Key points
The schedule is not necessarily the complete contract.
This guide helps you find and compare policy information. It cannot interpret an individual contract or decide a dispute.
Start with this ten-point policy check
A first review does not require you to read every page in order. Work through these checks and record anything unclear.
- Gather the current schedule, wording and amendments.
- Check the insurer, policy number, owner and person insured.
- Confirm the cover type, amount and selected benefits.
- Check the start date, term and expiry date.
- Check the premium and whether it can change.
- Read the definitions, exclusions and special terms.
- Check whether the benefit increases or decreases.
- Review cancellation, missed-payment and replacement terms.
- Check separate trust, assignment and payout documents.
- Record questions, contact details and document locations.
Which life insurance documents do you need?
Each document has a different job. Insurers may use different names, but these groups will help you identify what you have.
Core policy documents
These record the issued cover and the rules that apply.
- Policy schedule: your personalised policy details.
- Policy wording: definitions, conditions, exclusions and claim rules.
- Acceptance or commencement confirmation: evidence of acceptance and the cover start date.
- Endorsements or amendment letters: later additions or changes.
Application and sales documents
These help you compare what was requested or described with what was issued.
- application answers;
- policy summary or key-features document;
- quote or illustration; and
- recommendation or demands-and-needs statement, where applicable.
A quote is not normally evidence that cover has started. It can use limited information and assumptions. Compare it with the final schedule, wording and acceptance confirmation because underwriting may have changed the price or terms.
Keep your application. Consumers must take reasonable care to answer the insurer's questions accurately. An incorrect answer does not automatically allow an insurer to cancel the policy or reject a claim. The insurer must apply the relevant consumer-insurance rules. Read the underwriting guide for more detail.
Do not edit the saved application. Tell the insurer or broker about an error and ask it to record the correction formally.
Ownership and administration documents
These can affect who controls the policy and receives a payout.
- trust deed or deed of assignment;
- trustee-change documents;
- nomination or expression of wishes; and
- premium confirmation.
If something is missing, ask the insurer or broker for the complete current set.
How do the schedule, wording and endorsements work together?
Read these documents as a set. The schedule identifies your selected cover, while the wording supplies the wider rules.
| Document | What it usually contains |
|---|---|
| Policy schedule | Personal details, cover, premium, dates and selected benefits |
| Policy wording | Definitions, conditions, exclusions and claim rules |
| Endorsement | A later addition or change |
| Commencement confirmation | Evidence of acceptance and the start date |
General wording may describe benefits you did not buy. Use the schedule to identify what is selected. The amount shown there is still subject to the definitions and conditions in the wording.
Capitalised or highlighted words may have a defined meaning. Use your policy's definition rather than a dictionary or another insurer's wording. Terms such as “terminal illness”, “smoker” and “anniversary” can have precise meanings.
Check issue dates, version numbers, policy numbers and endorsement dates. A new document does not always replace every earlier term. Keep earlier documents when an endorsement refers to them. Some policies also contain an order-of-precedence clause saying which document takes priority. If figures conflict, ask the insurer to identify the current terms in writing.
Record the policy number from the schedule or commencement letter. If a personalised detail is wrong, request formal written confirmation or a corrected document. Do not edit the issued schedule.
Who owns the policy and who is insured?
The person insured, the person paying and the person with authority are not always the same. Check the documents rather than assuming.
| Role | What it usually means |
|---|---|
| Policy owner | Holds contractual rights and can usually instruct the insurer. Some insurers use “policyholder”. |
| Person insured | The person whose death or covered event is insured |
| Premium payer | Funds premiums but does not necessarily own the policy |
| Trustee | Holds policy or payout rights under a trust |
| Assignee | Holds rights transferred through an assignment |
The owner and person insured can be different, subject to the insurer's requirements. The owner usually controls changes and cancellation. Joint ownership, a trust or an assignment may require other authority or signatures.
An assignment transfers specified legal or beneficial rights. It can affect who may alter or cancel the policy and who receives the proceeds. Check the assignment document, whether the insurer received notice and whether legal or tax advice is needed.
How do you check the cover type, amount and benefits?
Identify what the policy is designed to do, then separate the death benefit from optional benefits.
Check whether the cover is level, decreasing, increasing, whole-of-life or family income benefit, and whether it covers one person or two. The types of life insurance guide explains these options, but your issued contract determines what you hold.
“Sum assured” usually means the stated cover amount. Check the definition and current figure. It is not an unconditional payment guarantee. The covered event must happen while the benefit is active, and the claim must meet the terms.
The amount may change because of a scheduled decrease, indexation, a formal alteration or an earlier benefit payment.
Policy wording may describe benefits that are not included. Confirm each selected benefit in the schedule, then check its amount, definition, exclusions, notification process and effect on other benefits.
Terminal illness cover may pay some or all of the life cover early if its definition is met. This can reduce or end the later death benefit. Critical illness cover is included only if the schedule shows it. Do not add displayed benefit amounts together unless the wording confirms they are separate and cumulative.
Where do you find exclusions and special terms?
Restrictions can appear in the wording, schedule, benefit section or an endorsement. Check every relevant location.
| Term | What to look for |
|---|---|
| Exclusion | A circumstance the policy says is not covered |
| Benefit-specific exclusion | A restriction applying only to a named benefit |
| Special term or endorsement | An individual addition or change |
| Limitation | A restriction on when, where, how long or how much cover applies |
There is no universal exclusions list. Read each selected benefit separately.
Finding an exclusion or condition does not by itself determine whether a claim can lawfully be rejected. The wording, circumstances, consumer-insurance law and FCA rules may matter. Ask for written reasoning and use the payouts and claims guide rather than trying to decide a dispute from a general guide.
How do increasing and decreasing cover work?
These mechanisms can make today's benefit different from the original figure.
| Mechanism | What to check |
|---|---|
| Indexation | Formula, review date, cover increase, premium increase and ability to decline |
| Decreasing cover | Reduction schedule, current benefit, term and intended liability |
Cover and premium do not necessarily rise by the same percentage. Decreasing cover does not necessarily match a mortgage balance because interest, repayments, borrowing changes and the policy formula can differ.
How do you check trusts and payout arrangements?
The schedule may not show the complete payout route. Check trust deeds, assignments, trustee changes, nominations and expressions of wishes.
Do not infer a trust from an informal wish or a will. Some older wording may itself have created a trust, so obtain legal advice if historic documents are unclear.
A will normally controls the payout only when the money forms part of the estate. It does not usually override a separate trust or assignment. Read the beneficiary guide for the main payout routes.
Where are the cancellation, lapse and replacement terms?
Read these provisions before stopping payments or changing cover. Each action can have different consequences.
Consumers normally have 30 days to cancel a contract that is, or contains elements of, pure protection without giving a reason. The period generally begins when the consumer is told the contract has concluded or, if later, when the contractual information is received. Check your documents because exceptions and longer periods can apply.
Protection-only term insurance normally has no surrender value. Some whole-of-life and investment-related policies differ.
A cancelled or lapsed policy can be restored only if the policy and insurer permit it. Ask for written confirmation of the effective date. Paying missed premiums does not prove that cover was restored for the lapse period.
Before replacing cover: Do not cancel an existing policy until the replacement has been accepted, started and checked. A replacement application may use your current age, health and lifestyle information.
Where do you find claims contacts and store documents?
Record what another person may need to locate the policy and contact the insurer.
Keep verified contact details, the policy number, relevant benefit definitions, the notification procedure, trustee or claimant information and the complete issued document set.
A relative or representative may be able to report a death, but notification does not prove entitlement to information or money.
Download documents instead of relying on permanent portal access. Keep original signed trust deeds and assignments securely. Make sure an appropriate person knows where the records are held.
How do you correct an error or resolve a disagreement?
Act promptly, but keep the issued documents intact.
- Identify the document, page and exact wording.
- Contact the insurer or broker.
- Ask for a written explanation or corrected document.
- Keep the original and the response.
- Use the complaint process if the issue remains unresolved.
The written policy is the starting point, but consumer law and FCA rules may affect how a term operates. An unfair consumer term may not be binding. If a term reasonably has different meanings, the meaning most favourable to the consumer generally prevails under the Consumer Rights Act 2015. Earlier sales documents may also matter if the issued policy does not match what was described.
This does not resolve every disagreement automatically. Ask for written reasoning. An eligible unresolved complaint may be referred to the Financial Ombudsman Service, subject to its rules and deadlines. Obtain legal advice where the effect could be significant.
Life insurance policy review checklist
Record the answer, where you found it and any question you need to ask.
| Check | Answer | Document and page | Question to ask |
|---|---|---|---|
| Current document names, versions and dates | |||
| Insurer, contact details and policy number | |||
| Owner and person insured | |||
| Cover type, amount and selected benefits | |||
| Start, term and end dates | |||
| Premium and review basis | |||
| Definitions, exclusions and special terms | |||
| Indexation or reduction | |||
| Cancellation and missed-payment rules | |||
| Trust or assignment documents | |||
| Claims contact details | |||
| Errors, questions and secure storage location |
Do not upload policy or health documents unless you have verified who operates the service, why it needs them and how it stores and deletes them.
If the policy no longer matches your needs, term or intended payout arrangement, review your options before changing it. You can compare current options while keeping existing cover in place until any replacement has been accepted and started.
Short policy glossary
These definitions are reading aids. Your policy's wording applies to the contract.
| Term | General meaning |
|---|---|
| Schedule | Personalised policy details |
| Endorsement | A document adding to or changing earlier terms |
| Commencement date | The confirmed cover start date |
| Benefit | Cover or a service available under stated terms |
| Insured event | The event required for a benefit to be considered |
| Exclusion | A circumstance the contract says is not covered |
| Assignment | A transfer of specified policy rights |
| Reinstatement | A process that may restore lapsed or cancelled cover |
Questions about policy documents
These questions cover conflicts and older records not resolved by the checklist.
Which document should you trust if figures differ?
Check dates, endorsements and any order-of-precedence clause. Ask the insurer to identify the current terms in writing. Do not choose the preferred figure yourself.
What if the insurer has changed its name?
Look for authoritative transfer, merger or administrator information. The lost-policy guide explains how to identify who now manages older cover.
Can an insurer change the policy conditions?
That depends on the contract and applicable rules. Ask what changed and request the complete current set. FCA rules require firms to keep pure-protection customers informed in writing about relevant changes to policy conditions.
