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In a disability income insurance plan, you can help yourself afford a longer benefit period by selecting a longer waiting period.
What is a waiting period?
The length of time an insured must wait before some or all of their coverage takes effect is known as a waiting period.
Benefits for claims filed within the waiting period may not be paid to the insured. Elimination and qualifying periods are other names for waiting periods.
It safeguards insurers from customers who join a plan knowing full well that they would incur medical expenses in the near future and submit claims right away.
By choosing a longer waiting time under a disability income insurance plan, you can assist yourself afford a longer benefit period.
There is a waiting period between the moment insurance becomes available and the time it can be used to pay for covered medical expenses.
Therefore, in a disability income insurance plan, you can help yourself afford a longer benefit period by selecting a longer waiting period.
Know more about a waiting period here:
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