Cost / Premiums

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Basic Life Insurance


All premium rates are subject to change based on the experience of the plans.
 
If you leave NAV CANADA and take an immediate pension:
 

If you are a represented employee and retire with an immediate pension on or after January 1, 2010, with at least two years of service with NAV CANADA:

Each Month ​
​Retirees pay... ​NAV CANADA pays...
$0.158 per $1,000 of coverage $0
Premiums are subject to provincial tax: for Ontario (8%), Quebec (9%), Manitoba (8%) and Saskatchewan (6%).
 
Life insurance premiums and provincial tax paid by NAV CANADA constitute a taxable benefit under the Income Tax Act. This amount is added to your T4A and Relevé 2, for retirees. Applicable income tax is deducted from your pension.

If you leave NAV CANADA and defer your pension:
 
You may want to maintain your Basic Life Insurance coverage even though you are not taking your pension immediately after you leave NAV CANADA. If you defer your pension and wish to maintain your coverage, you must send a written request to your Pension Advisor within 30 days of your employment end date. You must also send a cheque for 12 months’ premiums at the appropriate rate from the following table. The rate is based on your age on the thirtieth day following your termination date.
 
Annual rate per $2,000 of coverage​ ​ ​ ​ ​ ​
​Age Rate​ Age​ Rate​ Age​ Rate​
​21 ​$8.56 ​37 $14.59 ​53 $27.34
​22 ​$8.83 ​38 ​$15.13 ​54 ​$28.53
​23 ​$9.11 ​39 ​$15.69 ​55 ​$29.80
​24 ​$9.40 ​40 ​$16.29 ​56 ​$31.14
​25 ​$9.70 ​41 ​$16.91 ​57 ​$32.58
​26 ​$10.01 ​42 ​$17.56 ​58 ​$34.12
​27 ​$10.34 ​43 ​$18.25 ​59 ​$35.80
​28 ​$10.69 ​44 ​$18.97 ​60 ​$37.65
​29 ​$11.05 ​45 ​$19.72 ​61* ​$39.77
​30 ​$11.42 ​46 ​$20.52 ​62* ​$42.02
​31 ​$11.81 ​47 ​$21.35 ​63* ​$44.40
​32 ​$12.22 ​48 ​$22.23 ​64* ​$46.92
​33 ​$12.65 ​49 ​$23.14 ​65* ​$49.58
​34 ​$13.10 ​50 ​$24.11 ​66* ​$52.38
​35 ​$13.58 ​51 ​$25.13 ​67* ​$55.34
​36 ​$14.07 ​52 ​$26.20 ​68* ​$58.45
​69* ​$61.73
*Premium rates take reducing coverage into account.
Once your deferred pension becomes payable, your premiums will be deducted from your pension payment based on the following rates, unless the premiums exceed the amount of your pension. The rates continue to be based on your age on the thirtieth day following your termination date.
Annual rate per $2,000 of coverage​ ​ ​ ​ ​ ​
​Age Rate​ Age​ Rate​ Age​ Rate​
​21 ​$0.73 ​37 $1.24​ ​53 $2.32​
​22 ​$0.75 ​38 ​$1.29 ​54 ​$2.42
​23 ​$0.77 ​39 ​$1.34 ​55 ​$2.53
​24 ​$0.79 ​40 ​$1.39 ​56 ​$2.65
​25 ​$0.82 ​41 ​$1.44 ​57 ​$2.77
​26 ​$0.85 ​42 ​$1.49 ​58 ​$2.90
​27 ​$0.88 ​43 ​$1.55 ​59 ​$3.04
​28 ​$0.91 ​44 ​$1.61 ​60 ​$3.20
​29 ​$0.94 ​45 ​$1.67 ​61* ​$3.38
​30 ​$0.97 ​46 ​$1.74 ​62* ​$3.57
​31 ​$1.00 ​47 ​$1.81 ​63* ​$3.77
​32 ​$1.03 ​48 ​$1.89 ​64* ​$3.98
​33 ​$1.07 ​49 ​$1.97 ​65* ​$4.21
​34 ​$1.11 ​50 ​$2.05 ​66* ​$4.45
​35 ​$1.15 ​51 ​$2.14 ​67* ​$4.70
​36 ​$1.19 ​52 ​$2.23 ​68* ​$4.97
​69* ​$5.25
*Premium rates take reducing coverage into account.
 
 
Published on October 17, 2017