Common use of Life Insurance Upon Retirement Clause in Contracts

Life Insurance Upon Retirement. 20.1 An employee who retires from the service with an Ontario Northland pension will be entitled to a death benefit of $7,000. If retirement on company pension is earlier than age 65 and an employee's term life insurance is extended to age 65, the $7,000 death benefit will be provided at age 65. The application of this Article is conditional on the employee having 10 years of pensionable service.

Life Insurance Upon Retirement. 20.1 An employee who retires from the service with an Ontario Northland pension will be entitled to a death benefit of $7,0006,000. If retirement on company pension is earlier than age 65 and an employee's term life insurance is extended to age 65, the $7,000 6,000 death benefit will be provided at age 65. The application of this Article is conditional on the employee having 10 years of pensionable service.