Definition, Meaning & Synonyms

monthly-premium

Noun

/ˈmʌnθli ˈpriːmiəm/

Definition

A monthly payment made for insurance coverage or subscription services.

Examples

After reviewing my budget, I decided to increase my monthly premium for better health coverage.
The monthly premium for my gym membership includes access to all classes and facilities.
She received a discount on her monthly premium after maintaining a good driving record.

Meaning

The amount of money that an individual pays every month for a service or insurance policy. This fee ensures that the individual receives the benefits or coverage outlined in their policy or subscription agreement.