What is a family floater policy and what does it cover?

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A family floater policy offers cover for the entire family under a single plan. It takes care of medical expenses for illnesses, surgeries and accidents along with hospitalization costs for all family members comprising of the insured, spouse and two dependent children aged 23 or less for a single premium and single sum insured that can be used collectively or individually. There is no need to buy individual policies for each family member. Some insurers offer the option to include dependent parents and in-laws.