At the best of times, buying life insurance can seem complex and hard to understand. When you or your spouse/partner is deploying, that complexity seems to multiply.

“No one wants to leave their family unprepared for the future,” says André Bouchard, SISIP FS President. “We recommend that serving and former members of the CF and their families meet with a SISIP FS licensed insurance representative for sound advice on financial protection.”

Unless you are financially independent, you need life insurance. Your life insurance benefits will allow your family to continue living reasonably and fulfill their financial goals. Life insurance provides a guarantee of adequate financial protection.

All SISIP FS term life insurance plans offer:

• guaranteed payment of claims, even if you die while serving in a theatre of operations;
• no exclusions for dangerous occupations, hobbies, volunteer activities or sports;
• less stringent medical underwriting requirements, in most instances;
• life insurance coverage for your dependent children to an amount of $10 000; and
• accidental dismemberment benefits for you (for injuries non-attributable to military service), your insured spouse/partner and dependent children.

If you have been released from the CF and are covered under either the Optional Group Term Insurance Plan, or the Reserve Term Insurance Plan, you are entitled to transfer coverage to Insurance for Released Members without evidence of insurability within 60 days following the effective date of your release.

All SISIP FS optional term life insurance can be purchased in increments of $10 000 to a maximum of $400 000.

With some of the most competitive rates in the insurance industry, these plans are age-banded and increase every five years. Premiums are also based on smoker/non-smoker status and the amount of coverage purchased, based on your family’s financial needs.

Example/Optional Group Term Insurance Plan monthly premiums for serving members

Age/younger than 25/25-39/30-34/35-39/40-44/45-49/50-54/55-59/60 and older

Non-smoker10K/$0.70/$0.60/$0.65/$0.80/$1.05/$1.35/$2.00/$3.40/$4.30

Smoker10/$1.05/$0.95/$1.10/$1.25/$1.80/$3.00/$4.90/$5.40/$6.45

Without a doubt, you face additional risk in a theatre of operations, but this additional risk does not mean you need to increase your life insurance coverage. Whether you are in a theatre of operations overseas or driving your car from home to work, your life insurance needs remain the same. You want your family to live reasonably, no matter what happens, or where.

That said, before you deploy is an opportune time to review your life insurance policy with a licensed insurance representative. He or she will help you make sure you have adequate coverage to protect your family.

The best way is to consult with a licensed SISIP FS life insurance representative, who will conduct a needs-analysis to determine the financial needs of your loved ones.

If you are single, have no dependents, and are without financial obligations, you may need only a small amount of life insurance.

If you have dependent children—whether you’re single or with a spouse/partner—you need to consider income replacement needs for those children, and for your surviving spouse/partner if you have one. These needs could include an emergency fund, additional childcare expenses, mortgage, education expenses, personal debt, or special medical needs.

A SISIP FS life insurance representative will also take into consideration other financial benefits your survivors will receive, such as those paid under the Canadian Forces Superannuation Act (CFSA), the Supplementary Death Benefit (SDB) lump sum payments (equal to twice your annual salary), and other relevant sources of income.

SISIP FS offers three optional term life insurance plans:

• The Optional Group Term Insurance (OGTI) plan, designed for serving Regular Force personnel and their spouses/partners.
• The Reserve Term Insurance Plan (RTIP), designed for serving Reserve Force personnel and their spouses/partners.
• The Insurance for Released Members (IRM) plan, designed for the needs of the released personnel and their spouses/partners.

Visit www.sisip.com or call 1-800-267-6681.