Duration of Benefits
Definition - What does Duration of Benefits mean?
Duration of benefits refers to the period of time during which an insured or the insured's dependents can avail of the benefits of the insurance policy.
Duration of benefits is also known as benefit period.
Insuranceopedia explains Duration of Benefits
The duration of benefits varies according to the type of insurance. For example, for travel insurance, it may only last 30 days from the date of the insured's departure, or it could be unlimited if expat travel insurance is purchased. For Medicare, it last from the time the insured is admitted to the hospital and ends after 60 days of the insured not receiving any form of medical care.
Other types of insurance may provide benefits that last for the entire duration of the insured’s employment, the insured’s lifetime, or until the policy matures. Meanwhile, other types of policies may require that the duration of the benefits only start at a particular period, such as when the worker becomes a regular employee or when the insured reaches a certain age. Relevant information may be found in the conditions of the insurance contract.
How Well Do You Know Your Life Insurance?
The more you know about life insurance, the better prepared you are to find the best coverage for you.
Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.