The Average Cost of Insurance for a Married Couple

Insurance is a necessity to protect against unexpected financial loss.
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Although insurance is expensive, it is a must for most married couples, especially those with children. The cost of insurance varies greatly depending on the types of insurance purchased, combined assets and desired coverage level. Examining average insurance rates is helpful when planning a family budget.

Health Insurance

According to the Kaiser Family Foundation, the average premium for single health care coverage in 2011 was $5,429 per year, up 8 percent from 2010. The average premium for family coverage was $15,073 per year, up 9 percent.

Married couples must choose between individual and family coverage. If both individuals work and do not have children, individual health care policies are generally the more economic option. However, if only one person works or if the couple has children, a family care plan might be the best and only option.

Auto Insurance

According to, the average annual 2012 car insurance premium in the United States is $1,644, up 13.4 percent from 2011. This means that a married couple with two vehicles can expect to pay an average of $3,288 for auto insurance each year.

Auto insurance premiums vary greatly depending on a number of factors. Some key factors include state of residence, deductible amount, type of vehicle and model year. To obtain the most accurate estimate of the cost of auto insurance, speak to a local insurance representative who can give you a quote based on your specific situation.

Home Insurance

For married couples who own a home, homeowner’s insurance is a necessity to protect against theft, weather-related damage and smoke damage. The average cost of homeowner’s insurance was $770 in 2011, according to Premiums vary greatly and generally depend upon the estimated cost to rebuild the house.

Couples who rent should consider a renter’s insurance policy. Renter’s insurance protects against theft, damage and personal injury and is inexpensive compared with other types of insurance. The annual renter’s insurance premium is between $150 and 300 per year, according to

Life Insurance

No one wants to contemplate the financial implications of a death in the family. However, life insurance is an excellent way to ensure that your family has the financial resources necessary in case of your unexpected death. According to, the average cost of a term life policy, which provides coverage for a set length of time, is $360 to 480 per year. The average cost for a whole life policy, which provides protection for the entire life of the insured, is $900 per year. Price varies greatly depending on term length, health of the insured and age of the insured.

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