Cost / Premiums

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Critical Illness Insurance


The monthly premiums for Critical Illness Insurance are as follows:

​Employees pay... ​NAV CANADA pays...
​The premium indicated in the following table, based on the insured's gender and age per $25,000 of coverage* ​$0

Premiums are subject to provincial tax: for Ontario (8%), Quebec (9%) and Manitoba (8%).

Monthly premium per $25,000 of coverage per insured:

​Non Smoker ​ Smoker​ ​
​Age group Male Femal​e ​Male ​Female
​Up to 29 ​$2.73 ​$2.57 ​$3.22 ​$3.03
​30-34 ​$3.77 ​$4.49 ​$5.21 ​$6.00
​35-39 ​$4.62 ​$5.54 ​$6.65 ​$8.55
​40-44 ​$6.75 ​$7.47 ​$11.33 ​$13.62
​45-49 ​$11.07 ​$10.48 ​$21.94 ​$21.41
​50-54 ​$17.77 ​$13.98 ​$40.30 ​$29.89
​55-59 ​$27.79 ​$18.62

​$67.47

​$38.73
​60-64 $45.47 ​$26.22 ​$107.74 ​$49.60
​65-69 $86.82​ $45.01​ $188.24​ ​$78.10

Monthly Premium for Child Critical Illness Insurance per $5,000 of coverage:

​Employees pay... ​NAV CANADA pays...
$2.05 per $5,000 of coverage, regardless of the number of children covered ​$0
Example:
​Province of residence ​Ontario
​Province of work ​Ontario
​Gender ​Male
​Age ​40
​Coverage $200,000​
Smoker Status ​Non smoker
Employee's monthly premium ​$6.75 x ($200,000/$25,000) = $54.00
​Monthly premium plus provincial tax* ​$54.00 + ($54.00 x 8%) = $58.32
 *Since the employee lives in Ontario, there is an 8% provincial tax
Published on February 01, 2016