Hi. does waiting period applies to term plan that covers death/tpd?

Hi,

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According to my knowledge, other than the one year waiting period for suicide, term plan does not have any waiting period. However, this might not means all the company term plans works the same way. :)

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Anw do lmk if you have any other qns!

Hi anon,

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In general most plans do not have a waiting period on death and coverage commences once policy is issued.

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Some plans may have a clause whereby premiums paid via annual mode and credit card will have an interim accidental death coverage.

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All insurance will have a one year waiting period on suicide.

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Formal policy wording ultimately takes precedence over what I said.

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Interestingly, I remember being told that term life used to be known as suicide insurance long ago as the one year period was meant to give the insured time to reconsider his/her choices. That's not something I can confirm offhand so take it with a pinch of salt, but I guess you can say it helps to explain the one year waiting period that's still around now.