SISIP Financial Services, A division of CFMWS SCAN Fall 2013
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Transcript of SISIP Financial Services, A division of CFMWS SCAN Fall 2013
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SISIP Financial Services,A division of CFMWS
SCAN Fall 2013
CFSU (Europe)Geilenkirchen
Presenter: Bernard Savoie, Insurance Representative
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Our Mandate
The delivery of products, services and programs to serving and former
members of the Canadian Forces and their families.
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SISIP Financial Services Vision (SISIP FS)
Leadership and excellence in the provision of financial products and
services.
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SISIP FS
Life and Disability Insurance
Financial Planning
Financial Counseling
Canadian Forces Personnel Assistance Fund (CFPAF)
Financial Education
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Financial PlannersFinancial CounsellorsInsurance Representatives
SISIP FS OFFICES
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SISIP FS Long Term Disability (LTD)
•Also known as Income Income
Replacement Replacement InsuranceInsurance
•Automatic coverage
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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.
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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.
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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.
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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.
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• 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?
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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.
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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.
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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.
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How much life insurance do I need?
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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.
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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
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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
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LTD OGTI-M OGTI-S
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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.
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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).
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Advantages
• Competitive rates
• Accidental Dismemberment benefit continues to apply
• No charge for dependent children
• No exclusion for dangerous sports
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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.
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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.
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Please send forms to:
SISIP Financial Services4210 Labelle StreetOttawa ON K1A 0K2
For assistance : 1-613-233-2177 www.sisip.com
Email format: [email protected]
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Questions?