Who can I contact regarding the changes to the Insurance for Released Members (IRM) insurance plan?
Please contact your local SISIP FS insurance representative or call 1-800-267-6681 (613-233-2177 in Ottawa ).
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I heard that there are changes to the Coverage After Release (CAR) insurance plan; what are they?
As of 1 October 2005, the CAR will no longer be available and a new plan, Insurance for Released Members (IRM), will be introduced. This plan will be similar to CAR, however it will have lower premiums for some age groups, new accidental dismemberment coverage for dependant children, but will not include a paid up certificate (PUC).
Your application will be treated as an IRM application as CAR will no longer be available.
As of 1 October 2005, releasing members will only be able to apply for IRM as CAR will no longer be available.
My effective date of release was September 25, 2005, but I didn't apply for CAR right away. Will I still be eligible for CAR?
Yes, you will be eligible for CAR as long as you apply within 60 days of your effective date of release.
IRM Monthly Rates Per $10K Coverage
| Age |
Non-Smokers |
Smokers |
<25
| $0.70 |
$1.05 |
| 25-29 |
$0.60 |
$0.95 |
| 30-34 |
$0.65 |
$1.10 |
| 35-39 |
$0.80 |
$1.25 |
| 40-44 |
$1.05 |
$1.80 |
| 45-49 |
$1.35 |
$3.00 |
| 50-54 |
$2.00 |
$5.15 |
| 55-59 |
$3.40 |
$8.50 |
| 60-64 |
$6.00 |
$15.00 |
| 65-69 |
$11.00 |
$25.00 |
| 70-74 |
$23.17 |
$48.47 |
No, you only have to complete a medical questionnaire at time of application. Like CAR, IRM has less stringent medical underwriting requirements compared to other optional plans in the insurance industry.
The IRM premiums are among the lowest in the insurance industry for comparable coverage. IRM does not require proof of insurability in order to obtain the lowest possible rates, upon renewal.
The IRM also has fewer of the limitations and exclusions found in other optional term life insurance plans available in the insurance marketplace, such as:
- No exclusions for dangerous occupations, hobbies, volunteer activities or sports; and
- No war or terrorism exclusion clause.
A recent review of SISIP FS term life insurance plans determined that the future of the CAR insurance plan was not financially viable in its current structure as a result of the plan's premium deficiencies and its benefits , such as the PUC, for which the premiums were never adjusted. As a result, the IRM plan was introduced to provide members with value and peace of mind for them and their families.
You can obtain an application form by downloading it (PDF format), visiting your local SISIP FS office or calling 1-800-267-6681.
The financial situation of the CAR plan will be assessed again in five years.
