Insurance Made Simple
If you’re visiting this page, then good on you for trying to understand insurance better! We’ve highlighted common and useful insurance terms here and broke them down in plain English.

Waiting period

Waiting period is how long you have to wait before you can make claims for a newly issued policy.

Why it matters:

Insurance is meant to offer financial protection against future, unknown events. Waiting periods go a long way to reduce the risk of fraudulent claims, as they deter people from buying policies right after they are diagnosed with a medical condition.

The length of the waiting period will vary for different types of insurance products and for different situations.