Thought I'd bump up my life insurance to the max $600,000 seeing as I'm deploying. The SISIP rep told me that, past 400K, they run each applicant through a calculator and if you've made the mistake of say, paying off most of your debt, odds are you'll get declined. Should I have bought a new truck and a house I couldn't afford so that the family benefits more if I die?
Extra 200K of SISIP insurance
- Thread starter Ralph
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I bumped my SISIP to $400k before my last tour, and the only debt I had was $15k on a car (lived in a PMQ).
I think your SISIP rep is out to lunch. Paying off debt is never a mistake.
I think your SISIP rep is out to lunch. Paying off debt is never a mistake.
PC - up to $400,000 is no problem - it's the additional 200 grand (that came into effect in the last couple years) that requires an application to be sent to Ottawa for final auth, only after the local SISIP office runs it through the magic calculator and you're found to be desperate enough. So not only am I potentially hooping my family out of lots of money, I'm helping to subsidize dummies who can't manage their own money.
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As if they didn't learn from losing the Class Action suit, they pull this garbage.
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