What Is a Policy Schedule?
The policy schedule is the document that summarises the key terms of your insurance contract. It is not the full policy wording — that is a longer document containing all the legal terms and conditions — but it is the most important document for understanding what you are covered for.
Every policyholder should receive a copy of their schedule when the policy is issued. If you have not received one, request it from your broker or insurer immediately.
Key Fields on a Typical Schedule
Policyholder Details
Your full name, ID number, and contact details. Check that these are correct — errors can delay a claim.
Policy Number
The unique identifier for your policy. You will need this for every interaction with the insurer — claims, enquiries, and complaints.
Inception Date
The date the policy started. This is the reference point for the waiting period.
Sum Insured
The lump-sum amount that will be paid when a valid claim is submitted. This is the most important number on the schedule.
Monthly Premium
The amount you pay each month. Check that it matches what is being debited from your account.
Covered Lives
A list of the people covered under the policy — typically you, your spouse, and your children or dependants. Check that everyone you expect to be covered is listed.
Waiting Period
The period during which natural-cause claims are excluded. Typically six months, but confirm on your specific schedule.
Exclusions
A summary of what is not covered. Common exclusions include suicide within the first two years, death resulting from undisclosed pre-existing conditions, and death while engaged in illegal activity.
Beneficiary
The person who will receive the benefit. If no beneficiary is nominated, the benefit may be paid to the estate, which can cause delays.
What to Do If Something Looks Wrong
Contact your broker or the insurer's client services team. Under FAIS, you have the right to accurate documentation. If the issue is not resolved, lodge a complaint with the FSCA or the relevant ombud.
Contributed by Socinga Africa Holdings (FSP 46620). This is educational content only and not financial advice.