What type of insurance policy provides coverage for an entire family, typically including permanent insurance for the main wage earner?

The family plan policy is specifically designed to provide coverage for all members of a family under a single insurance plan. This type of policy usually includes a permanent life insurance component for the main wage earner, ensuring that their financial protection remains in place for the entire lifespan. Additionally, it often extends coverage to the spouse and children at a lower cost than if separate policies were purchased for each family member. This makes it an economical and convenient choice for families seeking comprehensive life insurance coverage.

In contrast, a term policy typically covers individuals for a specified period and does not build cash value, making it less suitable for family-wide coverage that includes a permanent component. An individual policy is designed to cover a single person, which does not meet the needs of covering an entire family. Lastly, a universal policy allows for flexible premiums and death benefits but is not structured specifically to cover multiple family members under one plan. The family plan policy is distinct in its comprehensive approach to insuring families together.