What is a "waiting period" in insurance policies?

In insurance policies, a "waiting period" refers to a specific duration during which coverage is not available after the policy is purchased. This means that if a policyholder experiences an event that would typically be covered by the insurance during this waiting period, they would not be able to file a claim for that event until the waiting period has elapsed. This practice is common in various types of insurance, particularly health insurance and disability insurance, where certain conditions or treatments may be subject to a waiting period before coverage begins.

Understanding the concept of a waiting period is essential for policyholders, as it can influence their decision-making when selecting insurance coverage. It is important to be aware that this waiting period does not imply that coverage is ineffective; instead, it establishes a timeframe that must be observed before benefits can be accessed.