NTI ends beneficiary insurance program

Nunavut Tunngavik Inc. has put an end to its beneficiary death and dismemberment insurance, saying the program was no longer worth its investment.

That plan, in place since 2002, insured beneficiaries in the case of accidental death or dismemberment.

But CEO Terry Audla said that NTI’s board of directors reviewed the program earlier this year and determined that the premiums paid for the program outweighed the benefits received by beneficiaries.

“Since 2002, we’ve budgeted $400,000 on this,” Audla said. “But the actual claims paid out have been just over $100,000.”

The insurance program is cancelled effective June 30.

Audla said NTI is currently reviewing several of its programs to ensure that beneficiaries are getting the best return available.

“We’re always looking at our options,” he said.

That includes a look at the organization’s bereavement program, which helps pay to ship bodies or fly relatives to attend funeral services.

The program costs between $400,000 to $500,000 a year, although it is often tapped out by December, Audla said — that’s well before the end of NTI’s financial year in March.