zaro

What is the Waiting Period for Zurich's Ezicover Income Protection Insurance?

Published in Income Protection Insurance 2 mins read

For Zurich's Ezicover Income Protection Insurance, you have the flexibility to choose a waiting period of 30, 60, or 90 days.

Understanding Your Waiting Period Options

A waiting period, also known as an elimination period, is the duration you must be disabled and unable to work before you become eligible to receive benefits from your income protection insurance policy. Zurich offers a choice of waiting periods for its Ezicover Income Protection Insurance, allowing you to tailor the policy to your specific financial situation and needs.

The available options are:

Waiting Period Description
30 Days Benefits may commence after one month of being disabled.
60 Days Benefits may commence after two months of being disabled.
90 Days Benefits may commence after three months of being disabled.

Why Your Choice of Waiting Period Matters

Selecting the appropriate waiting period is a crucial decision that impacts both your premium costs and your financial resilience during a period of disability.

  • Premium Costs: Generally, a shorter waiting period (e.g., 30 days) means you'll pay higher premiums, as the insurer is likely to start paying benefits sooner. Conversely, opting for a longer waiting period (e.g., 90 days) can lead to lower premiums.
  • Financial Readiness: Your choice should align with your ability to support yourself financially during the initial period of disability. Consider:
    • Emergency Savings: Do you have enough savings to cover your living expenses for 30, 60, or 90 days without an income?
    • Sick Leave or Other Benefits: Does your employer provide short-term disability benefits or sick leave that could bridge the gap for a portion of the waiting period?
    • Other Income Sources: Do you have any other reliable income streams that could help during a period without work?

Choosing a longer waiting period can make the policy more affordable, but it requires that you have sufficient funds or alternative support to cover your expenses until your benefits begin. For more details on this product, you can visit the Zurich Ezicover Income Protection page.