FAQ: Premium Refund
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- What is the criteria for me to receive a refund check?
- What is the percentage of my refund?
- When was my check mailed?
- How long will it take to receive my check?
- Why was my refund last year less than I thought?
- Will I receive a refund every year?
- How can I change my address?
- How much will my premium refund be?
Members must have an issue date of 12/31/2017 or earlier.
Members must maintain their Group Term Life Insurance coverage through 8/31/2018.
For WAEPA’s 2018 Premium Refund, Members will receive 20% of their annualized premium as of 12/31/2017.
Checks were mailed on September 25, 2018. They may take up to three weeks to arrive.
We ask that you allow up to three (3) weeks to receive your check before notifying us.
We changed from a Fiscal Year to a calendar year, which had an impact on the calculations of the refunds.
Premium refunds are not guaranteed. They are based primarily on the annual claims ratio, and despite constant fluctuations, WAEPA has provided a Premium Refund to our members 22 of the last 23 years. That’s over $100M in Refunds since 1996.
To calculate your annualized premium:
Take the cost of your premium as of December 31, 2017.
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 20% of that number.
As of 12/31/17, 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 20% premium refund = $123.90
This 25-year-old member will receive a check in the amount of $123.90.