Understand the Costs
How to Calculate Your Monthly Rate
Step One Choose the amount of coverage you want. |
Example: |
Step Two Divide the amount of your total coverage ("your principal amount") by $10,000. |
Example: |
Step Three Multiply the result by the appropriate rate:
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 |