Cost / Premiums

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Management Insurance Plan


​Select the type of insurance from the selection below:
Supplemental Life Insurance
​Optional Life Insurance
Accidental Death and Dismemberment Insurance
​​Dependent Insurance
Taxable Benefit

Supplemental Life Insurance

Monthly premiums for Supplemental Life Insurance are as follows:
Employees pay... ​​NAV CANADA pays...
Senior Managers and Middle Managers ​$0 $0.25 / $1,000 of adjusted insurable earnings​
Management and Confidential Staff ​The premium indicated in the following table, based on gender and age per $1,000 of adjusted insurable earnings* ​$0
*Premiums are subject to provincial tax: for Ontario (8%), Quebec (9%) and Manitoba (8%).
 
Monthly premium per $1,000 of adjusted insurable earnings:
​Age Group Male​ Female​
​30 and less ​$0.05 ​$0.03
​31-35 ​$0.05 ​$0.05
36-40 ​$0.08 ​$0.05
41-45 ​$0.12 ​$0.08
​46-50 $0.20 ​$0.14
​51-55 ​$0.33 ​$0.23
56-60 ​$0.52 ​$0.37
​61-65* ​$0.60 ​$0.41
​66-70* ​$0.31 ​$0.23
​71-75* ​$0.21 ​$0.17
​76-80* ​$0.33 ​$0.26

*Premium rates take reducing coverage into account. 


Optional Life Insurance

Monthly premiums for Optional Life Insurance are as follows:
Employees pay... ​​NAV CANADA pays...
​The premium indicated in the following table, based on gender and age per $1,000 of adjusted insurable earnings ​$0
*Premiums are subject to provincial tax: for Ontario (8%), Quebec (9%) and Manitoba (8%).
 
Monthly premium per $1,000 of adjusted insurable earnings:
​Age Group Male​ Female​
​30 and less ​$0.04 ​$0.02
​31-35 ​$0.04 ​$0.04
36-40 ​$0.05 ​$0.04
41-45 ​$0.08 ​$0.06
​46-50 $0.13 ​$0.10
​51-55 ​$0.23 ​$0.16
56-60 ​$0.35 ​$0.26
​61-65* ​$0.42 ​$0.29
​66-70* ​$0.21 ​$0.16
​71-75* ​$0.15 ​$0.12
​76-80* ​$0.24 ​$0.20
*Premium rates take reducing coverage into account.
Monthly premiums for Accidental Death and Dismemberment Insurance are as follows:
Employees pay... ​​NAV CANADA pays...
Senior Managers ​$0 $0.525 / unit of $25,000
Middle Managers, and Management and Confidential Staff $0.20 / unit of $25,000 $0.125 / unit of $25,000
Effective September 1, 2015 the monthly premiums for Accidental Death and Dismemberment Insurance are as follows:
Employees pay... ​​NAV CANADA pays...
Senior Managers ​$0 $0.525 / unit of $25,000
Middle Managers, and Management and Confidential Staff $0.325 / unit of $25,000 $0
*Premiums are subject to provincial tax: for Ontario (8%), Quebec (9%) and Manitoba (8%).

Dependent Insurance

Monthly premiums for Dependent Insurance are as follows:
Employees pay... ​​NAV CANADA pays...
Senior Managers ​$0 $1.00
Middle Managers, and Management and Confidential Staff

To cover your spouse only, or your spouse and children:

  • the premium indicated in the following table, based on your gender and age

To cover your children only

  • $0.39 regardless of age, gender or number of children covered
​$0
*Premiums are subject to provincial tax: for Ontario (8%), Quebec (9%) and Manitoba (8%).
 
Monthly premium based on employee's age and gender:
​Age Group Male​ Female​
​26 and less ​$0.39 ​$0.39
26-30 ​$0.48 ​$0.55
​31-35 ​$0.63 ​$0.70
36-40 ​$0.79 ​$0.86
41-45 $0.86 ​$1.01
46-50 ​$1.01 ​$1.18
51-55 ​$1.18 ​$1.56
​56-60 ​$1.56 ​$2.35
61-65 ​$2.35 ​$3.60
​66-70 ​$1.18 ​$1.80
​71-80 $​1.80 ​$2.81
 

Example:

​Province of residence ​Ontario
Gender ​Male
​Level ​MGR 1
​Age ​40
Salary $95,000
​Supplemental Life Coverage ​$95,000
​Optional Life Coverage ​$95,000
​Dependent Coverage ​Spouse Only
​Accidental Death and Dismemberment Coverage ​$200,000 (8 units of $25,000)
Employee's monthly premium (Optional Life, Dependent Life and Accidental Death and Dismemberment Inurance)

​$95,000 / $1,000 x $0.05 = $4.75 (Optional Life)

$0.79 (Dependent Life)

8 units x $0.20 = $1.60 (AD&D Insurance)

​NAV CANADA's monthly premium (Supplemental Life and Accidental Death and Dismemberment Inurance)

​$95,000 / $1,000 x $0.25 = $23.75 (Supplemental Life Insurance)

8 units x $0.125 = $1.00 (AD&D Insurance)
​Employee's ​monthly premium plus provincial tax*
​$4.75 + $0.79 + $1.60 = $7.14
$7.14 x 8% = $7.71
NAV CANADA's monthly premium plus provincial tax*
$23.75 + $1.00 = $24.75
$24.75 x 8% = $26.73
*Since the employee lives and works in Ontario, there is an 8% provincial tax

Taxable Benefit

Life insurance premiums, accident insurance premiums and provincial tax paid by NAV CANADA constitute a taxable benefit under the Income Tax Act. This amount is added to your T4 and Relevé 1 slips. Applicable income tax is deducted from your pay.

Published on February 01, 2016