The policy wording describes the product. The schedule describes your cover: what you’re insured for, what you pay, and anything that applies only to you.
The schedule lists how much each benefit pays: life cover, TPD, trauma or income protection. These can differ from what you remember applying for, especially after changes or indexation.
If the insurer accepted you with conditions, they appear here. An exclusion might remove cover for a back condition; a loading increases your premium because of a health or occupation risk. These never appear in the general wording.
Stepped premiums rise each year with age. Level premiums start higher but stay steadier. The schedule tells you which you have, which matters when comparing prices.
The start date tells you which version of the policy wording applies. Insurers update wording over time, and your policy usually follows the version in force when it started.