Life Insurance for Veterans — Options for Canadian Military
Life insurance for veterans in Canada extends beyond your SISIP coverage. Whether you're currently serving, recently released, or long retired, understanding your options — from VAC benefits to private policies through providers like Manulife and Sun Life — ensures your family is fully protected.
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Understanding SISIP and military life insurance
SISIP Financial provides group life insurance to active Canadian Armed Forces members — typically $250,000 of coverage. However, this coverage reduces or ends upon release, leaving many veterans underinsured during a critical transition period.
Veterans Affairs Canada (VAC) offers some survivor benefits, but they rarely replace the full income your family depends on. Supplementing with a private policy through LowestRates.io ensures continuous, adequate coverage regardless of your military status.
Private life insurance options for veterans
Most Canadian insurers welcome veteran applicants. Your military training and discipline often translate to favourable underwriting. However, combat-related injuries, PTSD, or other service-related conditions may affect your eligibility or premiums with some carriers.
Insurers like Manulife, Sun Life, Canada Life, and Industrial Alliance each evaluate veteran applications differently. Some are more accommodating of mental health histories or physical disabilities. Comparing through LowestRates.io ensures you find the most veteran-friendly provider.
Common challenges veterans face getting coverage
PTSD and mental health conditions are the most frequently cited concern. While some insurers decline applicants with recent PTSD diagnoses, others — particularly Canada Life and Desjardins — may offer coverage with a rating or exclusion rather than a flat decline.
Physical injuries sustained during service may also affect rates. Prosthetics, mobility limitations, or chronic pain conditions are evaluated individually. Working with a broker through LowestRates.io who understands veteran-specific underwriting can make a significant difference in outcomes.
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Frequently Asked Questions
Do Canadian veterans get free life insurance?
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Active CAF members receive group coverage through SISIP, but it's not free — premiums are deducted from pay. After release, SISIP coverage reduces or ends within 24 months. Private coverage is needed to maintain protection.
Can veterans with PTSD get life insurance?
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Yes, though options vary. If your PTSD is well-managed with treatment, several Canadian insurers will offer coverage — sometimes with a rating. Comparing through LowestRates.io helps find the most accommodating provider.
What happens to military life insurance when you retire?
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SISIP group coverage typically reduces to $25,000 within two years of release. Many veterans don't realize this until it's too late. Securing private coverage before or immediately after release is critical.
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