CANFORGEN
SUBJ: AMENDMENTS TO SISIP FINANCIAL SERVICES (SISIP FS) OPTIONAL
TERM LIFE INSURANCE PLANS FOR THE CANADIAN FORCES
1. SISIP FS REVIEWS ITS FINANCIAL PRODUCTS ON A RECURRING BASIS
TO ENSURE THAT IT MAINTAINS ITS COMPETITIVE AND AFFORDABLE FINANCIAL
SERVICES ADAPTED TO CANADIAN FORCES (CF) MEMBERS AND THEIR FAMILIES
2. DURING THE 2003/2004 REVIEW OF THE SISIP FS INSURANCE PLANS,
PREMIUMS WERE COMPARED TO THE INSURANCE INDUSTRY'S BEST PREMIUM
RATES AVAILABLE TO THE MAJORITY OF CANADIAN FORCES MEMBERS. THESE
BEST RATES ARE AVAILABLE ONLY FOLLOWING STRICT MEDICAL TESTING
AND VERIFICATION OF IMMEDIATE FAMILY MEDICAL HISTORY
3. FOLLOWING THIS REVIEW, WE ARE PLEASED TO ANNOUNCE THAT THE
NON PUBLIC PROPERTY BOARD OF DIRECTORS HAS APPROVED REDUCED PREMIUMS
FOR SOME AGE GROUPS, AND THE INTRODUCTION OF A NEW ACCIDENTAL
DISMEMBERMENT COVERAGE WHICH WILL BE IN EFFECT ON 1 JULY 2005
FOR CF SERVING MEMBERS INSURED UNDER THE OPTIONAL GROUP TERM INSURANCE
(OGTI) PLAN AND THE RESERVE TERM INSURANCE PLAN (RTIP). WITH THESE
CHANGES, SISIP FS WILL CONTINUE TO OFFER PREMIUMS THAT ARE AMONGST
THE LOWEST IN THE INSURANCE INDUSTRY FOR COMPARABLE COVERAGE.
IN FACT, ON A WEIGHTED AVERAGE BASIS, PREMIUM RATES FOR SERVING
MEMBERS ARE 8 TO 15 PERCENT LOWER THAN THE LOWEST COMPARABLE RATES
IN INDUSTRY
4 CF MEMBERS AND SPOUSES WITH OGTI OR RTIP COVERAGE WHO ARE
AFFECTED BY THE REDUCTION IN PREMIUMS ON JULY 1, 2005 ARE NOT
REQUIRED TO TAKE ANY ACTION. FOR REGULAR FORCE MEMBERS, THE CHANGES
IN PREMIUMS WILL TAKE EFFECT AUTOMATICALLY WITHIN THE PAY SYSTEM.
RESERVE FORCE MEMBERS WHO ARE PAYING BY ELECTRONIC FUND TRANSFER
OR PENSION DEDUCTION WILL AUTOMATICALLY BE DEBITED THE APPROPRIATE
AMOUNT. IF A MEMBER ALREADY PAID THE ENTIRE PREMIUM FOR THE YEAR,
A REIMBURSEMENT FOR THE DIFFERENCE, IF APPLICABLE, WILL BE MAILED
BEFORE THE END OF JULY 2005
5. NEW ACCIDENTAL DISMEMBERMENT COVERAGE WILL ALSO BE ADDED
AT NO COST TO INSURED MEMBERS WITH OGTI AND RTIP FOR:
A. MEMBERS WHOSE INJURIES ARE NON-ATTRIBUTABLE TO MILITARY SERVICE
TO A MAXIMUM OF THEIR COVERAGE AT THE TIME OF THE ACCIDENT;
B. INSURED SPOUSES TO A MAXIMUM OF THEIR COVERAGE AT THE TIME
OF THE ACCIDENT; AND
C. DEPENDANT CHILDREN FOR A MAXIMUM OF $10,000
6. IN ADDITION TO THE NEW ACCIDENTAL DISMEMBERMENT COVERAGE
AND LOW PREMIUM RATES, OGTI AND RTIP PARTICIPANTS ARE OFFERED
THE FOLLOWING BENEFITS:
A. NO WAR OR TERRORISM EXCLUSION CLAUSE;
B. NO EXCLUSIONS FOR DANGEROUS OCCUPATIONS, HOBBIES, VOLUNTEER
ACTIVITIES OR SPORTS;
C. LESS STRINGENT MEDICAL UNDERWRITING REQUIREMENTS; AND
D. LIFE COVERAGE FOR DEPENDANT CHILDREN TO AN AMOUNT OF $10,000
7. MORE INFORMATION ON THESE IMPROVEMENTS TO THE SISIP FS TERM
INSURANCE PLANS AND OTHER FINANCIAL SERVICES CAN BE FOUND AT WWW.SISIP.COM.
QUERIES CAN ALSO BE DIRECTED TO A LOCAL BASE/WING SISIP FS OFFICE
OR BY CALLING THE OTTAWA OFFICE AT 1-800-267-6681 (233-2177 IN
OTTAWA)
8. IT IS IMPORTANT THAT CF MEMBERS BE FAMILIAR WITH THESE IMPROVEMENTS
TO SISIP FS TERM LIFE INSURANCE PLANS. COMMANDING OFFICERS ARE
TO ENSURE THAT THIS MESSAGE IS DISSEMINATED WIDELY.
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