Family Floater Sizing Calculator

Work out family floater sizing instantly with clear inputs, formula shown and shareable results.

About Family Floater Sizing Calculator

A family floater shares one sum insured across all members, so it must be large enough for the worst plausible year rather than the average claim. Sizing scales with the eldest member's age, since premium and claim likelihood are driven by them, and with a concurrency allowance for more than one claim.

Formulas

Recommended cover

Cover = Base per person x Age factor x Concurrency factor x (1 + Chronic condition loading %)

Concurrency factor

Concurrency = 1 + 0.55 x sqrt(Members - 1)

Worked example

With the default values below, Family Floater Sizing Calculator returns Recommended floater sum insured of $1,900,000.00. Change any input above and every figure here is recalculated in your browser.

Inputs used

Age of the eldest insured member: 52
Number of members covered: 4
Cover considered adequate per person: 500,000
Loading for chronic conditions: 25

Results

Recommended floater sum insured: $1,900,000.00
Effective cover per member: $475,000.00
Age factor applied: 1.50
Multi-member concurrency factor: 1.95

Step by step

1Values used
2Recommended cover
3Concurrency factor
4Recommended floater sum insured= 1,900,000.00
5Effective cover per member= 475,000.00
6Age factor applied= 1.50
7Multi-member concurrency factor= 1.95

Assumptions and limits

The result is derived only from the 4 inputs listed above. Anything not among them is not part of the calculation.
In particular, this calculator does not take inflation, tax or compounding frequency into account.
Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
Indicative estimate only. Fees, entitlements, limits and formulas vary by jurisdiction, statute, policy wording and the facts of the case. This is not legal, tax, insurance or financial advice — confirm with a qualified professional or the relevant authority.

How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.

Indicative estimate only. Fees, entitlements, limits and formulas vary by jurisdiction, statute, policy wording and the facts of the case. This is not legal, tax, insurance or financial advice — confirm with a qualified professional or the relevant authority.

Frequently Asked Questions

Is a floater better than individual policies?

Cheaper, but riskier: one large claim can exhaust the cover for everyone. Elderly parents are usually better insured separately.

Why does the eldest member's age matter so much?

Because floater premiums are rated on the oldest insured, and claim frequency and severity rise steeply with age.