Policy waiting periods you need to know about

Confused by waiting periods and wondering if and when they apply to your policy? We’ve explained and simplified waiting periods below so you know exactly what they are and how they could affect you.

Waiting periods explained

A waiting period is the time during which no claim can be made on a policy, but premiums must be paid for the policy to remain in force. Waiting periods are usually for the first 6 or 12 months of the policy. When the waiting period is completed, and all due premiums are paid, the waiting period ends, and all valid claims can be paid.

Your policy and waiting periods

You can find details of waiting periods that apply to your policy in your policy schedule and policy book. Download your policy schedule from the WhatsApp service centre or access it on the online policyholder services portal. Your financial adviser or one of our skilled 1Life Insurance consultants can also explain any waiting periods that apply to your policy.

Waiting periods on your 1Life Insurance Life Cover policy

The following waiting periods may apply to your 1Life Insurance life cover policy:

Waiting period for the Pay-now accelerated death benefit

There is a 6-month waiting period on the Pay-now accelerated death benefit on 1Life Insurance life cover policies for death due to accidental causes, such as violence or injury, including car accidents. The Pay-now accelerated death benefit also has a 12-month waiting period for death from natural causes such as death due to a disease or old age.

Waiting period on life cover policies that cover accidental death only

1Life Insurance life cover policies that cover accidental death benefits only have a 6-month waiting period for death due to accidental causes, such as a car accident.

Waiting periods on your 1Life Insurance Funeral Cover policy

The following waiting periods may apply to your 1Life Insurance Funeral Cove policy:

Waiting period for death due to natural causes

All 1Life Insurance funeral policies have a waiting period of 6 months for death due to natural causes, such as death due to a disease or old age. This means that claims due to death from natural causes will not be paid in the first 6 months of the policy and until 6 month’s premiums have been paid. Valid claims where death is due to accidental causes such as from a car accident, or as a result of violence or an injury, are paid from the commencement date of the policy and receipt of policy premiums.

Waiting periods for new member additions

If a new member is added to the policy, a waiting period of 6 months and 6 paid premiums will apply to the new member only.

Waiting periods for increases in sums assured

Where the policy has a waiting period and the sum assured is increased, a new waiting period applies to the increased sum assured. For example, if funeral cover is increased from R35 000 to R50 000, there is a 6-month waiting period for the R15 000 additional sum assured for death due to natural causes.

Waiting periods and reinstated policies

Waiting periods may also apply again when policies are reinstated, depending on the time frame. In general, if a policy lapsed more than 2 months ago, and is reinstated, a new waiting period will apply. However, if a policy lapsed recently, less than 2 months ago, and is reinstated, only the remainder of the original waiting period will apply if applicable.

In addition, if the terms and conditions of the policy change, for example a change in the sum assured or members, waiting periods may apply. Your policy schedule will have the details of waiting periods that apply to reinstated policies.

Make sure your policy changes your loved ones’ lives

Your 1Life Insurance policy can change your family’s life for the better, ensuring they have funds for expenses, including funeral and living expenses, should you pass away. Knowing how waiting periods can affect claims will ensure you have the cover you need when you need it and won’t have any surprises down the line when it comes time to claim.