How much will my premium refund be? (For 2020)edit
To calculate your annualized premium:
- Take the cost of your premium as of December 31, 2020.
- Multiply that cost by your payment frequency:
- if you’re billed monthly, multiply by 12;
- If you’re billed quarterly, multiply by 4;
- If you’re billed annually, multiply by 1;
- Then, take 10% of that number.
As of 12/31/20, a 25-year-old member who pays premiums quarterly in the amount of $154.88 for $1,475,000 of coverage.
$154.88 x 4 = $619.54
Total Premium of $619.51 x 10% premium refund = $61.95.
This 25-year-old member will receive a check in the amount of $61.95.