What does Elimination Period mean?

The term basically refers to the period of time the policy holder has to wait for until receiving the benefits, in case he/she suffered an accident or illness. Elimination period differ from policy to policy, and it is your duty to decide which choice would benefit you the most in case such an event occurs.

Elimination Period explained

One major drawback you have to take into consideration when choosing the elimination period is that the shorter period you want to choose, the more you will have to pay for your policy. For example, you can choose to settle for an elimination period as short as 30 days, which actually means that from the occurring of your accident in no more than 30 days you will receive the payments, but this sort of choice definitely will cost you more money. The most popular type of elimination period is that of the 90-day period, and the longest available period is of 2 years, or 720 days. The longer period you opt for, the less you will have to pay for it, but it will most of times turn out non advantageous choosing a longer period than the usual 90-day one. It is very important that you read carefully through all he terms and conditions pertaining to the elimination period, so that you know all the conditions.