A side-by-side record can help you locate differences between two insurance documents. It should describe verified facts and questions, without declaring one policy suitable, better overall or approved by a regulator.
What to record
Compare the same type of information: premium basis, benefit definition, term, exclusions, conditions and relevant document dates. Note where the documents use different definitions or where a figure is unavailable. A lower premium alone does not establish equivalent cover.
A practical example
If one benefit pays under a different definition from the other, record the wording reference and flag it for clarification. Do not reduce the difference to a green 'better' label without explaining the basis. Ask a qualified professional about suitability and the implications of changing cover.
Build and check your own record
- Gather the relevant original records and note their dates. Decide what this summary is for and who, if anyone, needs to receive it.
- Open the tool and use minimal, non-sensitive descriptions. Enter only figures you can explain, mark estimates clearly and leave missing information as unknown.
- Compare the preview with the sources. Check units, dates and totals, and correct any misleading label before exporting. A generated layout does not verify the inputs.
Keep the original documents
Store the summary securely and review it when its source information changes. Keep important decisions, official notices and professional recommendations in their original records. Ask a qualified professional about suitability, tax treatment or legal effect where needed.
Official reading: MoneySense: insurance basics. Check the current guidance and the requirements applying to your situation.