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Waiting period

Explanations

“Waiting period” refers to a specified period of time after purchasing an insurance product, which is clearly stated in the insurance contract. If a claim (non-accidental) is made during this period, the insurance company will not pay out.

The purpose of setting a waiting period is mainly to prevent individuals from purchasing insurance knowing they have an illness. The waiting period can reduce the risk of insurance companies paying out on claims and lower the probability of fraudulent insurance claims.

Occurrence scenarios

Critical illness insurance, medical insurance, and life insurance usually have waiting periods, which typically range from 30-180 days. It is important to note that medical insurance with maternity benefits may have a much longer waiting period for maternity coverage compared to outpatient or inpatient coverage.

Examples

Client C purchased a critical illness insurance policy that covers cancer and deep coma. During the waiting period:

a. If the client goes to the hospital for an examination and is diagnosed with cancer, the policy will not pay;
b. If the client suffers from a coma due to an accident, the policy will pay.

key points

Different insurance products have different waiting periods, so it is important to pay attention to them. If you seek medical treatment during the waiting period, you may not be reimbursed for the medical expenses, or in more severe cases, it may result in policy cancellation.

For some insurance contracts, the waiting period is based on the time of initial diagnosis. This means that if a disease that is covered by the policy or needs to be disclosed in the health declaration is diagnosed for the first time during the waiting period, it may result in policy cancellation.

If you want to learn more, please feel free to consult with our insurance advisors.

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