Great-West Life Premium Change
Posted: April 23, 2014TORONTO, 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.
Life insurance premiums
(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 |
Income Tax Payable
Coverage amount | Estimated increase |
---|---|
$2,000 | $0.05 to $0.10 |
$4,000 to $5,000 | $0.10 to $0.30 |