Is SISIP Life Insurance the best? Review (2024)

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Alexandre Desoutter updated on 11 September 2023

Life insurance is one of the most powerful tools you have for assuring your family’s financial future. Imagine something happened to you. Would your spouse, children or other dependents be okay financially?

This is especially crucial for military families, as life insurance ensures the continuity of their quality of life. However, selecting the right plan and provider can be complex.

That's why we've put together this review on SISIP life insurance, what it offers, pros, and cons, to help you decide if it's the right choice for you. You could also compare plans from Canada's best life insurances and get free personalised quotes using our comparator so you buy the plan that meets your unique needs.

SISIP life insurance: 5 key takeaways

  1. SISIP Financial offers life insurance plans exclusively for armed forces members and their families.
  2. It provides term life coverage with up to $1,200,000 for Regular Force, Reserve Force, and Released members.
  3. Permanent life insurance options are limited.
  4. SISIP plans do not have exclusions for war, dangerous occupations, hobbies, volunteer activities, or sports.
  5. Compare plans from other providers and get free quotes using our comparator tool.

SISIP Financial Life Insurance review: The best coverage for military families

SISIP Financial has been serving the Canadian military community for over 50 years. It is designed for "serving members" and their families. Enjoy insurance products specifically for military families that cover whatever challenges life may bring.

Regular Force, Reserve Force, and Released members can get coverage of up to $1,200,000 that has accidental dismemberment benefits and no exclusions for war, dangerous occupations, hobbies, volunteer activities, or sports.

SISIP Financial advisors can help you plan for different stages of life, including deployments or starting a family. To summarise, it is an ideal choice for families of armed forces as the plans are tailor-made with specific needs in mind.

While SISIP offers great insurance, it may not be the best to meet all your needs. Before making a decision, it's worth comparing plans to find the perfect policy for you and your family. Picking the right life insurance is a hard decision, but our comparison tool below lets you get prices from many of Canada's leading life insurance providers, and for free.

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What types of life insurance does SISIP Financial offer?

Picking the right type of life insurance can be confusing. SISIP makes it easy and has advisors who can help. Here is what they have on offer:

TypeTerm InsuranceTerm 100Simplified Issue Term Life
Coverage amount
Up to $1,200,000
  • $25,000
  • $50,000
  • $75,000
  • $100,000
$10,000 to $100,000
(increments of $10,000)
Free life coverage for dependents
$10,000
Accidental dismemberment benefits
About
Available for:
Regular Force members
Reserve Force members
Released members
Payment options:
  • Locked-in premium rates
  • 20 Pay Option
No-medical life insurance
SISIP life insurance options

Finally, a Term 100 plan with up to $100,000 coverage is the only permanent life insurance options. Shoppers interested in whole life or universal life insurance will need to turn elsewhere.

Good to know

The plans are notable for not having exclusions for war, dangerous occupations, hobbies, volunteer activities or sports. SISIP Financial also offers life insurance coverage tailored for released members of the Canadian military (SISIP life insurance veterans).

How much does SISIP life insurance cost?

The price of life insurance varies greatly depending on the type of insurance you want to purchase, your age, your health, your smoking status and your financial goals, so in most cases you need to speak with a representative to get an accurate quote.

One exception is SISIP's Term 100 insurance, offered through Manulife Life Insurance. Prices are published online. See below for the price per unit of $25,000 of Term 100 insurance. Up to $100,000 coverage available. Want the full $100,000? Just multiply the number below by 4.

AgeMale
(non-smoker)
Female
(non-smoker)
Male
(non-smoker)
Female
(non-smoker)
20
$8.85$7.58$13.11$10.12
25
$10.73$9.38$16.66$12.79
30
$13.23$11.66$21.12$16.12
35
$16.66$14.69$26.78$20.30
40
$21.21$18.65$33.96$25.57
45
$27.23$23.83$43.06$32.20
50
$34.38$30.01$55.06$40.90
55
$43.87$38.18$69.31$51.14
60
$57.53$49.99$87.25$63.95
65
$75.06$65.38$106.95$80.28
70
$97.72$85.45$128.81$101.06
SISIP life insurance rates

We recommend that you compare prices from other providers too to find a plan that best suits your needs and budget. All you need to do is use our comparator below and get free personalized quotes from Canada's best life insurance companies, and in no time.

Compare the best life insurance companies

Get 20+ quotes in seconds

What does SISIP life insurance cover?

SISIP life insurance covers Canadian service members that are looking to protect their families from the potential financial burden of their passing. As a service designed for the military, it offers some additional benefits, not seen in many regular policies including no exceptions for war, accidental dismemberment benefits and extra coverage for dependent children.

Life insurance is the perfect way to provide financial security when planning for family protection. It can be used by your family to cover:

  • Mortgage and rent payments
  • Final expenses such as funeral costs
  • Survivor’s income
  • Higher education and tuition fees

Good to know

Not sure how much life insurance you need to provide financial security for your family? Unfortunately, there is no SISIP life insurance calculator offered on its website. But HelloSafe's life insurance calculator can help you determine how much coverage you need to best protect your dependents.

How do you get a SISIP life insurance quote?

Getting a quote from SISIP is easy. You have a few options:

  • Reach out to your local SISIP office directly
  • Call 1-800-267-6681
  • Fill out the online form on its website to be contacted by representative.

Be prepared with your Service and CF One Numbers.

sisip life insurance quote
SISIP life insurance login

Alternatively, if you would like a policy that isn't specific to Canada's Armed Forces, there are dozens of great providers with greater coverage limits and permanent life insurance options. You could compare their coverage and get free quotes using our comparator below.

Compare the best life insurance companies

Get 20+ quotes in seconds
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Alexandre Desoutter
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Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a as a contributor to several publications.