The answer to this question is not a simple 'yes' or 'no'. It depends on the type of policy you are referring to. Some life insurance policies do have a waiting period while others do not.
If you are talking about term life insurance policies, in general, there is no waiting period. Once your policy is approved and activated, you are immediately covered. However, it is important to note that if you pass away during the first two years of your policy, your beneficiaries may not receive the full death benefit. This is because most policies have a contestability period during the first two years, where the insurer can investigate the circumstances surrounding your death to ensure that no fraud has been committed.
On the other hand, if you are referring to a whole life insurance policy or another type of permanent life insurance policy, there is usually a waiting period before coverage kicks in. This is because these policies typically have a cash value component that grows over time, and it takes several years for the policy to become fully funded. The waiting period for these types of policies can range from several months to several years, depending on the policy.
It is important to review the details of each policy you are considering to determine whether or not there is a waiting period. It is also important to read the fine print and understand the terms and conditions of the policy before signing up. If you have any questions or concerns, don't hesitate to ask your insurance agent or company. They can provide you with more information about waiting periods and help you choose a policy that meets your needs.