What is the waiting period for life insurance in Australia?

Most standard Australian life insurance policies have very minimal waiting periods, with coverage typically beginning from the policy start date or shortly after. For standard death cover due to natural causes, accidents, or illness, there is usually no waiting period – coverage starts immediately or within 30 days of policy commencement. However, the critical exception is the suicide waiting period: almost all retail life insurance policies in Australia exclude death by suicide for the first 13 months of the policy, whether newly purchased, reinstated after lapse, or when increasing your coverage amount. This 13-month suicide exclusion is standard across the Australian insurance industry. For terminal illness cover (included with most life insurance policies), there is typically no waiting period beyond general policy activation. If you reinstate a lapsed policy, waiting periods may apply again, essentially treating it as a new policy. Some guaranteed acceptance or simplified issue policies (requiring minimal or no medical underwriting) may have longer general waiting periods of 12-24 months, though these products are less common for life insurance than for funeral insurance. Importantly, waiting periods differ significantly from survival periods – some policies require you to survive a certain period (like 14 days) after a terminal illness diagnosis before benefits are paid. Always review your PDS carefully to understand waiting periods. If you die from an excluded cause during the waiting period, premiums are typically refunded to your estate.