Which type of policy typically covers a spouse and children under one premium?

A family plan policy is designed specifically to provide coverage for multiple family members under a single insurance policy and premium. This type of policy often covers the primary insured, usually the policyholder, along with their spouse and dependent children.

The advantages of a family plan policy include simplified administration and potentially cost savings for families as they do not need to purchase separate policies for each family member. The coverage can typically be adjusted to include additional family members if needed.

In contrast, an individual life policy covers one person and requires a separate policy for each additional family member. Group insurance policies generally cover a group of employees through their employer and are not specifically tailored to families. Universal life policies are a type of permanent life insurance with flexible premiums and death benefits, but they also typically cover an individual rather than multiple family members under a single premium.

Thus, the family plan policy is specifically designed for the coverage of family members, making it the correct answer.