Insurance waiting period refers to the specified period after the insurance contract takes effect, even if an insurance accident occurs, the insurance company will not make insurance compensation. This period of time is called waiting period. The reason why the waiting period is set is because insurance companies deliberately conceal their illness when they apply for insurance in order to prevent some policyholders from defrauding insurance money. For the types of insurance that can be renewed, there is generally no waiting period as long as the insurance is renewed within the specified time.
Under normal circumstances, the waiting period of critical illness insurance is between three months and half a year, and the waiting period of medical insurance is about one month. The waiting period is only applicable to the first insurance, and there is no waiting period for the renewal of health insurance. However, when renewing the insurance, the premium may increase with the increase of age, so when we buy insurance, we should try to choose insurance with a longer protection period. In addition, if you forget to inform the insurance company when you apply for insurance, you should inform the insurance company in time, otherwise you will probably be rejected when you apply for insurance money in the future, and the premium will not be recovered.
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