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Group Life premiums are calculated using the following formula: Premium rates are multiplied by the Volume of Insurance divided by $1,000 units of cover. The volume of insurance is determined by either a multiple of salary (e.g. 2 x annual salary) or a flat benefit amount (e.g. $5,000)
All rates are set by the Group Underwriters either during a quote or at renewal.
The Volume of Insurance depends on the Policyholder’s benefit and the employee’s approved benefit after medical underwriting.
An example of a Group Life Premium calculation would be:
$0.15 (rate) x $100,000 (volume)/$1,000 (units of cover) =$15.00 per month $0.04 (rate) x $100,000 (volume)/$1,000 (units of cover) = $4.00 per month.