A checklist to work through before you apply for, cancel, replace or let lapse any life, TPD, trauma or income protection cover.
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Use this checklist at three moments: when you first look at your cover, before you apply for anything new, and before you cancel, replace or roll over a super account that holds insurance. The most expensive mistakes in this area are not about price. They come from losing cover by accident: an old super account that stopped receiving contributions, a fund consolidation that closed the account with the best cover, or a new policy that was declined or accepted with an exclusion after the old one was cancelled.
Work through the groups in order. Finding what you already hold usually takes an hour with myGov and your fund statements. Working out what you need is covered in how much life cover do I need and how much TPD cover. Comparing options is covered in the quote comparison guide, and applying in the underwriting checklist.
Limits. A checklist cannot tell you which policy suits you. If you want a recommendation, that is personal advice, and the adviser must hold an Australian financial services licence or be authorised by a licensee. You can check an adviser on the Financial Advisers Register at moneysmart.gov.au.
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