Waiting Period (Insurance)
InsuranceGlossary term
Definition
The time between when an insurance policy is purchased and when coverage begins for certain conditions or claims. Common for disability insurance (30-180 days) and pet insurance (14 days for illness). No benefits are paid during the waiting period.
Related terms
- Elimination PeriodThe number of days after a disability or long-term care event begins before insurance benefits start being paid. Common periods are 30, 60, 90, or 180 days. Longer elimination periods result in lower premiums but require more out-of-pocket coverage.
- PremiumThe amount paid for an insurance policy, typically monthly, quarterly, or annually. Premium costs vary based on coverage amount, deductible, and risk factors.
- Disability InsuranceInsurance that provides income replacement if you become unable to work due to illness or injury. Can be short-term (3-6 months) or long-term (until retirement age).
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