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Frequently Asked Questions

What's the difference between a benefit period and waiting period?

When purchasing or comparing an income protection policy you will need to consider what is an appropriate benefit period and waiting period for you.

What is the Benefit Period?

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This is the period of time that you could potentially receive a benefit for each individual claim. This could be a set number of years, or to a specific age, such as 60 or 65 years.  Shorter benefit periods usually result in lower premiums, as you would be paid a benefit by the insurer for a shorter period of time.

What is the Waiting Period?

This is the period of time between when you are first unable to work due to illness or injury until you are eligible to receive a benefit payment. It is important to note that payments are made in arrears. This means payments are accrued at the end of the waiting period and generally the first payment is received one month after your waiting period has finished.

The waiting period options vary between 14 days and up to 2 years. It is important to note that a shorter waiting period normally results in a higher premium.
Generally, choosing a waiting period comes down to how long you feel you could be without an income, if you were sick or injured and unable to work.

See also: Agreed Value or Indemnity Value

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