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

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:

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).

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

Financial questionnaire (Q2A)
Life insurance requirements grid (F13-166A-2)
Field underwriting guide for representatives (F13-408A)
Life insurance application (F101A)

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Your ongoing source of information.