Life insurance terminology shouldn't be confusing. Here is the definition of waiting period.
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The time between the filing of an insurance claim and the payments made on the claim.
Example: Typically, the longer the waiting period on an insurance claim, the cheaper the policy will be for the holder.
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The death benefit is the tax-free payout your beneficiaries receive if you die; it's essentially what you're paying for when you sign up for life insurance coverage.
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