Final answer:
A combination life insurance plan combines permanent whole life protection with decreasing term insurance to provide both death benefit and cash value. The whole life portion offers permanent coverage, while the term insurance provides additional coverage for a specific period.
Step-by-step explanation:
A life insurance plan that combines permanent whole life protection with decreasing term insurance is known as a combination life insurance plan. This type of plan offers both a death benefit and a cash value component. The whole life portion provides permanent coverage, while the decreasing term insurance provides additional coverage during a specific period, such as a mortgage term.