Supply an overview of the application that answers the following:

• What’s the purpose of the insurance and any added details about the need for coverage?
  
• Who is the owner, payor, and beneficiary?
  
• What is the relationship of the owner to the insured, if they’re different people?
  
• Who’s the person to be insured?
  
• Use this section to provide any details beyond what’s in the application, or if you feel added explanation is needed.
  

Give an idea of how much coverage the client is looking for and how that amount was reached:

• How was the coverage amount determined?
  
• How much coverage is in force and applied for with all carriers?
  
• What is the total amount of coverage to place with all carriers?
  
• How will the policy be funded now and in the future?
  
• Were any other professional advisors (such as lawyers) involved in the case? If so, supply relevant details.
  

Supply any personal details relevant to the policy’s risk if not already provided through the application or other evidence. This could include:

• Any known health history? 
  
• diagnosis type, date of diagnosis, treatment, and status – are there any current symptoms?
  
• Avocations/aviation activity participation?
  
• Foreign travel outside North America, Western Europe, Caribbean (excluding Haiti)?
  

Note: Asking a few basic health history questions helps set expectations with the client and provides a basis for the underwriter to discuss the case.

For amounts more than $5 million, please refer to the Financial Underwriting Guidelines

Here’s a link to the Financial Supplement

• Include income (breakdown of all sources) for the last two years.
  
• Supply details of any income not in Canada (include the source), if applicable.
  

• Include net worth (breakdown of assets and liabilities).
  
• Supply details of any of the assets and liabilities that are not in Canada.
  
• For property assets, include the address of the property(s) and proof of value through property tax assessments, valuations or real estate listings.
  
• For investment assets, supply the most recent statement.
  

• Include the income and net worth for both parents and grandparents (if applicable).
  
• Include in-force coverage on parents or grandparents (if applicable).
  
• Include the coverage amounts on siblings – if coverage is not equitable, supply an explanation as to why this is the case.
  

• Confirm annual income of the key person, including any bonuses for the last two years.
  
• Why is this individual a key person? 
  
• What are their position and duties?
  

• Tell us about the business.
  
• Confirm the total fair market value of the business if not already provided in the application.
  
• Confirm all the owners and their percentage of ownership in the business. You can provide a chart showing the business(s) and ownership structure.
  
• Was a formal valuation completed? If yes, submit with application.
  
• If not, how was the value determined?
  
• Confirm revenue, gross and net income of the business.
  
• Are all partners and owners insured? If not, why?
  

• Confirm all the partners/owners and their percentage of ownership in the business.
  
• Are all partners/owners insured? If not, why?
  
• Include details of lending institution, outstanding loan balance and terms of loan.