14 day waiting period

A 14 day waiting period is the shortest waiting period available for income protection. It means that once you are off work due to an illness or injury you must wait 14 days before your monthly benefit payments start. Not all insurers will offer a 14 day waiting period.

Advantages

  • It is the shortest waiting period available and it means you do not have to wait longer than 14 days before you receive your monthly benefit.

Disadvantages

  • This waiting period is the most expensive option.

Why a 14 day waiting period is recommended

  • You cannot survive for longer than 14 days without an income;
  • You do not have any sick leave and annual leave available to cover your income in the event you are off work due to an illness or injury for longer than 2 weeks;
  • You are reliant on your monthly benefit to start as soon as possible to cover your living expenses;
  • You have no liquid assets you can utilize in an emergency if you are off work for any reason;
  • You have no other sources of income other than your employment income; and/or
  • You are unable to rely on any family member or spouse to provide you with financial assistance in the event you are off work for any reason.
The Dover Group