Gravitational lensing of the cosmic microwave background (CMB) encodes cosmological information in the observed anisotropies of temperature and polarization. Accurate extraction of this additional information requires precise modeling of the covariance matrix of the power spectra of observed CMB fields. We introduce a new analytical model to describe the non-Gaussian structure of this covariance matrix and display the importance of second-order terms that were previously neglected. When compared with direct numerical simulations our model captures parameter errors to better than a few percent for cases where the non-Gaussianity causes an order unity degradation in errors. We also provide a detailed comparison between the information content of lensed CMB power spectra and ideal reconstruction of the lensing potential. We illustrate the impact of the non-Gaussian terms in the power spectrum covariance by providing Fisher errors on the sum of the masses of the neutrinos, the dark energy equation of state, and the curvature of the Universe.