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Protecting yourself and your family from financial risk often requires multiple types of insurance. For example, in addition to having life insurance to help provide for loved ones after you pass away, your financial strategy might also include disability insurance to gain income protection during your working years. Long term care insurance can also help ensure nursing home (nursing facility) costs in retirement don't drain family assets. However, applying for and managing several different kinds of policies can be complex. Combination insurance (also known as hybrid or linked-benefit insurance can be a more efficient way to get that kind of holistic financial protection. This article will tell you more about:

What is combination insurance?

Combination insurance includes more than one type of coverage under one policy, and you pay one unified premium for the bundled policy. It can be structured in different ways: In some cases, the policy may combine whole life insurance and long term care protection; in others, disability income insurance or other coverage may also be included. Combination insurance differs from an insurance bundle, which involves applying and paying for multiple distinct policies from one insurance company. Instead, combination insurance provides various kinds of protection in one policy, and you apply for it in a single streamlined process.

How combination insurance works

Combination insurance works by taking the protections found within different types of insurance and combining them into a single policy.

Rather than applying for different types of coverage, going through multiple underwriting processes, and managing separate policies, a single combination insurance policy can be purchased with one premium for all the protections the policy provides. Benefits are typically linked: for example, the policy may provide a pool of funds for long term care or disability income replacement. If those funds are used, the life insurance benefits may be reduced.

One example of a combination product from Guardian is a whole life insurance policy with a disability income protection rider and an accelerated death benefit for a long term care rider. That allows policyholders to potentially access permanent life insurance benefits — beyond cash value1 — during their lifetime, such as if they become sick or injured and can't work for a given period, or face a chronic illness that requires long term care.

Combination insurance features and benefits

The specific features of combination insurance can vary by policy, but features of a combination policy generally include:

Permanent life insurance with other forms of financial protection: These policies are often based on a whole life insurance policy because they are designed to provide lifelong protection.2 Then, long term care insurance, disability insurance, and sometimes other supplemental insurance features are layered into the coverage.

  • One streamlined application and underwriting process: Because these different types of coverage are contained within one policy, it only requires one application and underwriting process. If purchased as separate policies, you would have to fill out separate forms asking for similar personal and health information and, perhaps, get more than one medical exam.

  • One guaranteed premium: With coverage built around a whole life policy, premiums are level and guaranteed not to increase over time. The same cannot be said for long term care insurance premiums, which can increase yearly. It can also be more convenient — there's no need to keep track of different types of premium payments.

  • Single point of contact for claim initiation: Another benefit of combining insurance coverages under one policy is that when you need to make a claim, you have a single point of contact across all three areas of coverage, rather than getting mixed up with different contacts and claim processes for different policies.

  • A relationship with one financial professional: Similar to the benefit of having a single point of contact for claims, having a single point of contact with one financial professional can make the process of evaluating your total needs and buying insurance easier. That can also help ensure that you get the right level of coverage for your situation; getting different insurance policies from multiple brokers or agents could mean duplicating coverage or ending up with gaps.

Potential disadvantages of combination insurance

While combination insurance has many advantages, like any product or service, it's not always the best fit for each person's needs. So you should also consider the potential downsides as you discuss things with your financial professional:

  • Less customization: With combination insurance, you get more of an all-in-one policy, like a ready-to-eat meal, instead of picking out the ingredients yourself. So, you might prefer to buy separate policies that allow you to fine-tune your coverage across each type of protection.

  • Potential cost differences: Sometimes, getting a combination or hybrid insurance policy saves money, but in other cases, depending on the specific coverages and your situation, it can be more expensive than getting separate policies. So, you might want to comparison shop and see what the costs of combined insurance vs. standalone insurance policies are.

  • Lower policy limits: With combination insurance, some of the coverage typically comes from riders (optional terms and features) added to a permanent insurance policy.3 So, it might not provide as much overall coverage as buying separate policies. While higher policy limits generally result in higher premiums, you might want the option to choose higher policy limits for certain types of coverage rather than taking what's available in a single combined policy.

How to apply for combination insurance

The process of applying for combination insurance varies by provider, but in any case, you gain the advantage of one application across different areas of insurance coverage rather than having to fill out separate applications. The process is often similar to applying for whole life or disability coverage, where you typically need to provide information about your personal situation, health, and finances, and more often than not, also have a brief medical exam, which may be done by a paramedic who comes to your home or office.

Unlike simpler forms of coverage like term life insurance, combination insurance policies typically aren't purchased online. Because these policies are designed to provide benefits in a variety of situations, they're a bit more complex, and it's important to discuss things with a financial professional who can explain exactly how a specific policy might work to protect you and your family. If you don't have someone like that to talk to, Guardian can help you contact a financial professional in your area who will learn about your needs and walk you through your options.

Who should consider a combination insurance policy?

If you have (or expect to have) significant assets and want to protect against long term care costs while preserving a death benefit for your beneficiaries, combination insurance may be a simple way to achieve that goal. But it's also worth considering if you're concerned about the risks that can impact your family's overall financial well-being, because those concerns are valid.

In addition to the emotional toll, premature death can be damaging to family finances. In fact, 38% of Americans say their households would face financial hardship within six months if a wage earner died unexpectedly, and 30% would financially struggle within a month, according to LIMRA.4

Loss of income due to injury or illness could also make it challenging to maintain your lifestyle, especially if your disability lasts more than six months. But it's important to realize that disability is more than a remote possibility: someone at age 20 has about a 1 in 4 chance of becoming disabled before average retirement age.5

And later in life, long term care needs could deplete family assets you want to pass on to the next generation. A person aged 65 has an almost 70% chance of needing some form of long term care services or support.6

Find a Guardian financial professional in your area to see how you can benefit from combination insurance.

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Frequently asked questions about combination insurance

Some of the top benefits of combination life, disability, and long term care insurance include saving time by having one application/underwriting process and making insurance management easier by having one policy to choose and manage, with a single point of contact for claims. Also, combination policies often have guaranteed premiums that won't increase over time, while premiums for standalone long term care insurance policies usually rise significantly over time.

Sometimes, combining life, disability, and long term care insurance has downsides over buying these policies separately, such as potentially not being able to customize policies as much. You also might not get the same pricing or policy limits as what you'd find by purchasing separate individual policies.

This information is not approved for use in the following state(s): CA and ND. Contact your financial professional for your state's availability.

This article is for informational purposes only. Guardian may not offer all products discussed. Please consult with a financial professional to understand what life insurance products are available for sale.

1 Some whole life polices do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information.

2 All whole life insurance policy guarantees are subject to the timely payment of all required premiums and the claims-paying ability of the issuing insurance company. Policy loans and withdrawals affect the guarantees by reducing the policy’s death benefit and cash values.

3 Riders may incur an additional cost or premium. Riders may not be available in all states.

4 2023 Insurance Barometer Survey, LIMRA, October 18, 2023.

5 Disability and Death Probability Tables for Insured Workers Who Attain Age 20 in 2022, Social Security Administration, December 2022.

6 How Much Care Will You Need?, LongTermCare.gov,https://acl.gov/ltc/basic-needs/how-much-care-will-you-need; site last updated in February 2020, accessed April 24, 2025

The rider is available at an additional charge. A distribution (loan/withdrawal) from a policy with the Long Term Care rider (LTCR) prior to an LTCR claim will reduce the amount available for an LTCR claim.

Accelerated Death Benefit for Long Term Care Services Rider is marketed as Guardian’s Long Term Care Rider.

Accelerated Death Benefit for Long Term Care Services Rider for Survivorship Whole Life is marketed as Guardian’s Joint LTC Rider.

Guardian's Joint LTC Life™ is a package combining Guardian's survivorship whole life with Guardian's Joint LTC Rider.

The Guardian Life Insurance Company of America, New York, NY.

Guardian’s Long Term Care riders are issued on Rider Forms ICC22-LTCR, ICC13-LTCR, ICC23-LTCR UL, ICC18-LTCR UL, or state equivalent.

Guardian's Joint LTC Rider is issued on Rider Form ICC19-LTCR SWL, or state equivalent.

Guardian's whole life products are issued on Policy Forms ICC21-WL, 21-WL, or state equivalent.

Guardian's survivorship whole life product is issued on Policy Form ICC21-SWL, 21-SWL or state equivalent.

Guardian's current assumption universal life product is issued on Policy Form ICC20-CAUL, 20-CAUL or state equivalent.

This rider has exclusions and limitations. Underwriting approval is required to purchase coverage, and a medical exam may be required. For costs and complete details of the coverage under this rider, please contact your Guardian financial professional.

The purpose of this material is the solicitation of insurance. An agent/professional may contact you.

Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.

SafeGuard360TM is issued by the Guardian Life Insurance Company of America (Guardian®), New York, NY. This product combines: Guardian’s Whole Life Paid-Up at Age 99 policy (form ICC21-WL, 21-WL, or state equivalent); the Disability Income and Waiver of Policy Premium Benefit Rider (form ICC21-DIR, 21-DIR, or state equivalent); and the Accelerated Death Benefit Rider for Long Term Care Services Rider (form ICC22-LTCR, or state equivalent) which is marketed as Guardian’s Long Term Care Rider. Product provisions, features, and availability may vary by state. Exclusion and limitations may apply.

ICC25-LTCR COMBO