Life Insurance

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FAQ


Can you show me an example of benefits payable in the case of my death?
If you earn $90,000 and enrol in both Supplemental and Optional Life Insurance, your beneficiary would receive the following benefits:
​Example
​Basic Life Insurance ​$180,000
​Supplemental Life Insurance ​$90,000
​Optional Life Insurance ​$90,000
Total Payable ​$360,000

In the event of your death due to a covered accident, also having purchased $250,000 of Accidental Death and Dismemberment Insurance, your beneficiary would receive the following benefits:

​Example
​Basic Life Insurance ​$180,000
​Supplemental Life Insurance ​$90,000
​Optional Life Insurance ​$90,000
​Accidental Death and Dismemberment Insurance ​$250,000
Total Payable ​$610,000

In the event of your death due to a covered accident while travelling on NAV CANADA business, also having purchased $250,000 of Accidental Death and Dismemberment Insurance, your beneficiary would receive the following benefits:

​Example
​Basic Life Insurance ​$180,000
​Supplemental Life Insurance ​$90,000
​Optional Life Insurance ​$90,000
​Accidental Death and Dismemberment Insurance ​$250,000
Business Travel Accidental Death and Dismemberment Insurance​ ​$360,000
Total Payable ​$970,000
Are the benefits tax-free?
Yes. However, if you do not name a beneficiary or name your estate as beneficiary, probate fees may apply.
 
How are the benefits paid?
A lump sum in Canadian dollars.
Published on February 01, 2016