Wait Period

What is a Wait Period?

Wait Period (sometimes called an Elimination Period is a term used in Accident, Sickness and Unemployment insurance and Payment Protection Insurance to describe the time between claiming for the insurance and the insurance company actually paying.

Usually a Wait Period is around three months, by which time many customers find they have been able to recover from the financial setback they claimed for, which is why some deem this type of insurance as offering poor value.

Some policies do not allow claims within the first three or six months of the policy being taken out.


Q: What else uses a wait period?

A: Most forms of insurance will have a wait period included, it’s not uncommon to find them on health or flood insurance policies.

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