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NEW | Easier financial underwriting requirements for life insurance over $5 million

November 24, 2023

Your feedback is important to us: we have listened to your suggestions and improved our financial underwriting requirements to make it easier and quicker for your clients applying for life insurance over $5 million.

What are the changes?

Currently, an inspection report is required in all cases over $5,000,000, which may be time-consuming for both you and your clients. Our goal is to simplify the underwriting process and continue improving your client’s experience.

Effective November 24, 2023:

  1. For cases between $5,000,001 and $10,000,000, the inspection report will be replaced by the financial questionnaire (Q2A, version dated 23-11).
  1. For cases over $10,000,000, the inspection report can be replaced if you provide ALL of the following:
     
    • Cover letter
    • Financial questionnaire
    • Third-party verification of assets
    • Two years of notices of assessments for personal coverage -OR- two years of financial statements for business coverage

Important: You must notify us by email if you would like to replace the inspection report with the above documents.

Advantages for you and your clients

  • Simplify collection of financial information.
  • Greater certainty about what financial information is required for underwriting.
  • Reduced waiting times for underwriting decisions.
  • Flexibility in how you can provide financial information for large, complex cases.

Updated documents

 

Topic : Insurance

Written by iA

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