If you’re considering purchasing life insurance, you’re likely wondering whether or not there is a waiting period before the policy kicks in. Most policies do have a waiting period of about two years, but this varies depending on the policy and the insurance provider.
If the insured person is to die during the waiting period, the family or beneficiary would only receive the paid premiums. However, this is not the case for all life insurance policies, with guaranteed policies (and others) activated within a few days following your purchase.
This blog post will discuss this topic in more detail, helping you decide which life insurance package is best for you.
Generally, regular life insurance policies contain up to a two-year waiting period. However, other policies such as whole and guaranteed can often be activated within a few days after purchase, protecting the insurer in the event of their death.
Certain exclusions are applied, for example, suicide and other extreme activities, with skydiving often prohibited, too. While it may not be the most pleasant topic to discuss, it is worth reading up on, especially if you participate in extreme sports or other dangerous activities or lines of work.
What life insurance policy is right for you?
For most people, the two-year waiting period is not a problem. However, it can be reassuring, so it’s well worth considering, at the very least.
Nonetheless, there are various other factors that determine how soon your policy can start and whether or not you are eligible for life insurance, and how expensive this will cost. For instance, this includes your medical history, any current medical or health problems, and other lifestyle factors such as smoking and alcohol consumption.
All of this must be taken into account to create an individual life insurance policy, including those which have a little to no waiting period.
The best way to find out how much it will cost, what policies are available, and whether or not your policy will contain a waiting period is to contact a life insurance provider.