What is the elimination period of an individual disability policy?

The elimination period, also known as the waiting period, is the amount of time that must pass after a disability begins before disability insurance benefits are paid. Think of it like a deductible for your disability policy, but instead of paying money, you're "paying" with time.

• Duration: Elimination periods can range from a few weeks to a year or more. Common durations are 30, 60, 90, or 180 days.

• Benefit Payments: You will not receive any benefits during the <a href="https://www.wikiwhat.page/kavramlar/Elimination%20Period">elimination period</a>. Benefit payments start only after this period is satisfied.

• Premium Impact: A longer <a href="https://www.wikiwhat.page/kavramlar/Elimination%20Period">elimination period</a> typically results in lower premiums, while a shorter <a href="https://www.wikiwhat.page/kavramlar/Elimination%20Period">elimination period</a> usually means higher premiums.

• Financial Considerations: When selecting an <a href="https://www.wikiwhat.page/kavramlar/Elimination%20Period">elimination period</a>, consider your personal financial situation. Can you afford to cover your expenses for 30, 60, 90 days (or longer) if you become disabled? Your emergency savings and other resources should be factored into this decision.

• Policy Customization: The <a href="https://www.wikiwhat.page/kavramlar/Elimination%20Period">elimination period</a> is a key factor to consider when customizing your individual disability policy to meet your specific needs and budget.