Members on hourly and weekly wages

Should you have members that are paid on an hourly or weekly basis it is likely that their monthly salaries will fluctuate. This will impact the calculation of their monthly premiums and turn their benefits into a “lottery”, not to mention the challenge of underwriting on changing levels of cover.

In order to avoid this, it is requested that a deemed risk salary be set for the year so that premium and cover amounts remain constant. This will benefit members by providing clarity on their expected benefit and employers by providing consistency on the premiums.

Should you require more information, please contact your Associate or the office.

Thank you and regards,

The TSA Team

You’ll find all back issues of TSA Connect by visiting our blog and you can do that by clicking here. All information provided in TSA Connect newsletters is intended to inform and explain, but please remember to always check the current terms on policies when considering options and advising clients.

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