Definition

The share of costs you pay after meeting your deductible, expressed as a percentage. It splits expenses between you and your insurer to keep payments fair.

What to consider

  • Review premium costs regularly.
  • Consider the value provided by your policy premium.
  • Compare premiums with benefits offered.

Real world scenarios

  • Every month, Sarah paid a policy premium to keep her insurance active.
  • John’s direct debit ensured his policy premium was paid on time.
  • Linda reviewed her policy premium details to compare with similar plans.

Related terms

Insurance & Financial Protection