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Choosing Your Preferred Income Protection Waiting Period

Selecting an income protection waiting period is an important step in securing your and your family’s financial future. The length of time between being unable to work because of illness or injury and receiving your income protection benefit is an agreement you make with your insurer. Your choice can impact several aspects of your policy, including the premium you pay.
Fact Checked

Updated: 28 May 2024

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What is a waiting period for income protection?

A waiting period in income protection is a fixed amount of time you must be off work for your policy to start ‘accumulating benefit’. Waiting periods generally vary anywhere from 30 days to 2 years. During the waiting period, you might have to rely on your sick leave if permanently employed, and/or your savings.

When you are considering income protection insurance, it is essential that you have a clear understanding of the proposed waiting periods available because it will play a significant role in your claim, and if or when you may be eligible to have benefits start to accumulate.

Why are there waiting periods for income protection?