Yes, there is typically a waiting period for guaranteed life insurance policies. This waiting period is generally two years long. During this time, the policy will not pay out any death benefits. Instead, the policyholder will only receive a return of their premiums.
In some cases, the policy may specify a shorter waiting period, but this is not as common. There could also be an exclusion period if it is part of the particular policy that has been chosen. During this exclusion period, death will not be covered should it occur due to the disease or condition that is mentioned in the policy.
The waiting period for guaranteed life insurance policies is in place to protect insurance companies from issuing policies to individuals who are in bad health. During this window of time, if a policyholder were to pass away, it is assumed that the insured would have known about this health condition before taking out the policy.
It is important to read through all the terms of the policy before signing on the dotted line. This way, you will know exactly when the waiting period will come to an end and when you should expect to start receiving death benefits.