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Great-West Life Premium Change

posting date Posted: April 23, 2014

TORONTO, April 23, 2014 - As of April 2014 the life insurance premium is increasing by $0.18 per $1,000 of coverage. This will result in a slight increase in income tax for retirees with life insurance coverage. Check your April PICS, posted in your Online Service account for exact income tax amounts.

(paid by your former employer)

Coverage amount Current premium New premium
$2,000 $5.78 per month $6.14 per month
$4,500 $13.01 per month $13.82 per month
$5,000 $14.45 per month $15.53 per month
Coverage amount Estimated increase
$2,000 $0.05 to $0.10
$4,000 to $5,000 $0.10 to $0.30