During fiscal year 2001/02, Service Income Security Insurance Plan (SISIP) Financial Services completed its 32nd year of providing high-quality financial products and services to current and former members of the Canadian Forces (CF) and their families. Furthermore, we at SISIP— in conjunction with our other colleagues at the Canadian Forces Personnel Support Agency (CFPSA)—accomplished a great deal by both enhancing the quality of life of military communities and contributing to the operational effectiveness of the Canadian Forces.

FISCAL YEAR 2001/02 HIGHLIGHTS:

Insurance Services

SISIP term life insurance participants increased to almost 109,000 from 106,000.

• The total amount of insurance in force increased to $16.7 billion.

• Dependent Life (DL) children’s coverage was increased to $10,000 from $8,000 – with no increase in premiums.

• SISIP Long Term Disability (LTD) insurance continues to cover approximately 58,000 Regular Force personnel and 30,000 Reserve Force members.

• Life insurance benefits paid to beneficiaries increased to $21.7 million.

• LTD programs paid $27.6 million in claim benefits and direct vocational rehabilitation support provided to former CF members.

• As of December 2001, 1724 former members were receiving LTD benefits. Of these, 1,668 were involved in the vocational rehabilitation program.

Financial Planning, Counseling, and Education

• Six new SISIP offices opened and three others were expanded.

• Fifteen offices in various locations across Canada are now providing financial services to military communities.

• The number of financial planning clients has grown by 50 per cent to 1,500.

• The money under management also increased by 50 per cent to $15 million.

• The number of those individuals receiving assistance under the financial counselling program totaled approximately 1,000.

• Furthermore, beginning in July 2001, SISIP provided formal education in personal financial management to1,900 recruits and officer-cadets.

Ottawa Support

To provide necessary administrative and technical support to the growing number of employees in the field, SISIP— with the help of its CFPSA partners in Human Resources and Finance—established SISIP HR, Accounting, and IM/IT (including a www.sisip.com web site) services.

Canadian Forces Personnel Assistance Fund (CFPAF)

The Canadian Forces Personnel Assistance Fund (CFPAF) provided financial assistance to approximately 5,500 CF members, including:

• $1.4 million in distress loans and grants.
• $1.6 million in education loans.
• $9.5 million in self-improvement loans.

Contribution to the CF Quality of Life

In addition to its products and services, SISIP continues to provide substantial financial contributions to improve the quality of life of military community members. In 2001, SISIP:

• Contributed $20 million to the PSP Infrastructure Program for new CF gyms, pools, community centres, and arenas.

• Provided $500,000 to the CFPSA Unit Grants.

• Supported the CF Sports Awards Banquet and Operation Santa Claus.

FUTURE

In the next fiscal year, SISIP will complete its network of 17 offices and expand its communication activities and presence within the CF community. Looking to the future, SISIP remains confident and committed to providing CF families with "the best financial solutions for today . . . and tomorrow."

Pierre Lemay
President SISIP Financial Services