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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Life Insurance
Life insurance terminology doesn't have to be confusing. Here are definitions of the most common terms and phrases you'll find in a policy.
Once you officially have life insurance, you’ll get a policy that goes into the nitty-gritty of your coverage. We’ve broken down what it all means.
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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