Argus is proud to be a market leader in insurance and financial services. We offer the plans and resources you need to stay well and live worry free.
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.