Fiscus Finance · Insurance
Reviewing your insurance: a practical preparation checklist
Start with the risks you want to protect against and the policies you already own. A good preparation checklist helps you ask better questions; it does not decide which product you should buy.
Identify the need before the product
MoneySense explains insurance as protection against defined risks set out in a contract. Write down what you are concerned about: household income after a death or disability, medical bills, a particular illness, or damage to belongings or a home. These are different risks. A product name or a sales illustration does not tell you whether all those needs are covered.
Make an inventory of existing cover
For each policy, record the insurer, policy type, benefit, coverage period, premium, premium-payment term and any renewal conditions. Use the actual policy documents and insurer statements, not memory. Note employer-provided cover separately and ask what would happen if your employment changed. Keep full policy numbers and documents out of a public enquiry form.
Check what causes a benefit to be paid
Ask which insured events trigger a payment, what definitions apply and what is excluded. Check waiting periods, deductibles, co-insurance, limits and eligibility conditions where relevant. Do not assume that two policies covering a similar topic pay in the same way. Read each contract and ask the insurer or representative to explain the differences.
Test long-term affordability
Look beyond the premium due this month. Ask whether premiums can change, how long payments continue, what happens on renewal, and what happens if you stop paying. For policies with savings or investment features, distinguish guaranteed benefits from projections and check surrender consequences. A smaller premium is not automatically a better result if benefits or conditions change.
Prepare for the needs-analysis conversation
MoneySense describes a financial needs analysis as gathering information about finances, needs and goals. Prepare relevant household commitments and questions before a discussion. Ask who the representative acts for, what scope of products is considered, how they are remunerated, and what charges or exclusions matter. Do not rely on a generic online checklist as a personalised suitability assessment.
Do not cancel first and investigate later
Switching can introduce fresh underwriting or different exclusions, particularly for private health insurance. Obtain and understand the proposed terms before deciding what to do with existing cover. Use our printable review worksheet to organise questions. If you want follow-up, request an insurance callback and select the insurance topic; sharing details is optional.
Related guides and tools
Primary sources
- MoneySense: Insurance basics
- MoneySense: Financial advisory process
- MoneySense: Health insurance terms
Official rules, eligibility and product terms can change. Check the source and your own documents before acting. Editorial standards and limitations.