1. What is the difference between the permanent and present residence address?

Permanent is an address which you consider your “home”, so to speak. Address that
you will go home to, eventually, even if you do not live there currently. It’s a legal
residence.

Your present is your physical residence. This is where you currently live.

2. What is the general rule for fields that are not applicable? Should I place N/A,
cross out or leave it blank?

Put N/A for fields that are not applicable.

3. What do we mean by "Country/ies of Legal Residence other than PH"? Why

do we ask this in the new app form?

A person who has legal residence means that she/he has been permitted to stay in
that country, other than as a tourist, by the foreign government.

An example is a Filipino who is a green card holder (note that green card is actually
a type of US Visa).

If asked why needed, the nice sounding answer would be, new laws are requiring
foreign financial institutions to record, and report this information, as needed.

(The off the record answer of course is: Legal residence affects the taxability of the
client, and financial institutions, such as SL, are required to report this under
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New Application Form FAQs

FATCA).

4. Why are there additional fields on the beneficiary portion, such as country of
birth, citizenship, and permanent residence address?

This is a new AML requirement, which covered institution, such as Sun Life, must
follow.

5. Why do I skip sections A to G of the Policy Information portion for VUL plans?

To avoid requirements due to inconsistent information about the policy information

details in the Application form and Proposal, we will use the information in the signed
VUL proposal. Therefore, it is essential that we are using the latest version of the
proposal system at all times.

6. Do I need to accomplish everything in the application form if it is only for

policy conversion?

Do not use the Application form for ‘plain’ conversion. Application form is used if
conversion is with increased insurance coverage only.
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New Application Form FAQs

7. What is the “Third Party Declaration” for and why do we need it? Please
provide specific scenarios.

This is a Canadian AML requirement which Sun Life as a subsidiary must follow.
A third party is someone who funds the policy despite not having any insurable
interest.

Say Juan Dela Cruz shall pay for another person’s insurance policy. He is a stranger
to the contract. He is not an owner or a beneficiary. He does not have insurable
interest.

Under Canadian law, he is considered a Third Party. It does not matter if he pays it
regularly, or just once.

Beneficial owner is someone who funds AND CONTROL the policy, while being a
stranger to the contract.

So Beneficial owners are third parties, but not all third parties are beneficial owners.

8. Why are there additional fields on the Third Party Determination portion, such
as country of birth, citizenship, and permanent residence address?

This is a FATCA requirement. We need to identify if the third party is a US person.

* For details, refer to FATCA FAQs.

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New Application Form FAQs

9. Why is there a life to be insured column in the Declaration of Existing Policies

portion? Do I need to include pending/ existing policies of owner/
beneficiaries? Will the pending plans be added in the total insurance
coverage?

We only need to know the insurance in force on the life insured for this portion. For
the insurance cover of the owner, please refer to other questions (insurance on
parents, applicant/owner, siblings, and spouse on other page of the application).

Pending/ existing policies of owner/ beneficiaries do not need to be included.

Yes. This is also needed to determine the routine age/amount requirements and the
financial requirements in our UW Limits and Guidelines.

10. Is applicant the same with policy owner? If applicant is not applying for WPD/
WPDD, can I leave the questions related to it blank?

Yes, the applicant pertains to the policy owner. No need to answer the applicant of
WPD/WPDD fields if applicant is not applying for WPD/ WPDD; just put N/A.
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New Application Form FAQs

11. In the Personal Information section, specifically the question on policies of

parents and siblings, who are we pertaining to in the applicant (other than the
parent/ sibling) field?

We are referring to an applicant that is not the parent or sibling, such as

grandmother, grandfather, aunt, uncle, etc.

12. Are question numbers 5&6 in the Temporary Life Insurance portion only
applicable if life to be insured is a child?

Yes, these questions are only applicable if the insured is a child.

13. Why do we have duplicate sections on the sources of funds in the application
form (pages 1 and 17)? Is there a difference between the two?

Yes. The question in the Application form will form part of the contract for AML KYC.
The other one is for the advisor to verify the information.
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New Application Form FAQs

14. Do I need to complete the Medical Information portion if insured will undergo
medical exam?

No need to answer the Medical Information section. Just indicate the medical
examination details in the Pre-submission Checklist. If report is not yet finished at
the time of submission, submit a signed confirmation from the examiner that the
medical examination has been completed and date when the report will be
submitted.