LIVING ASSISTANCE BENEFIT
Great-West Life may, at its discretion, pay
to an employee a portion of his/her amount of
life insurance in advance of his/her death.
An employee may be eligible
for a living assistance benefit if:
- He/she has not named an irrevocable beneficiary
- He/she submits a written request
- The prognosis of his/her illness is terminal
and he/she is not expected to live longer
than 12 months from the date of his/her application
- His/her attending physician provides sufficient
medical evidence, including the diagnosis
and prognosis, to allow a thorough assessment
of his/her life expectancy
- NAV CANADA authorizes the request for the
payment of this benefit
The amount payable is equal
to the lesser of:
- 50% of the member’s amount of life
insurance, and
- $25,000.
At the time of his/her death, the amount of
the life insurance benefit payable will be reduced
by the amount of the living assistance benefit
plus accumulated interest to the date of his/her
death.
