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Cost Considerations
The cost of family insurance varies based on several factors, including the type of coverage, the insured's age and health, and the policy's term length. For example, a term life insurance policy might cost less than a whole life policy but offers coverage for a specific period. Health insurance premiums can also vary significantly based on the level of coverage and deductibles chosen.
According to a recent study, the average annual premium for a family health insurance plan in the U.S. was approximately $21,342 in 2020, with employers covering about 73% of the cost1. It's crucial to compare different plans and providers to find the most cost-effective solution that meets your family's needs.