The waiting period is the period of time you must wait before you can make a claim. The most popular options are 30 days and 90 days. Other options include 60 days, 6 months, 1 year and 2 years.
The benefit period is the length of time the insurer will provide you with your monthly benefit, if you were to suffer from an illness or injury. The most popular options are 2 years, 5 years or coverage until the age of 65.