Author Topic: Service Income Security Insurance Plan (SISIP)  (Read 313818 times)

0 Members and 1 Guest are viewing this topic.

Offline bigcletus

  • Jr. Member
  • ***
  • 2,040
  • Rate Post
  • Posts: 95
Re: SISIP LTD Indexed ??
« Reply #350 on: January 05, 2016, 12:17:33 »
To be honest, I'd rather pull my teeth out than talk to them....hence I'm here

Offline bigcletus

  • Jr. Member
  • ***
  • 2,040
  • Rate Post
  • Posts: 95
SISIP LTD at 65..
« Reply #351 on: February 23, 2016, 12:08:58 »
Can someone tell me why SISIP LTD is terminated at age 65 ??   Is that just an arbitrary age or based on the 1960's "old age" ??

With most people living well beyond 65, this creates a genuine hardship for those disabled when they need it most...(considering most vets also get their claw-back at that age as well)- a double hit...

Any comments/info greatly appreciated...

Thanks



Offline Pusser

  • Army.ca Veteran
  • *****
  • 81,805
  • Rate Post
  • Posts: 2,716
Re: SISIP LTD at 65..
« Reply #352 on: February 24, 2016, 09:00:22 »
My guess would be that LTD coverage stops at 65 because this is what most people consider "retirement" age.  Since LTD is designed to provide an income in lieu of a salary when one is disabled and unable to work, it only makes sense that LTD coverage would no longer be required once a person is retired and no longer working for a salary.  Presumably (hopefully), the retiree would then have his/her retirement income (pension, CPP, etc) and would no longer require LTD coverage because retirement income is not lost due to disability.

As an aside, there is no "clawback" due to CPP.  What happens is that the bridging benefit contained in the CFSA terminates at age 65, when most folks begin to collect CPP.  The CFSA was designed this way (as are the PSSA and RCMPSA).  There has been much discussion on this in this forum.

I wonder if anyone has discussed the fact that the normal entitlement age for CPP is soon to be 67 and whether it affects these things...
Sure, apes read Nietzsche.  They just don't understand it.

Offline dapaterson

  • Army.ca Subscriber
  • Army.ca Myth
  • *
  • 412,360
  • Rate Post
  • Posts: 15,691
Re: SISIP LTD at 65..
« Reply #353 on: February 24, 2016, 09:10:18 »
Pusser,

It's OAS, not CPP, that's transitioning to age 67 for eligibility.
This posting made in accordance with the Charter of Rights and Freedoms, section 2(b):
Everyone has the following fundamental freedoms: freedom of thought, belief, opinion and expression, including freedom of the press and other media of communication
http://laws.justice.gc.ca/en/charter/1.html

Offline bigcletus

  • Jr. Member
  • ***
  • 2,040
  • Rate Post
  • Posts: 95
Re: SISIP LTD at 65..
« Reply #354 on: February 24, 2016, 09:13:48 »
As an aside, there is no "clawback" due to CPP.  What happens is that the bridging benefit contained in the CFSA terminates at age 65, when most folks begin to collect CPP.  The CFSA was designed this way (as are the PSSA and RCMPSA).  There has been much discussion on this in this forum.
You're correct, I just used "claw-back" for simplicity
Thanks

Offline Szczep

  • New Member
  • **
  • 460
  • Rate Post
  • Posts: 30
Re: SISIP LTD at 65..
« Reply #355 on: February 24, 2016, 09:42:41 »
Why? because it is an INSURANCE company

Offline Pusser

  • Army.ca Veteran
  • *****
  • 81,805
  • Rate Post
  • Posts: 2,716
Re: SISIP LTD at 65..
« Reply #356 on: February 24, 2016, 11:30:02 »
Pusser,

It's OAS, not CPP, that's transitioning to age 67 for eligibility.

My mistake.  Thank you.
Sure, apes read Nietzsche.  They just don't understand it.

Offline dapaterson

  • Army.ca Subscriber
  • Army.ca Myth
  • *
  • 412,360
  • Rate Post
  • Posts: 15,691
Re: SISIP LTD at 65..
« Reply #357 on: February 24, 2016, 12:14:25 »
My mistake.  Thank you.

I'd rather give you good news and more money than bad news about less money later, but you're welcome.


Changing CPP in that way would require an overhaul of any combined pension - so the CFSA, PSSA and RCMPSA would require amendment and would become even more complex.
This posting made in accordance with the Charter of Rights and Freedoms, section 2(b):
Everyone has the following fundamental freedoms: freedom of thought, belief, opinion and expression, including freedom of the press and other media of communication
http://laws.justice.gc.ca/en/charter/1.html

Offline Blackadder1916

  • Army.ca Veteran
  • *****
  • 152,160
  • Rate Post
  • Posts: 2,707
Re: SISIP LTD at 65..
« Reply #358 on: February 24, 2016, 13:17:15 »
Can someone tell me why SISIP LTD is terminated at age 65 ??   Is that just an arbitrary age or based on the 1960's "old age" ??

With most people living well beyond 65, this creates a genuine hardship for those disabled when they need it most...(considering most vets also get their claw-back at that age as well)- a double hit...

Any comments/info greatly appreciated...

Thanks


It is not just SISIP.  Generally, all "Long Term Disability" insurance products in Canada have the same feature.  Benefits end at age 65.

http://www.benefitsconsultant.ca/group-benefits/long-term-disability-insurance.html
Quote
Long term disability (LTD) benefits typically contain the following characteristics:

Benefits are payable after the expiration of a qualifying period in which the employee is typically receiving benefits under a salary continuance plan, short term disability (STD) plan, or employment insurance
Definitions of disability are tied to the employee’s ability to perform their own job or any job
The monthly LTD benefit is a percentage of pre-disability earnings
The benefit period ends at age 65
Whisky for the gentlemen that like it. And for the gentlemen that don't like it - Whisky.

Offline Pusser

  • Army.ca Veteran
  • *****
  • 81,805
  • Rate Post
  • Posts: 2,716
Re: SISIP LTD at 65..
« Reply #359 on: February 26, 2016, 05:59:28 »
Changing CPP in that way would require an overhaul of any combined pension - so the CFSA, PSSA and RCMPSA would require amendment and would become even more complex.

Agreed.  That's why I was wondering how it would work out (but apparently it doesn't have to  :)).  I'm actually out of the country right now, so some things occasionally get lost in translation.

As for OAS, since I am unlikely to get any real benefit out of it, when it starts is of no real concern to me.
Sure, apes read Nietzsche.  They just don't understand it.

Offline Ebo

  • Guest
  • *
  • 150
  • Rate Post
  • Posts: 7
Reject SISIP?
« Reply #360 on: May 27, 2016, 19:14:25 »
I have been pre approved for SISIP. I really don't understand the difference between LTD, ELB etc...  I have a very difficult time following things now, while working I could handle 8 projects at once and loved it!

BG: I was bullied & harassed, had a breakdown, med released, still trying to recover. I trust NO ONE in the system
Situation: I use art as therapy and have sold some artwork. I would like to go pro and market etc.. But am limited in concentration, abilities, depression, panic etc...so need a safety net. I take meds.

If I sell art, is that considered work? I have been authorized by the MO to work up to 8 hours per week. Does SSIP consider that?

I don't trust anyone enough at SISIP to ask ( because of my complicated history) . I don't want SISIP in my business, I keep hearing people say that we paid into it, you're entitled to it, but it comes with conditions. One is, you can never improve yourself financially or they will dock you. Because of my skillset I can work temporarily and make more in a week than they give me in a month. But it comes at a price... The panic, anxiety etc return. But work is still good for me because it gives me a reason to get out of bed.

Please don't take this wrong, but I know many people on SISIP and they are exactly the same years after. They can't move forward or they're afraid to lose their monthly cheque. Afraid to take the chance and crashing. But I can't live on that allowance, I have debts, family and no savings.







Offline Teager

  • Sr. Member
  • *****
  • 37,945
  • Rate Post
  • Posts: 757
    • Canada For Victory
Re: Reject SISIP?
« Reply #361 on: May 27, 2016, 19:25:58 »
There is a way to collect your money from SISIP and work. You need to Incorporate your business. If you show SISIP that your Incorporated they won't touch the money you make. I asked them this myself and that's what I was told.

If you work and make money it has to be reported to SISIP. They will deduct whatever you make from what they give you per month unless you do what I said above.

Also note that you can tell SISIP to contact you by e-mail if you prefer. That's how I've been in touch with them for most things.

Offline paleomedic

  • Member
  • ****
  • 9,325
  • Rate Post
  • Posts: 240
Re: Reject SISIP?
« Reply #362 on: May 27, 2016, 19:29:35 »
You only get SISIP for the first 2 years. You can reapply but they may deem you "healthy/better" (not the right word but it makes the point).
SISIP tops you up to 75% of your pre-release pay.So if you make lots of money, you get nothing from SISIP that month. But if you have a hard month and are unable to work, at least you still get a paycheck so it's one less stress to worry about.

source: hubby medically released 3 years ago and qualified for and got SISIP.

Offline gryphonv

  • Full Member
  • *****
  • 8,095
  • Rate Post
  • Posts: 305
Re: Reject SISIP?
« Reply #363 on: May 27, 2016, 20:26:53 »
The best thing to do with SISIP LTD(Which is administered by Manulife) Is to stay on top of things. If you don't get a quick response to questions, follow up in a day or two. I was a very squeaky wheel when I started my process with them because of my OCD and wanting to stay on top of things.

Once things started to pick up with them and move along they assigned me to one of their managers because I guess I was a little difficult ( I was never rude but I definitely kept pushing for info). The manager told me he prefers to see that in members. He has seen a lot of people who assume its ok to just wait for things to happen. So if something does mess up like an undelivered email or something, that is time you will lose. He promised me if I send him an email if I don't get some sort of a reply that day or the next business day to give him a call.

Now with all that said. The 2 year SISIP LTD is really not truly accurate. Everyone that is medically released is auto approved for 2 years, you still have to get the right forms done, but you are approved.

Once the 2 years expires, if you are unable to gain employment that replaces at least 75% of your pre release income because of medical reasons you can get the LTD extended. You need a Dr. to sign off on this and you will need regular follow ups, but the 2 year limit isn't a hard end date for all members. It depends totally on your medical situation.

Also they do encourage people to earn supplementary income while on LTD. For every $ you earn will lose 50c towards the LTD. So while it isn't as bad as a 1:1. It still encourages people to stay active if you can. Which is arguably the most important thing about transition. Now there is a point if you make over 75% of your pre release pay you won't get any LTD for that period. But a little supplementary income won't hurt you with LTD.

Now I am no Medical expert, but if your Doc recommends no more than 8 hrs a week there may be a good cause once the 2 years is up and a reassessment  is done you will be approved for more than 2 years. The best way to look at LTD is a security net. You know you will always make at least a certain amount of money per month. If you can make more great, if you can't you will never make less than 75%.

I don't know enough about the accounting side of things, incorporation and such. But you deserve the LTD as any CAF member who medically releases does. Don't let anyone convince you otherwise.
« Last Edit: May 27, 2016, 20:50:04 by gryphonv »

Offline Ebo

  • Guest
  • *
  • 150
  • Rate Post
  • Posts: 7
Re: Reject SISIP?
« Reply #364 on: May 28, 2016, 17:52:23 »
Thank you everyone for your great replies. I might call them and talk to someone next week. Any DND related contact just sends me into a downward spin. I keep thinking it will go away but obviously not.

Thanks for giving back and caring about another buddy. It means a lot.

Offline W.jones

  • Guest
  • *
  • 20
  • Rate Post
  • Posts: 2
Re: SISIP Insurance for Released Members
« Reply #365 on: September 16, 2016, 21:30:57 »
I retired from the army to become a financial adviser and insurance agent. I am a licensed broker within Alberta, and my company has agents licensed in every province, as well as two of the territories. I would gladly help anyone in getting in touch with someone who can answer their questions, as well as answer any here anyone might have.

T-75 insurance is like renting. You pay for it, but don't own it. Permanent insurance is like owning it. You pay into it, and you get to keep it. You can take out policy loans, and even cash it in when you want.

There are several types of insurance available, and unless you cannot afford permanent insurance, there really isn't much reason to go with term as a form of wage replacement. Term is a great option for things like a mortgage, or any major purchase that you only need to cover for a set period of time, and don't want to pay higher rates. You can also do a Renewable and Convertable rider on term insurance, so that you can convert it to permanent insurance without having to prove insurability. This makes term insurance a great option for younger people who need the coverage, but cannot afford the premiums for permanent. This way, they confirm that they will not get denied insurability in the future due to any diagnosis. Alternatively, you can also add a term rider to permanent insurance to add coverage for a mortgage, etc. if you want permanent, but need additional coverage for major purchases.

Anyways, there are many more options available, and surprisingly, many with extremely great rates. I suggest anyone wanting to know what they need sit down with a broker, not just an agent, some time. A broker has access to multiple companies, instead of just one. This means they can compare insurance from multiple companies and find the best rates and coverage for you.

Offline W.jones

  • Guest
  • *
  • 20
  • Rate Post
  • Posts: 2
Re: Insurance for Released Members SISIP
« Reply #366 on: September 16, 2016, 21:35:45 »
Term insurance, regardless of the insurer, has zero residual value.

The SISIP term insurance has decent rates; its one compelling factor for military members is that it does not have an exclusion for death due to an act of war; other policies generally do.

I am not a financial advisor or insurance advisor.  I would suggest you find a good financial advisor to determine what insurance would be appropriate for you at this point in your life.  If you're debt free with no dependants, it may not be necessary to continue to carry coverage; that's a decision you should make in consultation with a trusted advisor.


As an adviser, I would definitely recommend consulting with an adviser as well. Even if you are debt free with no dependents, there very well may be, and often is, a need for insurance still. Estate planning can be very tricky if you do not consider the result of taxation of the estate after death, as well as any other factors, such as businesses owned, or property. The only way to know what kind of coverage is right for you is to sit down and calculate all your assets and debt, and see what the result will be after taxation.

Offline Renegade68

  • Guest
  • *
  • 430
  • Rate Post
  • Posts: 11
SISIP Benefit Start Date
« Reply #367 on: October 08, 2016, 13:28:03 »
Hi all long time lurker, first post! I have gained some really good info from this site and despite having looked around could not find  an answer to the question I have about SISIP.
I was 3B released on 25 Aug/16, I applied to SISIP and they have received my forms etc, however they are still awaiting my med file. My question is this, when SISIP approve me for payment will they start from approval date or application date? In other words will I receive something for September, if claim is approved in October?.
I read elsewhere on this forum that SISIP takes  about 6 weeks , so I am still on track I suppose. Case worker at SISIP has been very receptive to my calls and has expressed frustration at delay in my release documentation.

VAC have already told me that I will receive the top up to 90% on the ELB as soon as SISIP  is in place.
The experience I have had with VAC so far has been quite good, my ELB and Rehab were approved within 3 weeks of application. Still awaiting word on disability awards.
Thanks in advance for any insight you can give me.
Cheers, :salute:
« Last Edit: October 08, 2016, 15:42:57 by Renegade68 »

Offline Teager

  • Sr. Member
  • *****
  • 37,945
  • Rate Post
  • Posts: 757
    • Canada For Victory
Re: SISIP Benefit Start Date
« Reply #368 on: October 08, 2016, 19:22:04 »
If SISIP approves you they will back date your pay to 26 Aug/16.  Expect your pays to be around the 20th of each month give or take.

Offline Renegade68

  • Guest
  • *
  • 430
  • Rate Post
  • Posts: 11
Re: SISIP Benefit Start Date
« Reply #369 on: October 08, 2016, 20:35:58 »
Thanks, for the reply Teager. Good to know about payment dates for future.

Offline Renegade68

  • Guest
  • *
  • 430
  • Rate Post
  • Posts: 11
SISIP and Latest CAF Pay Raise
« Reply #370 on: August 23, 2017, 19:33:55 »
Currently, if you phone the SISIP 1 800-565-0711 number, you will receive a message saying " if you are calling about the 2014-2017 pay increases, please note we are continuing to await further direction before making retroactive adjustments. Once adjustments have commenced this message will be updated" (or words to that effect)
Does anyone know why the direction on these adjustments is taking so long?

Offline PMedMoe

    is retired and loving it!

  • Army.ca Subscriber
  • Army.ca Legend
  • *
  • 248,605
  • Rate Post
  • Posts: 10,136
Re: SISIP and Latest CAF Pay Raise
« Reply #371 on: August 23, 2017, 19:45:16 »
Could be the same as the severance pay where they have to do it individually.
"A good traveler has no fixed plans, and is not intent on arriving".
~ Lao Tzu~

Offline AIRFORCE26

  • Guest
  • *
  • 30
  • Rate Post
  • Posts: 1
sisip LTD
« Reply #372 on: March 03, 2018, 15:09:38 »
Good day everybody I have a chronic Illness which I am degenerating , I am currently on LTD I just have a question. How does it work if My wife and I want to get a second home. Do i have to declare that as income ? will my monthly LTD Payment decrease. I hope somebody can help me.

Thank you

I appreciate this site and everybody who has served and is currently serving.

Offline Teager

  • Sr. Member
  • *****
  • 37,945
  • Rate Post
  • Posts: 757
    • Canada For Victory
Re: Service Income Security Insurance Plan (SISIP)
« Reply #373 on: March 03, 2018, 15:26:11 »
If you are planning on renting one of the homes then yes this will be seen as income. If the home is in your wife's name and the income goes to her then it will have no effect on you or LTD.

If you have a second home and use it for yourselves with no income being made from it then your LTD would not be clawed back.

Online PuckChaser

  • Directing Staff
  • Army.ca Fixture
  • *
  • 902,110
  • Rate Post
  • Posts: 7,744
    • Peacekeeper's Homepage
Re: sisip LTD
« Reply #374 on: March 03, 2018, 17:48:15 »
Good day everybody I have a chronic Illness which I am degenerating , I am currently on LTD I just have a question. How does it work if My wife and I want to get a second home. Do i have to declare that as income ? will my monthly LTD Payment decrease. I hope somebody can help me.

Thank you

I appreciate this site and everybody who has served and is currently serving.

You don't need to post the question more than once, especially since you already have an answer here.