Elimination Period

Elimination periods commonly exist for disability insurance contracts. The elimination period is the time period between the actual onset of a disability and the time where an individual is eligible to receive insurance benefits. Elimination periods are also sometimes known as “waiting periods” and the most common elimination period in disability insurance is 30, 60 and 90 days. The shorter the waiting period, the higher the insurance premiums. There are additional premium reductions for individuals who choose a 120 day waiting period. 

Individuals should base their coverage on what is needed. For example, for many individuals waiting 90 or 120 days without receiving an income would place them in financial hardship as bills and expenses still need to be covered. 

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