Waiting Period (Elimination Period)
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Time before certain benefits become available.
Definition
A waiting period is the time between when a policy begins and when certain benefits can be claimed. In life insurance, some policies have waiting periods (typically 2 years) where only limited benefits are paid if death occurs. This is common in guaranteed issue policies.
Example
The guaranteed issue life policy had a 2-year waiting period, so only premiums would be refunded if death occurred in that time.
More Life Insurance Terms
Coverage for a specific period with no cash value.
Permanent coverage with guaranteed cash value.
Flexible permanent coverage with adjustable premiums.
The amount paid to beneficiaries when the insured dies.
The person who receives the insurance payout.
The savings component of permanent life insurance.
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