There are many different careers considered to be high risk. Those that are in the armed forces fit into this category. It means that their opportunities for shopping for insurance are more challenging. Particularly when it comes to life insurance. Insurance companies are all about risk. Sometimes the opportunities for life insurance do not seem fair. Like for those in the armed forces. Who may have difficulty getting protection for their family. There is some insurance offered to give them the peace of mind. Like different types of life insurance.
What is SISIP?
This is one of the programs put in place by Mackenzie Investments. An organization that caters to offering many different types of financial services. To the Canadian Armed Forces. This particular life insurance program is through SISIP Financial.
They offer many different financial services to the Canadian Armed Forces. One of these is a selection of insurances. Within this selection is life insurance. Within this category, there are several different options. That those in the Canadian military can choose from.
This particular plan is a term life insurance. It is available to those that are currently serving in the military as well as those that have retired from it. What makes it extra beneficial is the coverage for military families. Such as the spouse and adult children who also can buy this insurance. It is available between the ages of 18 and 70.
Insurance Coverage Choices
It is offering some great choices when it comes to the amount of coverage starting at $25,000 all the way up to $100,000. One of the reasons individuals choose term insurance is because the premiums are usually much lower. Compared to other types of insurance. This particular term insurance offered by SISIP has some good benefits. One of them is the premiums staying the same. Those that live beyond the age of 100 will still have their life insurance in place but no premium costs.
Military personnel often find that they face different types of financial hardship. It is beneficial to take advantage of insurance that is affordable. One that can provide them with the peace of mind knowing that their family will be okay. It is not unusual for those in the military to change jobs. Nor is it unusual for them to get relocated. In either of these cases, this particular insurance coverage is portable. Meaning that the coverage will go with the personnel.
Limitations and Exclusions
Quite often any insurance comes with specific limitations and exclusions. What these are will always depend on the insurance company that is providing it. The life insurance coverage offered to the Canadian military comes from Manulife. They have set the rules and the guidelines about the life insurance. That which they are offering the Canadian military. They have indicated there is only going to be one limitation and exclusion. That pertains to this and the other life insurance packages they offer. This exclusion is that the insured cannot die as a result of suicide. Within the first two years of taking out the policy.
Optional Group Insurance
This is a package of life insurance that is being offered. This one is for members of the regular force. Also, it includes their families. It is for those that are in service. Again this comes through Manulife. It does not have exclusions that one would not expect to find with life insurance. Which would be the insured being involved in dangerous occupations. Such as war or even hobbies. Another concern that many have with life insurance is the medical requirements. This particular insurance is not as strict when it comes to the medical metrics. The package coverage can be anywhere from $10,000 up to $600,000.
Reserve Term Insurance Plan
There are some members of the military classed as the reserve. This particular plan is specifically for them and their spouses. It is the same as the optional group insurance with the same benefits.
What Happens When Members are Released from Service?
SISIP has not forgotten about members released or retired from the Canadian Armed Forces. For them, there is the IRM insurance package. This package is the same as the optional group insurance and the reserve term insurance plan. The difference is that this particular package is transferable. Once the member leaves service.
Insurance for Officers
Many officers from the Canadian Armed Forces retire with a pension. Also, they have had the general officer’s insurance plan coverage. Once retired they are eligible for the military post-retirement life insurance plan. This plan is different in that it is the government of Canada who will fund it. The government pays the premiums for this insurance.
Making the Right Decision
Anyone in the military is faced with the same decision making. When it comes to their life insurance needs. Those in the Armed Forces are appreciative of the fact that they can buy life insurance. Their biggest decision will come down to how much coverage do they want. People have different needs. This is the reason that there are variations in the values of these packages.
The military insurance shopper has to look carefully at how much coverage they need. How much is going to look after the beneficiaries named. Are there debts that need covering with this money? So the debt burden isn’t left on the family or other loved ones. If there are children involved their future is important. Education is the big factor here. The insured wants peace of mind in knowing that educational costs are covered. Then there is the consideration of the spouse. How will the spouse manage financially as a result of the loss of the insured. This means having to look well into the future. To be able to determine which amount of coverage is going to be the most appropriate. The premiums for term insurance are usually reasonable. It allows for greater flexibility in choosing higher valued insurance.