Life Insurance

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​Post-Retirement Life Insurance


All NAV CANADA retirees at the senior manager level with at least two years of service, who receive an immediate pension, opt to maintain their Basic Life Insurance coverage, and who apply for this coverage within 30 days of the date of retirement from NAV CANADA are eligible to enrol.

 

​First year of retirement

​100%

 

of final adjusted insurable earnings​

Second year of retirement

​75%

 

of final adjusted insurable earnings​​

Third year of retirement

​50%

 

​of final adjusted insurable earnings​

Fourth year of retirement and thereafter

​25%

of final adjusted insurable earnings​

Benefits are not taxable when paid to the beneficiary you name (any interest paid between the date of death and the date of payment is taxable). However, if your estate receives life insurance benefits, they may be subject to probate fees, since they may be considered assets.
Published on February 01, 2016