Simply stated, an insurance premium is the amount paid for an insurance policy. The premium is usually paid monthly, quarterly or annually, and the premium may change over time.
The calculation of your insurance premiums includes a variety of factors depending on the type or types of insurance you’re looking for. It’s important to know what premium rates are based on, so you can make an educated decision on what plan is right for you when comparing between insurance carriers.
How do health insurance premiums work?
Health factors are the primary consideration when determining the premiums for health insurance policies. They help an insurance company predict what types of health and wellness claims a policyholder and their insured dependents (like a spouse or children) will make and how often.
Premiums will also be based on the coverage included in your policy. Saskatchewan Blue Cross plans offer core health benefits in our basic plan, then allow you to add custom options depending on your needs. Your premium rates will increase as you add more coverage to your plan.
Saskatchewan Blue Cross is unique in that your premium rates are not related to the claims you’ve submitted. That means that once you are a member, your rates won’t change based on the claims you make. When you use your plan, you can rest assured that you won’t experience any impact to your premiums based on usage.
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How do travel insurance premiums work?
Insurance premiums for Saskatchewan Blue Cross’ Travel Plans include an assessment of the age or ages of the individual(s) who will travel outside of the province, trip duration, and destination. Premiums may be lower if the policyholder selects a higher deductible (the amount paid by the insured before insurance payments begin).
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How do life insurance premiums work?
With life insurance, your insurer considers factors that help to determine the risk of paying out the benefit sooner. These include:
- Health: age, gender, existing chronic illness, family history of certain conditions, and smoking status all influence premiums
- Lifestyle: engaging in high-risk activities like skydiving may mean higher premiums
- Length: a longer commitment may reduce premiums
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What makes Saskatchewan Blue Cross different?
As a not-for-profit organization, we take great care in ensuring that our plans continue to be among the most affordable and sustainable in Saskatchewan for all our members throughout their life circumstances, offering you flexibility, peace of mind and protection for your future, paired with value and outstanding service. The rates our members pay go towards claims, service and administration costs – not profit margins.
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