SISIP Financial Services,A division of CFMWS

SCAN Fall 2013

CFSU (Europe)Geilenkirchen

Presenter: Bernard Savoie, Insurance Representative

Our Mandate

The delivery of products, services and programs to serving and former

members of the Canadian Forces and their families.

SISIP Financial Services Vision (SISIP FS)

Leadership and excellence in the provision of financial products and

services.

SISIP FS

Life and Disability Insurance

Financial Planning

Financial Counseling

Canadian Forces Personnel Assistance Fund (CFPAF)

Financial Education

           

    

                

  

            

               

                 

  

                          

 

             

   

             

 

            

   

Financial PlannersFinancial CounsellorsInsurance Representatives

SISIP FS OFFICES

SISIP FS Long Term Disability (LTD)

•Also known as Income Income

Replacement Replacement InsuranceInsurance

•Automatic coverage

SISIP FS LTD Regular Force

Medically released members provided with replacement income:

• 75% of salary at date of release in combination with:CFSA, CPP/QPP, earned employment income

• 15% paid by you, 85% Treasury Board.• Monthly benefit for up to 24 months following

medical release or continues until age 65 if totally disabled.

• Access to the Vocational Rehabilitation Program (VRP) can start up to 6 months before effective DOR.

• Coverage 24 / 7.

SISIP FS Reserve LTD, class A & B short term

• 75% of deemed monthly income at time of injury or illness in combination with: CFSA, CPP/QPP, earned employment income, WCB, auto-ins. & other employer LTD and pension plans.

• 100% paid by Treasury Board deemed $2700 salary / month.

• Option to increase to $3700 or $4700 / month subject to income test.

SISIP FS Reserve LTD, class A & B short term (cont.)

• Monthly benefit for up to 24 months following medical release or continues until age 65 if totally disabled.

• Access to the Vocational Rehabilitation Program (VRP) can start up to 6 months before effective DOR.

• Covered while “On Duty”: authorized and entitled to pay including traveling directly to & directly from place of duty.

SISIP FS Reserve LTD, class B long term and class C

• 75% of monthly income at time of injury or illness in combination with: CFSA, CPP/QPP, earned employment income, WCB, auto-ins. & other employer LTD and pension plans.

• 100% paid by Treasury Board.• Monthly benefit for up to 24 months following

medical release or continues until age 65 if totally disabled

• Access to the Vocational Rehabilitation Program (VRP) can start up to 6 months before effective DOR.

• Covered “while on period of service”.• Annuitants are not covered during mandatory 35

day break in service.

• Income Replacement to:–Maintain survivor’s lifestyle– Pay for children’s education

• Continue paying / pay off:MortgageLine of creditCredit cardsPersonal loanStudent loanCar

Why Life Insurance?

SISIP FS Optional Group Term Ins. (OGTI)

OGTI - Regular ForceRTIP - Reserve ForceIRM - Released Members

Up to $600,000 for members & spouses.Up to $250,000 for single members.Automatic $10,000 per dependent child.Accidental Dismemberment benefit to a

maximum of $250,000.

SISIP FS OGTI(continued)

No “war clause or terrorism exclusion” if death occurs in a theatre of operations.

Common suicide exclusion applies (24 months)

Coverage ceases when you terminate your coverage.

Coverage to age 75.

Accidental Dismemberment (AD)

• For injuries not attributable to military duty.

• Member covered up to face amount of life insurance to a MAXIMUM of $250,000.

• Spouse covered up to face amount of life insurance to a MAXIMUM of $250,000.

• Each insured dependent child to a maximum of $10,000.

• Based on the Schedule of Benefits.

How much life insurance do I need?

SISIP FS Needs Analysis

We take into consideration:– mortgage, loans, debts,– dependents, education costs,– RRSP’s, other savings,– change in marital status,– retirement, new career,– SDB, CPP, severance, etc.,– CFSA, VAC pensions,– final expenses,– Inflation,

You receive a printed Needs Analysis.

Monthly premiums per $10,000 unit

Age Band Non Smoker Smoker

<25

25-2925-29

30-34

35-3935-39

40-44

45-49 45-49

50-5450-54

55-5955-59

60-65 60-65

0.70 1.05

0.60 0.950.60 0.95

0.65 1.10

0.80 1.250.80 1.25

1.05 1.80

1.35 3.001.35 3.00

2.00 4.902.00 4.90

3.40 5.403.40 5.40

4.30 6.454.30 6.45

OGTI & RTIP5 year Renewable Term

Monthly premiums per $10,000 unit

Age Band Non Smoker Smoker

<25

25-2925-29

30-34

35-3935-39

40-44

45-49 45-49

50-5450-54

55-5955-59

60-64 60-64

65-6965-69

70-7470-74

0.70 1.05

0.60 0.950.60 0.95

0.65 1.10

0.80 1.250.80 1.25

1.05 1.80

1.35 3.001.35 3.00

2.00 5.152.00 5.15

3.40 8.503.40 8.50

6.00 15.006.00 15.00

11.00 25.0011.00 25.00

23.17 48.4723.17 48.47

IRM

LTD OGTI-M OGTI-S

Beneficiaries

• Spousal coverage usually paid to CF member.

• Trustee/Tutor for dependent children.

• May designate contingent.

• Any person, organization, charity you choose.

• If no designation, paid to the estate and subject to probate fees.

Common Law Relationship

SISIP FS• From 1 st day.• Must complete a Declaration of Common-Law

Relationship 3E/F to purchase spouse coverage.• Review beneficiary designations.

Veterans Affairs Canada (VAC)• Recognized after 12 months of co-habitation.• Complete a “Common Law Partnership

Application”, from the Base Orderly Room (BOR).

Advantages

• Competitive rates

• Accidental Dismemberment benefit continues to apply

• No charge for dependent children

• No exclusion for dangerous sports

Insurance for Released Members(IRM)

You must apply to continue your coverage:– If within 60 days of release:• No proof of insurability required.

– If after 60 days:• You must answer all medical questions.• Additional medical information may be required.

The SISIP FS Ultimate Goal

1. Personalized analysis approach.

2. Holistic customer focus.

3. Do what is best to address the financial needs of CF members and their families.

Please send forms to:

SISIP Financial Services4210 Labelle StreetOttawa ON K1A 0K2

For assistance : 1-613-233-2177 www.sisip.com

Email format: first.last@sisip.com

Questions?