Benefits

Understand the Costs

How to Calculate Your Monthly Rate

Step One

Choose the amount of coverage you want.

Example:

Jane wants to know what it would cost if she chooses coverage equal to $80,000 for herself only or for herself and her family.

Step Two

Divide the amount of your total coverage ("your principal amount") by $10,000.

Example:

$80,000 ÷ $10,000 = 8

Step Three

Multiply the result by the appropriate rate:

  • $0.14 if you have coverage for yourself only
  • $0.23 if you have coverage for yourself and your family

This gives you your monthly contribution rate.

Example:

8 x $0.14 = $1.12

Jane will pay $1.12 per month for coverage for herself.



8 x $0.23 = $1.84

Jane will pay $1.84 per month for family coverage.

Once you reach age 70, you cannot increase coverage and the elected coverage is available in reduced amounts.

The reduction factors are:

Age % of reduction
70-74 65
75-79 45
80-84 30
85 and over 15

The reduction will take place at the end of the calendar year in which the limiting age is attained.

Examples of Monthly Rates

The table below shows some examples of monthly Personal Accident Insurance contribution rates for various coverage levels:

Principal Amount Cost of Individual Coverage (yourself only) Cost of Family Coverage (yourself and your family)
$50,000 $0.70 $1.15
$100,000 $1.40 $2.30
$150,000 $2.10 $3.45
$200,000 $2.80 $4.60
$250,000 $3.50 $5.75
$300,000 $4.20 $6.90
$350,000 $4.90 $8.05
$400,000 $5.60 $9.20
$450,000 $6.30 $10.35
$500,000 $7.00 $11.50