What Is Family Insurance?
One of the most all-encompassing types of insurance, family insurance covers an entire family, including spouses, ex-spouses, dependent children, domestic partners (two unmarried individuals living together), and dependents of domestic partners (individuals receiving more than half of their support from their partner).
While it is clear that family insurance is designed to protect your family, it is your responsibility to weigh up your needs against costs and then choose the most suitable family insurance coverage, whether it is life insurance, health insurance, auto insurance, or any other type.
What Does Family Insurance Cover?
Family insurance covers almost just as many cases as individual insurance except for it applies to all family owners who are insured. The obvious benefit of family coverage is that each member of the family doesn’t need to go through a tedious process of insuring whatever it is to be insured – instead, all family members can benefit from a single insurance package.
The most popular family insurance is life insurance, health insurance, dental insurance, dismemberment insurance, and accidental death insurance, but there are many more to choose from. Family insurance can be offered by an employer on an employer-contributory or voluntary basis or be purchased independently.
How Much Is Family Insurance?
The actual monthly family insurance cost will vary depending on the type of family insurance, the number of people insured, and whether the coverage is employer-contributory or voluntary. In 2020, the average monthly cost for family health insurance was about $1,100.