SISIP Life Insurance Review, Rates For 2024
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Discover the methodologyLife insurance is a powerful tool to ensure your family’s financial security should something unfortunate happen to you. This is especially true for military families who risk their lives and that of their loved ones for our safety. That's where SISIP Life Insurance comes in.
SISIP Life Insurance stands out as a tailored solution for Canadian Armed Forces members, veterans, and their families. It offers specialized coverage with unique benefits like no exclusions for war or dangerous activities and free coverage for children.
In this SISIP Life Insurance review, we’ll explore its various life insurance plans, coverage for released members, prices, and pros and cons, helping you decide if it’s the right fit for your needs. If it’s not the right fit, use our free tool to compare quotes from Canada’s top insurers instantly.
SISIP Life Insurance: 6 Key Points
- SISIP Financial offers life insurance for armed forces members, veterans, and their families.
- It offers seven diverse life insurance plans.
- It provides life insurance coverage of up to $1,200,000.
- Enhance your coverage with Accidental Dismemberment Insurance.
- You can also get a no-medical-exam life insurance plan.
- No coverage exclusions for war, dangerous occupations, hobbies, volunteer activities, or sports.
Our SISIP Life Insurance Review
SISIP Financial is a Canadian organization specializing in financial services tailored to military members. SISIP primarily offers term life insurance, which provides coverage for a specified period. This product is ideal for military personnel and their families as it adapts to the frequent changes in their professional lives.
Members of the Canadian Armed Forces (CAF) can choose from various coverage options, including group life insurance for military personnel and veterans, as well as protection for spouses and children. Unlike some competitors, SISIP does not offer any robust permanent life insurance options but remains an excellent choice for temporary insurance needs.
SISIP allows policy enrollment up to the age of 65. Coverage amounts range from $10,000 to $1,200,000. One of SISIP’s notable advantages is the availability of basic coverage without requiring an initial medical exam, which contrasts with other insurers who often demand medical evaluations even for low coverage amounts.
Premiums start from as low as around $8 per month and are determined based on the chosen term. Optional benefits such as free child coverage and accidental death protection are available to supplement the basic plan. Additionally, the death benefit is tax-free, providing direct financial support to families in the event of the insured military member’s death.
SISIP policies do not impose restrictions on deaths resulting from war, active duty, or participation in dangerous sports—limitations that are often found in other insurers' policies. Furthermore, some SISIP insurance plans include complimentary coverage for Accidental Dismemberment Insurance.
This targeted approach makes SISIP a dependable choice for military members and their families seeking adaptable and comprehensive term life insurance coverage.
Expert advice
SISIP life insurance is well-suited for military personnel and their families, offering simple, flexible coverage designed to address the specific risks and needs of CAF members. A major advantage is the absence of a medical exam for basic coverage, making it highly accessible. However, SISIP’s coverage limits are lower compared to providers like Sun Life or Canada Life Insurance, which offer insurance amounts of up to $25,000,000 and $20,000,000, respectively.
Pros of SISIP Insurance
- 7 life insurance plans to choose from.
- Designed to meet the unique needs of CAF members, veterans, and their families.
- Offers term and permanent plans with coverage up to $1,200,000.
- Covers deaths related to war, dangerous activities, or sports.
- Basic coverage available without a medical exam.
- Term 100 offers lifetime coverage with fixed premiums.
- Includes accidental dismemberment protection and free $10,000 coverage for dependent children.
Cons of SISIP Insurance
- Coverage maximums are lower than some competitors (e.g., Sun Life or Canada Life).
- Does not publicly disclose term life insurance rates.
- Premiums for certain plans, like SISIP life insurance for veterans, are taxable.
- Limited permanent life insurance options.
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. Our comparison tool below lets you get personalized quotes from many of Canada's leading life insurance providers, and for free.
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What life insurance does SISIP Financial offer?
SISIP offers 7 types of life insurance plans to meet diverse needs. Here are the plans and their key features highlighted in a table below.
Term Life Insurance Plans
| Life Insurance Plan | Details or Key Features |
|---|---|
| Term Insurance for Regular Force Members |
|
| Reserve Force Term Insurance |
|
| Term Insurance for Released Members |
|
| Simplified Issue Term Life Insurance |
|
| General Officers Insurance Plan |
|
| Military Post Retirement Life Insurance Plan (SISIP Life Insurance For Veterans) |
|
Permanent Life Insurance Plan
| Life Insurance Plan | Details or Key Features |
|---|---|
| Term 100 Insurance |
|
Good to know
The plans are notable for not having exclusions for war, dangerous occupations, hobbies, volunteer activities or sports. Further, the SISIP life insurance for veterans is designed to support veterans and their families in managing expenses, debts, and future financial goals. With easy application and personalized support, it ensures a smooth transition to civilian life.
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.
SISIP Life Insurance Veterans Coverage
The Military Post Retirement Life Insurance Plan (MPRLIP) premiums are entirely funded by the Government of Canada, meaning that members do not need to pay out of pocket for this coverage. However, the premium amount is considered a taxable benefit, which means it is added to the insured member's income for tax purposes and may increase their taxable income for the year. This ensures that retired military personnel can maintain essential life insurance coverage without incurring direct costs, although it does have implications for their annual tax filings.
However, here are the premiums for SISIP 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. You can get up to $100,000 coverage.
| Age | Male (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 |
How to calculate my SISIP Life Insurance Rates for Term 100?
Find your rate in the chart above and multiply it by the number of $25,000 coverage units you want to calculate your premiums. For example, if the rate for your age group is $10 per $25,000 of coverage and you want $100,000 in coverage, you would multiply $10 by 4 (since $100,000 equals four $25,000 units). Your monthly premium would be $40.
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.
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What does SISIP life insurance cover?
SISIP life insurance covers Canadian service members who 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 a representative.
Be prepared with your Service and CF One Numbers.
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
How to contact SISIP Life Insurance?
To get in touch with SISIP Life Insurance contact channels, you can reach out through the following methods:
For Canadian Armed Forces (CAF) Members (Serving, Retired, or Released), Spouses, and Adult Children:
- New Inquiries: Call a SISIP Financial Advisor at 1-800-267-6681, available Monday to Friday, 8 a.m. to 4 p.m. EST.
- Current Policyholders: Contact the SISIP insurance program at Manulife at 1-855-887-7809, available Monday to Friday, 8 a.m. to 8 p.m. EST.
For CFOne Community Members (Non-CAF Members or Family):
- Call the SISIP insurance program at Manulife at 1-855-834-7030, available Monday to Friday, 8 a.m. to 8 p.m. EST.
FAQs on SISIP Life Insurance
SISIP life insurance rates depend on factors like age, smoking status, and coverage amount, with premiums starting as low as $8.85 per $25,000 for a 20-year-old non-smoker for a Term 100 Life Insurance plan. Coverage is available up to $1.2 million, and basic coverage may not require a medical exam. For specific rates, contact SISIP Financial directly at 1-800-267-6681.
Veterans can obtain life insurance through the Insurance for Released Members (IRM) plan, which allows converting coverage within 60 days of release without a medical exam. The plan ensures continued protection for former CAF members and their families. Veterans can explore coverage options by contacting SISIP Financial at 1-800-267-6681 or visiting their website to book an appointment.
Yes, SISIP offers the Insurance for Released Members (IRM) plan, designed for former CAF members. To convert your existing coverage to IRM without providing evidence of insurability, you must apply within 60 days of your release date.
SISIP Term 100 Life Insurance offers lifetime coverage with premiums ending at age 100, while other term plans typically end at age 65. Specific policies may vary, so it’s best to consult with SISIP Financial for precise details.
