The schedule tells you what was selected. The wording explains how it operates. You need both.
A policy schedule is the personalised summary of an insurance contract. It usually identifies the policy, owner, insured person, benefits, cover amounts, premiums, commencement dates and nominated beneficiaries.
Definitions, exclusions, waiting periods, premium changes, claim requirements and general conditions may sit in the policy wording or annexures instead.
Start by checking factual accuracy. A wrong occupation, smoker status, beneficiary, debit-order detail or contact address can create practical problems. Then trace each benefit name from the schedule to its full definition.
Try this now
Mark seven items on your latest schedule: owner, insured life, benefit, amount, premium, premium pattern and beneficiary. Add the date and locate the matching policy wording.
Ask your advisor
- Which version of the policy wording applies to this schedule?
- Where are the main exclusions, waiting periods and claim definitions?
- Have any benefits or premiums changed since the original issue date?
Keep schedules after updates rather than assuming an app’s current summary preserves the history of the contract.