What does waiting period mean?
A waiting period is the duration an insured individual must wait before their coverage becomes effective. During this time, benefits will not be provided for any claims submitted.
Why is there a waiting period for a claim?
Waiting periods give insurance companies the opportunity to assess health and other factors before approving life insurance policies, and they help deter fraud. Some policies offer immediate coverage upon payment of the first premium, while others require comprehensive underwriting, leading to delays.
What is the waiting period?
There is no waiting period for accidental death. However, a six-month waiting period applies for natural death under the extended family option.