Ceramizable silicone rubber (CSR) composed of silicone rubber matrix and inorganic fillers can be transformed into a dense flame-retardant ceramic upon encountering high temperatures or flames. Conventionally, CSR can be sintered into a dense ceramic at temperatures above 1000 °C, which is higher than the melting point of a copper conductor used in a power cable. In this study, the vulcanization process and mass ratio of inorganic fillers of CSR were studied to lower its ceramization temperature to 950 °C. The electrical and mechanical properties of CSRs and their ceramic bulks were studied with various ratios of wollastonite and muscovite. It was found that the CSR samples could be successfully fabricated using a two-step vulcanization technique (at 120 °C and 150 °C, respectively). As a high ratio of muscovite filler was introduced into the CSR, the sample presented a high dc electrical resistivity of 6.713 × 1014 Ω·cm, and a low dielectric constant of 4.3 and dielectric loss of 0.025 at 50 Hz. After the thermal sintering (at 950 °C for 1 h) of the CSR sample with a high ratio of muscovite, the ceramic sample exhibits a dense microstructure without any pores. The ceramic also demonstrates excellent insulating properties, with a volume resistivity of 8.69 × 1011 Ω·cm, and a low dielectric loss of 0.01 at 50 Hz. Meanwhile, the three-point bending strength of the ceramic sample reaches a value of 110.03 MPa. This study provides a potential route to fabricate CSR used for fire-resistant cables.