Preparing for Your Medical Release: What to Expect and How SISIP Can Help

Ted Noakes MA CLU® CFP® 
Financial Security Advisor, Life Insurance 

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As the prescribed medical release date of Apr. 1, approaches, many members of the Canadian Armed Forces in Victoria and Esquimalt are preparing for this significant transition. Whether you are looking forward to the release or feeling uncertain about it, it is important to know what to expect and how to plan effectively.

SISIP is part of your out-routine. Here is what you can expect with your SISIP appointments and the sorts of things that SISIP will help with to plan your post-release financial path and to make your experience as useful as possible:

Initial Appointment: Reviewing Your Coverage

In your first appointment, typically with one of our insurance agents, we will review your current coverage. This includes:

• your supplementary death benefit
• any optional insurance you have with SISIP
• any other life insurance you are holding

We also conduct a needs analysis to determine if you have too much or too little life insurance. Additionally, we will explain what critical illness insurance is and how it can protect your portfolio in case of illness. As you have 60 days (about two months) to transfer your coverage, we will ensure you have the necessary forms to complete this process.

Second Appointment: Financial Planning

Many members are unaware of their financial options, especially when it comes to their pension. Our financial planners are uniquely qualified to help you understand whether taking a lump sum or the pension makes more sense for you. We will provide a detailed analysis to show you the budgetary impact of each option, helping you make an informed decision.

Setting Up an Appointment

With Apr. 1 rapidly approaching, it is helpful to set up an appointment as soon as possible. And be aware, we are still not in our CANEX location due to ongoing renovations, so calling ahead is important.  Appointments can be online or in person. We recommend scheduling your appointment at least three weeks in advance but will do all we can to accommodate all requests.

Common Questions

Can my coverage transfer over?

Yes, your coverage can transfer over.

What are the costs?

The only costs are the premiums, which for most people under the age of 60, are no different than what they would pay with the current coverage as a regular force member or reservist.

Are there any fees to break the contract?

No, there are no fees to break the contract. If you decide you no longer want insurance, you simply sign a form to cancel it.

Does SISIP still cover me after release?

Yes, SISIP financial services are part of your post -release benefits and there is no charge for SISIP insurance and financial planning services.

For more information and to book an appointment, please visit cfmws.ca/insurance-finance or call 250-363-3301.