Line of credit - Standard Life

Application Process Overview
You can find all the proper forms and applications on Advisor Source at the
following link: www.advisors.standardlife.ca/en
1. Confirmation of the amount eligibility with
Standard Life
You must complete part A of the “Request for Eligibility Confirmation” form and fax it or email it to
Standard Life to obtain a confirmation of the eligible amount.
2. Complete all required documentation and
obtain any supporting documents
Documents:
• If it is the first time you submit a
credit application, please fill out the
Broker Enrolment form
• Credit application – CSV Line of Credit
• Security agreement on insurance products and
instructions to the insurer (in duplicate)
• Statement of existing policy to be given
as collateral
• Proof of income and assets (copies from
original documents)
• Personalized void cheque for payments
• Original policy (for Quebec resident when policy
owner is an individual). If original policy has
been lost, provide a “Declaration” form duly
completed and signed by the applicant(s)
(the “Declaration” form will permit Standard Life
to produce a “Certificate” in replacement of
the original)
• Third Party information appendix (if applicable)
(required only when the applicant(s) answer(s)
“yes” to the question related to that subject on
the credit application)
• Statement of existing loan at other financial
institution to be paid (if applicable)
Additional documents for Policy
owned by a Corporation:
• Resolution of the board of Directors (to be
completed and signed by authorized signatories)
For Corporation constituted under
Quebec laws:
• Copy of the most recent Corporation financial
statements
• Certificate of officer (to be completed and
signed by authorized signatories)
Additional information:
Consent of all irrevocable beneficiaries designated
on the policy must be obtained on the “Security
agreement on insurance products and instructions
to the insurer” form. (Please refer to “Beneficiary
section” on the “Security agreement on insurance
products and instructions to the insurer” form for
more details).
Co-applicant may request to receive all Regulatory
information by selecting the appropriate
check-box in the “Account statement” section of
the credit application.
Two original identity documents from the
applicant (and co-applicant, if applicable) must
always be seen by the Broker and recorded in
the identity documents section(s) on the credit
application. Refer to the Appendix I in this guide
for a list of documents accepted for identification
purposes.
Applications received without the identity
document information cannot be processed
until it is completed.
Broker signs Credit application as witness in the
“Completed by (witnessed by)” section (If the Broker
is submitting a credit application for himself, the
person who witnesses the signature must be another
Broker who is enrolled in the loan program).
3. Provide a Personalized Void cheque
Acceptable types of proof of
income and assets:
Proof of income:
• Salaried: copy of a recent pay stub (less than
30 days with cumulative salary) or past year’s T4;
• Most recent notice of assessment from
Revenue Canada;
• Self-employed: notices of assessment of the
last 2 years;
• Or any other documents required.
Proof of assets:
• Recent investment(s), RRSP, mutual fund
statements, etc.;
• Copy of the property tax notice or any other
municipal statement showing the value of the
land and building;
• Or other documents required.
In all cases (including the “Capitalized interest” payment option), to establish loan payments, always
attach a personalized void cheque from the applicant’s personal bank account. Business/corporate bank
accounts are not acceptable for establishing payments.
4. Leave copies with Applicant(s)
Non eligible assets: Jewellery, art collection,
employer’s pension plan, and Applicant’s business
assets, should not be considered when completing
the balance sheet section of the credit application.
Note: It is a legal requirement that the Broker
sees the original proof documents;
however, copies of the original documents
can be submitted with the application.
In all cases, leave a copy of all completed and signed documents with the Applicant(s).
8 Standard Life Standard Life 9