What is a waiting period when it comes to income protection?
The waiting period in income protection insurance refers to the time you must wait after being unable to work due to illness or injury before accruing benefits. This period starts from the date your doctor certifies you cannot work and typically ranges from 14 days, 30, 60, 90, 180 days to 2 years, depending on your policy and selection at application.
Shorter waiting periods, such as 14 or 30 days, allow benefits to be paid sooner but usually come with higher premiums. On the other hand, longer waiting periods result in lower premiums but require you to rely on savings or other financial resources. Choosing the right waiting period depends on your financial situation and how long you can manage expenses without an income.
