SISIP LTD 2002 - 2018

[dapaterson]

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.

 

[ueo]

Thanks for the info. Contacted a financial manager and got pretty much the same. As we're mortgage free, I think we'll let this lapse next spring. We have other insurance and this is just an annoyance.

 

[Wookilar]

Ok,

Looking for some info. Currently trying to get VAC Voc Rehab to actually plan my switch from SISIP to Voc Rehab (CanVet) and am getting pushback from my Voc Rehab case manager.

She says CanVet will not talk to me until I am done with SISIP. Problem with that is, I switch on Sep 12, 2015. School starts the week before and I need approval from VAC well before then so I can get registered.

SISIP has so graciously allowed me to try a few courses, under my Dr.'s care of course (actually, the Doc wrote SISIP a rather stern letter insisting that I be authorized), and I really want to continue.

Now, according to the MOU between DND/SISIP/VAC wrt transitions (I have a hard copy around here somewhere), it seems clear to me that, administratively at least, there is no reason why I cannot plan the way I need to.

But what do I know, I'm just an old Log O 

Oh and the clowns refuse to authorize my ELB before then either.

Anyone have any advice on which buttons to push or which secret words I need to use on this one? "Red zone" does not work in this case apparently.

Thanks.

Wook

 

[TCBF]

- What is Can Vet? I met with Rehab Counselor and the follow up letter was on SISIP-RARM Manulife Financial letterheads, and the signature block is Manulife Financial based.

- I had to divide my SISIP files into three: IRM (insurance), LTD Voc Rehab, and LTD financial.

 

[Teager]

- What is Can Vet? I met with Rehab Counselor and the follow up letter was on SISIP-RARM Manulife Financial letterheads, and the signature block is Manulife Financial based.

- I had to divide my SISIP files into three: IRM (insurance), LTD Voc Rehab, and LTD financial.

CanVet VR Services has been contracted by VAC to provide vocational rehabilitation and vocational assistance services to help clients meet their vocational goals.

http://www.canvetservices.com/about-eg.html

 

[Teager]

Wook, maybe see if SISIP will provide something like a letter explaining your situation to VAC and that you will need VAC approval ahead of time to continue with your education as the SISIP funding will cease. Hope VAC gets themselves sorted out for you. I'm about to venture into voc rehab myself.

 

[TCBF]

- My counsellor was a retired Medic working for SISIP, Manulife as the insurer provides program funding. VAC doesn't enter into my Voc Rehab. Are we talking two different programs here?

 

[Teager]

- My counsellor was a retired Medic working for SISIP, Manulife as the insurer provides program funding. VAC doesn't enter into my Voc Rehab. Are we talking two different programs here?

Yes, they are two different programs. SISIP provides 2 years of education from date of release with the ability to get 6 months education before release. SISIP may extend the benefit an extra month or 2 due to timing of school programs. However there are situations where vets can't start school upon release and may start the SISIP voc rehab a year into it or even after the 2 years has passed. This would mean SISIP will only pay for the remaining year and VAC should pick up whatever is remaining for your education under there voc rehab program. You must use the SISIP voc rehab benefit first before being able to use VACs voc rehab education benefit.

Hopefully I have that all correct as I'm learning all this as I jump into it as well.

 

[TCBF]

- Thanks for the information. Good to know.

 

[Teager]

Wookilar have you managed to get any word on this issue?

 

[Wookilar]

Sorry for the delay, it's been exam time and this old dog needs the study time.

Teager, you are correct wrt SISIP and VAC programs. SISIP is very concrete and quite straightforward, rather easy to navigate. Their requirements for their program, while quite strict (and I do not agree with them) are at least understandable. VAC, and it will come as no surprise, is extremely vague in everything it does.

I have spoken to the VAC Ombudsman's people at length; they have given me a way forward.

Basically, I need to start the official transition process between SISIP Voc Rehab Councillor and my VAC Case Manager directly. I have to ask for this as it is not done automatically for some unfathomable reason. Once I get that ball rolling, and I get the refusal from CanVet that I have been told I will receive, then I can start that wrangling.

From what I understand, CanVet refuses to speak with any Vet still on SISIP and the case managers know this so they just do not bother trying. There is an MOU between DND/VAC/SISIP that I am still waiting for (I have an amendment to it from 2012, but not the MOU itself) that deals specifically with the transition from one to the other and how it is supposed to happen. The complaint process and who speaks to whom is in that.

I am waiting for a call back from my VAC case manager. I know her workload so I know it will not be quick.

Watch and shoot. I'll keep updating as I get any info.

Wook

 

[Teager]

Alright I figured I would share some pieces of info that may be useful to some people. Please share any other tips you might think are useful.

I am currently using SISIP and I inquired how one would report income to them if I owned my own online business. If I did the majority of transactions would be by PayPal then deposited to my bank account. I was told by SISIP that I can show my monthly bank statement of deposits or come to an agreed average that they deduct. The third option is most interesting. If you get your business incorporated you show SISIP the certificate and it will NOT affect your benefits because your business is now its own entity.

Now the other piece of info has to do with VACs Voc Rehab. In no way am I telling people to abuse the system. If you are releasing medically from the CAF and are wanting to go to university and not college due to your career choice you have that option depending on circumstances. You do not have to opt for college through SISIP however to go to university through VAC you would have to wait the 2 years of SISIP out before VAC will pay. A case manager cannot and will not tell you this however one has told me that this has been done before.

 

[ArmyGuy99]

There are many ways to hide income from SISIP and others tracking your income...Some legal...others uh not so much...The easiest way to ask if your income will be deducted is to just ask.  I know it's almost impossible for those of us on ELB/SISIP to get ahead but losing everything because you lied won't help either.

As for the education...It is a HUGE disservice to not allow us to choose either the 2 year college funding with SISIP or the 4 year Funding from VAC.  I understand WHY you can't access BOTH but give us a choice please.

 

[koreankid]

You may also be able to buy and sell property hold a year so you don't pay capital gains. This is a source of investment income, but is not a working income and is not tax deductible. worth checking into.

 

[bigcletus]

Can someone tell me if SISIP LTD is indexed?  Or do they actually claw back an amount based on our CFSA indexing increase, based on the 75% principle ??

Thanks

 

[bigcletus]

Apparently with 182 reads, no one has the answer to this relative simple question?? 

 

[George Wallace]

Have you bothered to go talk to a SISIP Rep and ask your questions?

 

[bigcletus]

To be honest, I'd rather pull my teeth out than talk to them....hence I'm here

 

[bigcletus]

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

 

[Pusser]

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...