A family floater shares one sum insured across the people named in it. In most retail plans that means you, your spouse and your children. Parents are often left out, or allowed only as an add-on at a higher premium.
Where to look
“Insured persons: Self, Spouse, Child 1. Cover applies only to persons named in the Schedule.”
The schedule is usually the first or second page of the PDF. It has a table with each person’s name, age and relationship. Ignore the plan name. Read the names.
If they aren’t covered
- Check your employer’s group cover. Some include parents, often with a separate limit.
- Look for a senior-citizen plan in their names. Expect co-pays and longer waiting periods.
- Declare every existing condition when you apply. Hiding one is a common reason claims are rejected later.
- Don’t wait for a hospital visit. Waiting periods only start once the policy does.
Should you add them to your floater?
Adding parents to a shared floater usually raises the premium for everyone, because pricing follows the oldest member. One large claim can also use up the cover the rest of the family relies on. A separate policy for parents is often the cleaner choice.
Check who your policy coversUpload your policy. We’ll read the schedule for you.