SISIP Financial: Frequently Asked Questions

• Does getting COVID-19 impact my policy or application?
  COVID-19 is not on the limitations and exclusions list as found in the SISIP Financial Insurance Policy #901102. It in no way negatively impacts your current SISIP Financial insurance policies. If you identify that you currently have COVID-19 during the application process, your application will be postponed until you are COVID free.  We continue to follow guidance and recommendations from the WHO and the Canadian government. 
• Does getting the COVID-19 vaccine impact my policy or application?

  The COVID-19 vaccination, including experimental vaccines, in no way negatively impact your current insurance policies, nor do they factor into new insurance applications you may apply for with us. 

  We continue to follow guidance and recommendations from the WHO and the Canadian government, including supporting government-approved vaccines to combat the COVID-19 pandemic. 

  Please speak with your health care professional to determine the best option for you. 

General Officers Insurance Plan (GOIP)

• What coverage is included in the GOIP / Res GOIP?

  Regular Force and Primary Reserves Class C

  COVERAGE	BENEFIT
  Basic Life Insurance	Equal to 2 times the annual pay adjusted to the nearest $1,000.
  Accidental Death and Dismemberment	Lump-sum payment up to $250,000.
  Dependent Life Insurance	Provides Dependent Life and Accidental Death and Dismemberment Insurance, each in the amount of up to $5,000 for a spouse and up to $2,500 for each dependent child.
  LTD	If currently a participant in the Long Term Disability (LTD) plan, then premiums (a taxable benefit) are fully paid for by the employer.     If not currently a participant, you may apply by completing application Form 1E, including the medical questions.

  Primary Reserve Force Primary Class A and B (short and long term): 
    
  The GOIP consists of the following: 

  COVERAGE	BENEFIT
  Basic Life Insurance	Class A and short term Class B:  Eligible CAF personnel employed on short periods of service not exceeding 16 days of continuous service and designated by military authority as being on Class A Primary Reserve Force service, or members employed on a full time basis for 180 days or less and designated by military authority as being on Class B Primary Reserve Force service, the benefit is equal to 1 times the member's deemed annual salary rounded to the nearest $1,000.    Long term Class B:  Members employed on a full time basis for 180 consecutive days or more and designated by military authority as being on Class B Primary Reserve Force service, the benefit is equal to 2 times the member's deemed annual salary rounded to the nearest $1,000.
  Accidental Death and Dismemberment	Class A and short term Class B:  A lump-sum payment of up to $100,000    Long term Class B:  A lump-sum payment of up to $250,000
  Res LTD	Class A and short term Class B:  Coverage is automatic for each period that the member is "on duty" as defined in the policy. Premiums are fully paid for by the employer.    Long term Class B:  Coverage is twenty-four hours per day, seven days a week for each period that the member is "on duty" as defined in the policy. Premiums are fully paid for by the employer.

• Who is eligible for the GOIP / Res GOIP?
  Regular Force officers in the substantive rank of Colonel and above in all classifications, and Lieutenant-Colonel in the legal classification are automatically enrolled in GOIP on the date of promotion. 
    
  Primary Reserve Force officers in the substantive rank of Colonel and above in all classifications, and Lieutenant-Colonel in the legal classification are eligible* for coverage under the Res GOIP on the date of promotion to the lower eligible rank, or on the date of employment in the Primary Reserve Force service at the lower eligible rank.
  
  * Please note that for Primary Reserve Force officers, coverage is NOT automatic. Reserve Force senior officers become insured once the enrolment process is completed and the eligibility is confirmed by SISIP Financial.
• What is the cost of this insurance?
  Although the cost of the benefits is paid for by the employer, the premiums for certain types of coverage are a taxable benefit. 
• What is the amount of the taxable benefit?

  The amount of the taxable benefit is determined by province of residence as follows: 

  • In all provinces except Quebec, the taxable benefit is the premium paid by the employer for the Basic Life Insurance and Accidental Dismemberment coverage; and 

  • In Quebec, the taxable benefit consists of the premium paid by the employer for the Basic Life Insurance coverage, the Accidental Death and Dismemberment coverage and the Dependent Life Insurance coverage. In addition, the Quebec Insurance Sales Tax (QIST) paid by the employer for these types of coverage is also a taxable benefit. 

• Do I have to apply for the GOIP / Res GOIP coverage?
  No, for Regular Force, as soon as SISIP Financial receives the promotion message from DND and, for Primary Reserve Force officers, as soon as they are on the listing provided by the Revised Pay System for the Reserves (RPSR) an information package is automatically sent to the member. 
• Can I purchase additional Life Insurance under the GOIP?

  Regular Force: 
  In addition to the basic coverage provided by the GOIP, you may purchase: 

  • Optional Life Insurance equivalent to one time the annual pay adjusted to the nearest $1,000 under the GOIP. 

  Primary Reserve Force: 
  In addition to the basic coverage provided by the Res GOIP, a member on long term Class B Primary Reserve Service may purchase:  

  • Optional Life Insurance equivalent to one time the annual pay adjusted to the nearest $1,000 under the Res GOIP. 

• Who can I designate as my beneficiary(ies)?
  You may designate any person or organization as the beneficiary(ies) of your GOIP policy. In the absence of a beneficiary designation, the proceeds are paid to your estate. 
• What happens to my current LTD coverage?
  When a member becomes enrolled in the GOIP the premiums for LTD / Res LTD are fully funded by the employer. For Regular Force the premium payment being charged against your pay account will automatically terminate and the coverage will remain in force. For Primary Reserve Force there is no premium payment action required as the Res LTD is fully funded by the employer. 
• What happens once I am released from the CAF?
  When GOIP coverage ceases on release from the CAF, members may convert life insurance coverage to the SISIP Insurance for Released Members (IRM) to a maximum coverage of $1,200,000 *. To do so without evidence of insurability, the transfer application must be received by SISIP within 60 days of your effective release date from the CAF. Specific details concerning conversion options will be forwarded to you when we receive notification of your retirement. 
    
  As well, eligible Regular Force senior officers who retire from the CAF with an immediate annuity and GOIP in effect at the time of release, are automatically provided with Military Post-Retirement Life Insurance Plan (MPRLIP). This plan is administered by SISIP Financial, but the full premiums are funded entirely by the Government of Canada. 
    
  *  Regular/Class C Reservist and Primary Reserve Force members on Class B long term, to a maximum of 1.75 times the annual salary. 
  Primary Reserve Force members on Class A/B short term to a maximum of 0.75 times the annual salary. 
• Can I opt out of the GOIP?
  Yes, by requesting a Waiver of Entitlement form, from the SISIP Financial Advisor. However, if you opt out of the GOIP, you must provide proof of insurability prior to your release, in order to be eligible for the Military Post Retirement Life Insurance Plan (MPRLIP).
  
  Please note that in the case of conflict between the information on this page and the insurance contract Policy #901102, the terms of the English contract will prevail. The documents posted on this website are provided for reference purposes only and shall not be considered to be definitive.

Military Post Retirement Life Insurance Plan (MPRLIP)

• What is the cost of this insurance?
  MPRLIP premiums are fully funded by the Government of Canada. The paid premium is a taxable benefit to the insured member. 
• What benefit amount can my beneficiaries expect to receive? 

  The amount of post-retirement life insurance is based on the annual salary to which the participant was entitled immediately before the CAF effective date of release. For insurance purposes, the final salary is the annual salary adjusted to the next highest multiple of $250. 
    
  The life insurance coverage is equal to the following: 

  Year after Retirement	% of Ajusted Annual Salary
  First	100%
  Second	75%
  Third	50%
  Fourth (and life thereafter)	25%

• Are the MPRLIP benefits ever suspended? 

  Yes. The entitlement to the MPRLIP benefit is suspended when: 

  subsequent to the retirement from the CAF, an eligible member secures employment or re-employment in the Federal Public Service of Canada and/or; 

  an eligible member is in receipt of Long Term Disability (LTD) benefits under SISIP Financial or the Public Services Management Insurance Plan (PSMIP) when a Waiver of Premium Benefit is in effect. 

• Will I receive the MPRLIP information package before I retire from the CAF? 
  Yes. Complete information about the MPRLIP will be provided automatically at or near the commencement of retirement leave when SISIP Financial receives the release message from DND.