Policy Documents
Policy documents are the official documents that explain how your insurance works, including what you're covered for, what's excluded, and the terms and conditions of your policy.
When your insurance policy is issued, you'll receive a set of policy documents. These documents outline the details of your cover and form the legal agreement between you and your insurer.
Your policy documents typically include your policy schedule, which summarises the cover you've selected, along with the policy wording that explains the benefits, exclusions, definitions and conditions that apply. Together, these documents help you understand what your policy covers, how to make a claim and when a benefit may or may not be payable.
It's important to review your policy documents when your cover starts and whenever your policy is updated. This helps ensure the information is accurate and that your cover still meets your needs. If you're unsure about any of the wording or what a particular section means, your adviser can explain it in plain English.
Keeping a copy of your policy documents in a safe and accessible place also makes it easier if you ever need to make a claim or review your cover in the future.
Why It Matters
Your policy documents explain exactly how your insurance works. Understanding them can help you know what to expect at claim time, avoid misunderstandings and ensure your cover continues to meet your needs.
Common Misunderstandings
"I don't need to read my policy documents."
While you don't need to memorise every detail, it's important to understand the key features of your cover, including any exclusions and conditions.
"My adviser keeps a copy, so I don't need one."
Your adviser can certainly help, but it's a good idea to keep your own copy so you can access it whenever you need it.
"The policy schedule is the whole policy."
No. The policy schedule summarises your cover, while the policy wording contains the detailed terms, conditions and definitions.
"All policy documents are the same."
Not necessarily. Every insurer has different policy wordings, benefits and definitions, which is why it's important to understand your own policy.
FAQs about Policy Documents
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You'll typically receive a policy schedule and the insurer's policy wording, along with any other important information relating to your cover.
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Your exclusions are usually listed in your policy schedule, policy wording or any special terms provided by your insurer.
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Yes. Keeping your policy documents in a safe place makes it easier to review your cover or make a claim when needed.
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Speak with your adviser. They can explain your cover, answer your questions and help you understand how your policy works.
Your policy documents contain important information about your insurance, but they don't have to be difficult to understand. If you'd like help reviewing your policy or explaining any of the terms and conditions, talk to a New Vision Financial Services adviser. We're here to help you understand your cover with confidence.