
© Sun Life Assurance Company of Canada. All rights reserved.
Printable copy: SLF Financial Underwriting Guidelines - Critical Illness
The maximum amount of critical illness insurance available on any one life is $3,000,000. This includes all personal and business insurance combinations in force, pending and applied for with all companies.
Purpose |
Underwriting guideline |
Requirements & notes |
---|---|---|
Income replacement |
Maximum amount of personal insurance available, based on the proposed insured's earned income would be the higher of:
|
Notes:
|
Estate preservation |
Maximum amount we will consider is 50% of the insured's net worth. |
|
Non-income earning spouse |
Maximum amount of personal insurance available for non-income earning spouses would be the higher of:
|
Notes:
|
Retired proposed insureds |
Maximum amount of personal insurance coverage we will consider is:
|
Requirements:
|
Unemployed |
Can be considered for up to $150,000. |
Requirements:
|
Children |
Can be considered for up to $150,000, regardless of the amount of coverage on their parents. Maximum amount of critical illness insurance coverage available:
|
Requirements:
Notes:
|
University or college students and recent graduates |
Can be considered for up to $250,000. |
Requirements:
|
Bankruptcy |
Employed proposed insureds whose bankruptcies have not been discharged can be considered for up to $150,000. |
|
Foreign net worth |
The maximum amount we will consider is 50% of the proposed insured's net worth.
|
Requirements:
Financial:
|
Purpose |
Underwriting guideline |
Requirements & notes |
---|---|---|
Buy-sell |
|
Requirements:
Notes:
|
Key person |
The maximum amount of business insurance coverage available is:
|
Notes:
|
Creditor protection |
We will consider an amount equivalent to the shareholder's responsibility for the debt. |
Requirements:
|
Corporations insuring family members of a shareholder | If the corporation is entirely owned by one person, we’ll consider corporately-owned insurance on the spouse or children of the shareholder, subject to the suggested maximums in our guidelines for personal insurance. | Include a cover letter to explain relationship to the corporation and purpose of coverage. |
© Sun Life Assurance Company of Canada. All rights reserved.