What is a common waiting period for benefits to begin under a Disability Income Rider?

A common waiting period for benefits to begin under a Disability Income Rider is typically six months. This waiting period, often referred to as the "elimination period," is the duration that must pass before benefits start after a disability has occurred. Many insurance policies use this timeframe because it balances the need for protection against short-term disabilities while also helping to keep premiums at a manageable level.

Choosing a period of six months allows the insured to receive support for longer-term disabilities while ensuring that the insurance provider isn't overwhelmed with claims for shorter-term, more temporary conditions. It’s also a period long enough for the insured to possibly recover and return to work without having to rely on benefits, which can be costly for insurance companies if many claims are made for shorter durations.

While waiting periods of one month, three months, or even twelve months can exist, six months strikes a common and practical balance in the insurance industry for a Disability Income Rider.