What does the waiting period of critical illness insurance mean?
The waiting period generally refers to the observation period, that is, the insured has purchased critical illness insurance products, and within a period of time from the effective date of the insurance contract, the insurance company will not compensate the insured, but only return the paid premium or cash value.
The waiting period of critical illness insurance is generally 90 days or 180 days, and the shorter the waiting period, the better it is for consumers, because the waiting period is mainly set by insurance companies to prevent moral hazard, with the aim of preventing consumers from being insured against diseases and causing damage to the interests of insurance companies.
Also known as observation period or exemption period, it means that in medical insurance and critical illness insurance, within a period of time from the effective date of the insurance contract, the insurance company can not pay the insured's illness as agreed, or only return the insurance money or cash value paid by the insured.
How long is the waiting period for critical illness insurance?
The waiting period in insurance, translated into Chinese, means that once the insured is in danger, the insurance company is not responsible for it.
Looking at the critical illness insurance in the market, the waiting period is divided into two forms, one is 90 days and the other is 180 days. Theoretically, the shorter the waiting time, the better for consumers.
However, if a major disease or chronic disease occurs in a short period of time (within two years), the insurance company has reason to suspect that it is "insured with illness" and the time limit for claims may be longer. So for consumers, the speed of claims may not be so fast.
The above is the interpretation of the waiting period of critical illness insurance, and how long the waiting period is generally. I hope it will help everyone.