A 45-year-old self-employed architect in British Columbia applies for a $2 million Term 20 life insurance policy. His annual income varies but has averaged $120,000 over the last three years. He has a $750,000 mortgage and two children attending private school. Which of the following is most likely to be requested by the underwriter for financial underwriting?

Question: A 45-year-old self-employed architect in British Columbia applies for a $2 million Term 20 life insurance policy. His annual income varies but has averaged $120,000 over the last three years. He has a $750,000 mortgage and two children attending private school. Which of the following is most likely to be requested by the underwriter for financial underwriting?

Answer options:

• A detailed list of his monthly personal expenses for the past five years. ✅ His last three years of T1 General Income Tax Returns and Notice of Assessments.
• A copy of his private school tuition contracts for his children.
• A credit report detailing his entire debt history and credit score.

Correct answer: His last three years of T1 General Income Tax Returns and Notice of Assessments.

Explanation: For significant coverage amounts for self-employed individuals, underwriters require verifiable proof of income and net worth. Tax returns and Notices of Assessment provide the most accurate and official documentation of earnings, supporting the requested coverage based on financial need, as per standard financial underwriting practices.