360 day waiting period

A 360 day waiting period means that once you are off work due to an illness or injury you must wait 360 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 360 days before your monthly benefit is paid out.
  • You need to make sure that you have sufficient funds to live on throughout the waiting period.
  • If you are off work due to illness or injury for a period of time but return to work before the 360 days waiting period is over, you will not be eligible to receive your monthly benefit.

When a 360 day waiting period is recommended

  • You can survive for up to 360 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 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; and/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