Combined Life Insurance Review

Supplemental life insurance coverage cover gaps left by your primary coverage

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Combined Insurance

Combined Insurance

Our Take

Combined Insurance, a division of Chubb Ltd., is a 99-year-old global company that provides supplemental life insurance and riders. It is an excellent option if you already have life insurance and want to supplement it with whole life protection and accelerated benefits.

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
Pros
  • Specialize in supplemental insurance

  • Can file a claim online

  • A+ (Superior) financial rating from AM Best

Cons
  • Doesn’t offer term or universal life insurance policies

  • Doesn’t offer online quotes

  • Receives more complaints than average

Key Takeaways
  • Combined Insurance pays out nearly $500,000 million in claims every year.
  • The whole life policy has a low face value from $5,000 to $50,000.
  • Customers can add accelerated death benefits and a child coverage rider.
Specifications
  • Year Founded 1922
  • Kinds of Plans Whole life
  • Number of Plans 1
  • Payment Options Monthly
  • Official Website https://www.combinedinsurance.com/

Introduction

Combined Insurance Company of America (Combined Insurance) provides supplemental life insurance to consumers in North America, Latin America, Europe, and the Pacific. The company also offers accident insurance and critical care coverage.

This review details Combined Insurance’s life insurance coverage, riders, competitiveness, financial strength, and more to help you compare this insurer’s life insurance policy options versus its competition.

Company Overview

Combined Insurance Company of America was founded nearly 100 years ago in 1922 in Chicago, where its headquarters remains. The insurer’s parent company is Chubb Ltd., the largest publicly traded property and casualty insurance company in the world. Combined Insurance operates in Europe, Latin America, and the Pacific.

Combined Insurance provides supplemental accident, health, disability, and life insurance. The company has over 5 million supplemental insurance policies in force in North America. According to their website, Combined Insurance pays nearly half a billion dollars in claims annually, which works out to almost $1 million every business day.

This insurer offers group and individual policies, and many employees enroll in Combined Insurance whole life policy through their employer while others purchase the insurance to supplement their existing policies. Individuals seeking coverage must speak with an independent agent on the telephone to purchase a policy.

Available Plans 

If your current life insurance policy falls short, a supplemental life insurance policy can help you adequately provide for your family’s needs when the time comes. Through a Combined Insurance life insurance policy, your beneficiaries can receive additional cash payments on top of your primary life insurance coverage. Additional riders can help beneficiaries replace your income and pay for final expenses.

While you may be able to get a great deal on supplemental life insurance through your group plan at your job, you’ll likely have access to more policy options by shopping the competition.

Family Life Protector

Combined Insurance offers one life insurance policy: Family Life Protector whole life insurance. The policy provides death benefits up to $50,000 which you can boost to $100,000 through the accidental death benefit rider.

Family Life Protector does include a cash value component, so policyholders have the opportunity to grow the value of their account at a fixed interest rate.

The Combined Insurance website doesn’t mention if you’ll need to take a medical exam to qualify for coverage. The site also doesn’t state if there is an opportunity for policyholders to earn dividends, even though it is a publicly traded insurance company. Typically, dividends are paid out by mutual insurers not publicly traded companies. The latter usually issues dividend payouts to shareholders, not policyholders.

Combined Insurance doesn’t offer term or universal life insurance policies.

Available Riders

Combined Insurance offers three riders, although the company provides few specifics when it comes to those riders. You'll need to contact a Combined Insurance rep for more details about pricing and eligibility requirements.

Accelerated Death Benefit Rider

The rider allows you to access up to $50,000 of your death benefit to pay for medical expenses in the event you receive a terminal illness diagnosis. Combined Insurance doesn’t say if the rider is included in their supplemental whole life policy or if you must pay an additional premium.

Accidental Death Benefit Rider

This accidental death benefit rider is available for policyholders up to 59 years of age. As its name suggests, this rider provides additional death benefit payment if your death results from an accident.

Combined Insurance will not pay for death by suicide within the first two years of the policy (or within the first year in Colorado and North Dakota).

Child Term Rider

The child rider adds life insurance coverage for your child to your Family Life Protector plan. The Child Term Rider terminates at age 23. For more information about rates, features, and requirements, your best bet is to contact a Combined Insurance agent. 

Customer Service: Call Agent for Details 

Combined Insurance doesn’t provide very many details for its life insurance products. To get more information, you’ll need to talk with an independent agent. To do so, you can access the company’s website and use the link “find an agent.” When you click through the link, you have the opportunity to enter your contact information and an agent will reach out to you. If you don’t want to fill out the form, you can call the Customer Care Center at 1-800-225-4500 Monday through Friday from 7:30 a.m. to 6:00 p.m. CT.

Combined Insurance makes it convenient to file a claim online. The insurer says policyholders that file their claim online receive their payment ten days faster.

If you need to make a claim, the process will be more efficient if you are ready with your name, birth date, policy number, and copies of claim-related documents.

Customer Satisfaction: Below Average

The National Association of Insurance Commissioners (NAIC) gathers data about insurance company complaints. Each year, they publish their findings on their website to help consumers compare the customer satisfaction of an insurance company against the national average.

NAIC states the national average complaint index score is 1.0. That means if an insurer earns a score of 0.5, they receive half as many complaints as the national average. Conversely, an insurance company with a 2.0 score receives twice as many complaints as the national average. 

When we reviewed the complaint index score for Combined Insurance life insurance complaints, the score was 9.20, nine times higher than the national average for a company of its size. A closer look at NAIC data reveals the overwhelming majority of complaints for all Combined Insurance products revolve around claims handling delays or denial of claims.

The 9.20 complaint index score is the highest we’ve seen and indicated that the insurer has some work to do to reduce complaints and improve customer satisfaction.

Financial Strength: A+ Superior

In December 2020, AM Best affirmed their A+ (Superior) financial strength rating for Combined Insurance. The A+ is the second-highest rating (behind A++) from 13 grading options. 

AM Best describes the insurer’s financial outlook as stable with a superior ability to meet their ongoing financial obligations. The A+ rating should assure policyholders that the company will be able to pay out the death benefit as agreed.

Cancellation Policy: Must Call Agent

Many states require life insurance providers to provide a free-look period–typically between 10 and 30 days. The period gives policyholders the right to cancel their policy for free so long as they do so within the free look period.

After scouring the website for Combined Insurance, we were unable to uncover any information about the process for canceling a policy or if the insurer offers a free-look period. There also doesn't appear to be any published information regarding the surrender value of a policy. As Combined Insurance notes, the information on their website is “only a brief description.” 

Call a Combined Insurance agent for their policy details, options, and cancellation information.

Before you sign up for supplemental life insurance coverage through Combined Insurance, ask them about their cancellation policy, as the company does not publish this information online.

Price of Combined Insurance Life Insurance: Contact an Agent

Combined Insurance doesn’t provide specific price details regarding their policies, and its online quote tool is essentially a contact form. 

If you would like to receive a quote, your best bet is likely to click on the “Find an Agent” link in the top navigation menu. From there, you’ll be able to enter your contact information and select the type of coverage you desire, and an agent will contact you to customize your policy to your needs.

Generally, the cost of policy premiums depends on many factors, including age, health, the death benefit amount and any riders you add to the policy.

How Combined Insurance Compares to Other Life Insurance

Combined Insurance provides one life insurance policy, a whole life offering, and a handful of riders that cover the basics, which may be ideal for many consumers. However, the company’s customer satisfaction record with NAIC indicates a higher number of complaints than the competition.

Still, the company has an A+ (Superior) financial strength grade from AM Best, making it a good option against its competitors who have high complaints and lower strength ratings. However, a similar insurer like AARP might be a better fit for your life insurance needs.

Combined Insurance vs. AARP Review

We compared Combined Insurance with a similar competitor in AARP and here is what we discovered:

Combined Insurance and AARP both provide insurance to help consumers supplement their existing life insurance coverage or Medicare. 

However, these two insurers differ in several key criteria:

  • Combined Insurance only offers one whole life policy while AARP’s four policies provide a mix of term and whole life coverage.
  • AARP significantly outperforms Combined Insurance when it comes to customer satisfaction, according to NAIC data.
  • AARP provides free online quotes while Combined Insurance requires you to speak with an independent agent for a quote.
  • AARP’s website provides more policy, pricing, and cancellation specifics for consumers to review.
  • AARP guarantees “no-exam” life insurance plans for its members but Combined Insurance doesn't publicize whether or not they require a medical exam.
  • You must be an AARP member to purchase their life insurance while no such restriction exists to get insured through Combined Insurance.

Both Combined Insurance and AARP have the financial strength to deliver on their promises to policyholders. However, AARP wins this head-to-head comparison because it offers more policy options, online quotes, and a better customer satisfaction record.

Read our full AARP Life Insurance review.

  Combined Insurance AARP
Market Share  Not applicable Fifth-largest in the U.S., 4.83%
Number of Plans  1 4
Online Quotes Available  No Yes
Service Method  Independent agent Sales representative
AM Best Rating  A+ (Superior) A++ (Superior)
Complaints Trend 0.16 (Above Average) 9.20 (Below Average)
Final Verdict

Combined Insurance has captured a unique space within the life insurance industry as a provider of no-frills supplemental insurance to help fill in the gaps of your primary insurance coverage. It has the financial backing of Chubb Ltd. and a strength rating from AM Best to give policyholders confidence the company will be there for them when they need it.

However, the company publishes limited information about their coverage, pricing, underwriting, and cancellation policies; you must call an agent for more details. Factor in the company’s poor NAIC complaint score for customer satisfaction, and it’s difficult for us to recommend Combined Insurance as a provider. We advise comparing the insurer with other insurance companies to find the best fit for your needs.

Methodology 

All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. NAIC. “Combined Ins Co Of Amer National Complaint Index Report.” Accessed May 28, 2021.

  2. NAIC. “Combined Ins Co Of Amer Reasons Why Complaints Were Submitted.” Accessed June 4, 2021.

  3. AM Best. "Combined Insurance Company of America - Company Profile." Accessed May 28, 2021.