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.