Insurance Policies Guide
Understand and manage your insurance policies: life insurance, health coverage, disability protection, and other insurance products from around the world.
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Why Track Insurance Policies?
Insurance policies are a critical part of your estate plan. Life insurance provides financial protection for your dependants, while other policies may have cash values or benefits that form part of your estate. Recording your policies ensures your beneficiaries know what coverage exists and how to make claims when needed.
Policy Types Explained
Term Life Insurance
Provides coverage for a specific period (e.g. 10, 20, or 30 years). Pays a death benefit if the insured passes away during the term. Generally the most affordable type of life insurance with no cash value component.
Whole Life & Universal Life
Permanent life insurance that covers you for your entire lifetime. These policies build cash value over time that you can borrow against or withdraw. Universal life offers flexible premiums and death benefits.
Employer & Group Policies
Coverage provided through your employer, including death-in-service benefits, group term life, and supplemental life insurance. These policies may end when you leave employment, so it is important to review coverage regularly.
Other Insurance Products
Includes health insurance, critical illness cover, income protection, total permanent disability (TPD), and trauma insurance. While these may not directly form part of your will, recording them ensures your family knows what coverage is available.
Key Terminology
Understanding these terms will help you manage your insurance policies effectively.
Death Benefit
The amount paid to beneficiaries when the insured person passes away. This is the primary payout of a life insurance policy.
Cash Value
The savings component of permanent life insurance policies (whole life, universal life). It grows over time and can be borrowed against or withdrawn.
Premium
The regular payment made to keep your insurance policy active. Premiums can be paid monthly, quarterly, or annually depending on the policy.
Beneficiary
The person or entity designated to receive the death benefit or policy proceeds. Beneficiary designations on policies often override will instructions.
Sum Assured
The guaranteed amount that will be paid out upon the occurrence of the insured event (death, critical illness, etc.). Your policy record holds this as a single "Sum assured / death benefit" figure.
Policy Term
The duration for which the insurance policy provides coverage. Term life policies expire at the end of the term; permanent policies last a lifetime.
How to Add Insurance Policies
Recording your insurance policies ensures they are included in your estate plan and your beneficiaries know how to access them.
- Go to Asset Management → Personal Asset Tracker → Insurance
- Click "Add Insurance Policy"
- Enter the policy name, type, and insurance company
- Add the death benefit amount and premium details
- For permanent policies, include the current cash value
- Record nominee and claims process information
- Upload your policy document and claims form
- Save the policy to your portfolio
Document Checklist
Keep these documents accessible for each insurance policy:
- Original policy document or certificate
- Latest annual statement showing death benefit and cash value
- Beneficiary designation forms
- Claims procedure documentation
- Premium payment receipts or direct debit confirmation
Upload Documents
Insurance Policies & Your Will
Insurance policies have unique estate planning considerations. How these assets pass to your beneficiaries depends on the type of policy, the beneficiary designations, and the jurisdiction. The points below are general information rather than advice, so consider confirming your own position with a solicitor or financial adviser.
- Beneficiary designations on life insurance policies typically override will instructions
- Policies written in trust may not form part of your taxable estate
- Employer death-in-service benefits are usually paid at the trustees’ discretion
- Cash value in permanent policies may count towards your estate for tax purposes
Review Beneficiary Designations
Want to understand how nominee designations work across all your assets? See our nominee guide (opens in a new tab).
Frequently Asked Questions
Should I include all my insurance policies?
We recommend recording all life insurance policies as they directly affect your estate. Health insurance, income protection, and other coverage are optional but helpful for your family to know about. At minimum, include any policy with a death benefit or cash value.
What if my policy type isn’t listed?
Select the closest equivalent from the available options, or choose "Other" and describe the policy in the notes field. The policy types on offer cover insurance products from multiple countries.
Do life insurance beneficiary designations override my will?
In most jurisdictions, yes. Beneficiary nominations made directly with your insurance company take precedence over instructions in your will. This is especially true for policies held in trust. It is important to keep these nominations up to date and consistent with your overall estate plan.
What happens to employer life insurance when I leave my job?
Most employer-provided life insurance (death-in-service benefits, group term life) ends when you leave employment. Some employers offer a conversion option to continue coverage at your own cost. Review your employer’s policy and consider personal life insurance to ensure continuous protection.
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