Why is there a waiting period?
Indie will cover you from the moment you accept your policy, but for some types of claims, we have to wait a while ⏳before we can pay out.
For example, for funeral cover, you can’t claim for a death by suicide for 12 months after taking out the policy, or a death by natural causes (illness or a medical condition) for 6 months after taking out the policy.
The reason is funeral cover isn’t underwritten, which means we don’t ask medical questions and don’t know how close someone might be to claiming 🚑.
For example, someone might take out a policy knowing they were very sick 🤒and likely to die after paying just one or two premiums. If too many people did that, we’d have to increase our premiums a LOT 📈just to make up for those extra claims, and insurance would be too expensive for most people.
So basically, we have waiting periods to keep premiums as low as we can for everyone 🎉.
- When does Indie not pay a claim for a funeral policy?
- Will I be refunded if I cancel my policy during the waiting period?