The 20-minute cover check-up

Cover can be set up at one point in life and quietly become out of date as the rest of life moves on. A review is not about finding a reason to change something. It is about understanding what you already have, what changed and which questions need a proper answer. The details still depend on the policy and your situation.

The short checklist

1. Find your latest super statement and every current policy schedule.
2. List each cover type, the amount shown and the premium.
3. Note the date you last checked the cover.
4. Write down what changed since then: work, income, mortgage, relationship, kids, business or retirement plans.
5. Read the key definitions, exclusions and end dates in the documents.
6. Make a list of the bits you cannot explain in plain English.

What are you looking for?

You are looking for a clear picture, not a quick verdict. Does the statement show the cover you thought it did? Has a premium changed? Are there waiting periods, definitions or fund rules you have not looked at for years? These are useful prompts for a conversation.

Do not make a rushed change

Cancelling or replacing cover can have consequences. New policies can involve different terms, underwriting or exclusions, and super-held arrangements can have their own rules. Read the relevant documents before acting and consider whether any advice is appropriate for your needs.

If the paperwork is a mess, start with how to find insurance in super. If a claim is already in the picture, read what happens during a claim before you make assumptions.