The term 'family insurance' can refer to a number of different types of insurance. However, the term is most commonly used for family health insurance plans. 'Family insurance' can also be used to describe combined life insurance policies and multi-vehicle insurance policies for one household. Here are some forms of family insurance, which may be suitable for you and your loved-ones:
Family Health Insurance
Family health insurance covers you, your spouse and any dependent children in your household. The age at which children become ineligible, under most family health insurance policies, is 18 years old. Family health plans are structured a little differently to individual plans, where additional family-members may be added. Family plans usually cost more in premiums than an individual health insurance policy; however, the premium usually remains the same regardless of how many children you have. A family health insurance plan will often have a higher deductible than a single plan, but there is usually a set maximum deductible per family, per year.
Family Life Insurance
Life insurance, in any case, is likely to benefit your whole family if each member is named as a beneficiary, as there is usually no limit to the number of beneficiaries named under a policy. However, a family life insurance plan can combine life insurance for you and your spouse, or more family-members, should you desire it. This may be financially beneficial, as combining insurance for multiple family-members may reduce premiums, compared with purchasing individual policies. Life insurance will offer financial protection for your children, should the worst happen to you or your spouse. It is also a reliable way to ensure that your child will be financially able to receive the education you intended for them, should you no longer be around to support the endeavor.
Family Auto Insurance
If there is more than one driver in your household, and more than one car in your driveway, a multi-vehicle or family auto insurance policy may be the best option for you. This is especially true if you are the one financially responsible for purchasing the required insurance for all vehicles. A multi-vehicle insurance policy can be far cheaper than individual auto policies, when you add the cost of each vehicle's insurance together. Insurers will often offer a discount for each additional vehicle you add to the policy, in order to encourage you to go to them with all of your auto insurance needs. You can name the drivers of each vehicle or cover the vehicles for any driver of a certain age, to give your household the flexibility it requires.
Many insurers now offer combined policies for a number of family insurance needs, and combining these insurances can often save you money. In order to get the cover you require, for the best premium, be sure to obtain several quotations from various insurers. Alternatively, you can speak with an experienced insurance agent who deals with multiple insurers, and they will be able to help you determine the insurance packages you require.