30 day waiting period

A 30 day waiting period is one of the shortest waiting periods offered by most insurers. It means that once you are off work due to an illness or injury you must wait 30 days before your monthly benefit payments start.

Advantages

  • It is one of the shortest waiting periods available and it means you don’t have to wait longer than 30 days before you receive your monthly benefit.

Disadvantages

  • The premium is more expensive compared to the longer waiting periods.

Why a 30 day waiting period is recommended

  • You cannot survive for longer than 30 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 30 days;
  • You are reliant on your monthly benefit to start as soon as possible to cover your living expenses;
  • You have no liquid assets that 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