The life insurance waiting period is the length of time between when you’ve applied for coverage, and when your policy becomes active. A typical life insurance waiting period can last about four to six weeks, which is the time an application for life insurance usually takes to process.
What is the waiting period in insurance?
The waiting period in life insurance is the time between when you initially apply for a policy and when your coverage begins.
You need to wait for approval because insurers take time to evaluate your background and health profile to assess your insurance risk and determine how much you’ll pay for your policy. This evaluation process is called underwriting.
During this waiting period, you don’t have life insurance coverage, and if you die, your beneficiaries won’t receive any life insurance money.
Once you’re approved for coverage, you’ll need to pay your first premium and sign your life insurance policy for the waiting period to end.
At that point, your coverage will be active and if you die, your beneficiaries will receive the payout.
How to avoid the waiting period
Depending on the insurer you’re applying with and your health profile, you may have some options to buy life insurance with no waiting period — or at least a shorter one.
Purchase temporary coverage while you wait for your official policy to become active. The cost of temporary coverage is based on your quoted premiums. So, if you were quoted $30 per month for your policy, you’d pay $30 for temporary coverage. Some insurers don’t require upfront payment for temporary coverage, either.
Buy a no-medical-exam life insurance policy that skips the medical exam, which speeds up the application process.
Purchase accelerated underwriting or instant issue life insurance. Both of these policy offerings will get you an application decision almost immediately.
Learn more about how to buy life insurance
What is the waiting period for insurance payouts?
The waiting period also can refer to the time between when your beneficiaries submit a death claim form and the time they receive the actual payout. Processing the death claim can take as little as two weeks and as long as two months, after which the life insurance company will pay out the death benefit.
Most payouts happen less than 30 days from when you file the claim. If your family will need immediate financial support, consider creating a contingency plan, like a savings account they can immediately access, while they wait for the funds.
More about the life insurance application process
Why do life insurance companies need your Social Security number?
Everything you need to know about the life insurance medical exam
Why does a life insurer need an attending physician statement (APS)?
What do you do if your life insurance application is declined
What is a modified life insurance offer or approved other than applied?
Buying life insurance and disability insurance at the same time
Frequently asked questions
Do all life insurance policies have a waiting period?
Most life insurance policies have a waiting period between when you submit your application and when you have coverage, but some instant issue policies have little to no waiting period. A licensed life insurance agent can let you know if you qualify.
Why do companies have a waiting period for insurance?
The waiting period allows the insurance company to conduct a thorough evaluation of your health status and your application before assigning your rates and offering you coverage.
How long does it take for benefits to start?
Depending on the policy you apply for, your life insurance coverage can begin immediately after you apply. For some companies, it can take six weeks or more for you to receive an offer of coverage.
Can you get life insurance with no waiting period?
There are some life insurance policies available that offer coverage without a medical exam or waiting period. These policies have different eligibility requirements than typical life insurance policies. An independent life insurance agent can let you know if you qualify for an instant issue life insurance policy.
