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Calculating an Employees Monthly LTD Premium Amount (RBC Insurance)

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® / ™ Trademark(s) of Royal Bank of Canada. Used under licence.
VPS 105628
83532 (09/2019)
Calculating an Employee’s
Monthly LTD Premium
Amount
Standard Worksheet
Instructions on calculating an employee’s monthly premium:
Example:
Monthly premium for an individual with basic monthly earnings of $3,000 and a benet schedule of 66.67% of earnings to a maximum of $5,000 per month.
n
66.67% of $3,000 = $2,000
n
$2,000 x $1.20 = $2,400 ÷ 100 = $24.00
Please refer to your group insurance contract for specic plan details.
PREMIUM WORKSHEET
1. Benet percentage (your policy/contract is the source)
%
2. Policy rate per $100
$
3. Monthly earnings (from client)
$
4. Plan monthly maximum (or non-maximum if applicable)
$
5. Take the benet percentage (#1) and multiply it by the employee’s monthly earnings (#3).
(This equals the employee’s coverage amount.)
If this dollar amount exceeds the policy’s maximum benet, the coverage amount will be limited to the policy
maximum benet amount. $
6. Multiply the employee’s coverage amount in (#5) by the rate in (#2).
$
7. Divide the amount in (#6) by 100.
This equals the employee’s monthly LTD premium amount. $
We appreciate your business. If you have any questions, please call your RBC Insurance
®
sales representative.
Please retain this form for your records.
RBC Life Insurance Company, PO Box, 1600, 8677 Anchor Drive, Windsor, ON N9A 0B3, 1-855.264-2174, www.rbcinsurance.com
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Calculating an Employees Monthly LTD Premium Amount (RBC Insurance)

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Completed 21 May 2021

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