A waiting period is the period during which you are already insured but cannot yet claim certain benefits. This is particularly common in health insurance, where, for example, you do not yet get reimbursement for certain medical treatments during the first few months.
Waiting periods are introduced to prevent people from buying insurance only when they are already expecting claims. This helps keep premiums affordable for all policyholders. The length of the waiting period varies from one insurance policy to another and is always clearly stated in the policy conditions.
Disclaimer
This page is part of a lexicon and does not provide product information or contractual details on insurance services. For specific information, please refer to the official documentation or contact your insurance agent.