of both term and whole life, which supports both short-term and long-term financial needs.