How a family floater works
A floater gives the whole family one shared sum insured. Any member can use it, in one claim or several, until it runs out for the year. Premiums are usually lower than buying the same cover separately for each person.
How individual policies work
Each person has their own sum insured. A large claim for one member doesn’t eat into anyone else’s cover, and each policy can be tailored — for example, a higher sum insured for a senior parent.
When a floater tends to suit
- Young families where everyone is generally healthy
- Budget-conscious households that want broad cover
- Families combining a floater with a top-up for extra protection
When individual policies tend to suit
- Families with older members or people with existing conditions
- When you want each person’s waiting periods and history kept separate
- When one member’s needs would push up the floater premium for everyone
Frequently asked questions
Is a family floater cheaper than individual policies?
Often yes for young, healthy families, because members share one sum insured. But a large claim can use up cover meant for everyone, so it is a trade-off.
Should parents be included in a family floater?
Many families insure parents separately so premiums and claims stay independent, and features can be chosen for older adults.
Official resources
General education only — not a recommendation of any product. Benefits, limits and exclusions vary by insurer and policy; always read the policy wording and Customer Information Sheet. Insurance is the subject matter of solicitation.
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