180 day waiting period

A 180 day waiting period means that once you are off work due to an illness or injury you must wait 180 days before your monthly benefit payments start.

Advantages

  • The premium is cost effective and is less expensive compare to shorter waiting periods.

Disadvantages

  • You have to wait 180 days before your monthly benefit is paid out.
  • You will need to have sufficient savings to cover off the expenses incurred during the 180 days.
  • If you are off work due to illness or injury for a period of time but return to work before the 180 days waiting period is over, you will not be eligible to receive your monthly benefit.

Why a 180 day waiting period is recommended

  • You can survive for up to 180 days without an income;
  • You have some sick leave and annual leave to cover your income in the event you are off work due to a prolonged illness or injury;
  • You have some liquid assets that you can utilize in an emergency if you are off work for any reason;
  • You have other sources of income other than your employment income; or
  • You are able to rely on any family member or spouse to provide you with financial assistance for some time if you are off work for any reason.
The Dover Group