What documentation is required when applying for key person insurance?

Applying for key person insurance in Australia requires comprehensive documentation about both the business and the key person being insured. Business documentation typically includes: business financial statements for the past 2-3 years showing revenue, profitability and the key person's contribution; business structure details (company, partnership, sole trader) and ownership breakdown; explanation of the key person's role, responsibilities and importance to the business; calculation methodology showing how the coverage amount was determined; business plans and forecasts demonstrating how the key person impacts future revenue; details of any business loans or debts requiring protection; and the business's ABN and tax registration details. For the key person being insured, personal documentation includes: completed application form with full medical history and lifestyle information; identification documents (driver's license, passport); detailed employment history and income evidence; medical examinations if required based on age and coverage amount (blood tests, ECG, physical examination); GP reports or specialist reports for any pre-existing conditions; occupation details including duties and any hazardous activities; confirmation of whether they smoke and details of any high-risk hobbies; and potentially financial statements if they're a business owner. The insurer may also request: shareholder agreements or partnership agreements; succession planning documents; and explanations of whether coverage is for revenue or capital purposes for tax documentation. Higher coverage amounts trigger more extensive underwriting requiring additional medical evidence and financial verification. Complete and accurate disclosure is crucial - non-disclosure can result in claim rejection.