Is there a waiting period before my insurance coverage becomes active?

In Canada, not all policies come with a two-year waiting period. It largely depends on the type of policy you buy. If you're opting for simplified issue or guaranteed issue insurance; basically the 'no questions asked, come-as-you-are' kind of policies-then yes, there’s often a two-year waiting period for full benefits. Why? Because the insurer is taking a leap of faith on your health without asking for a medical exam or extensive questionnaire. It’s their way of saying, 'We’ll cover you, but let’s build some trust first.'

On the flip side, if you go for a fully underwritten policy; where you fill out the forms, do the bloodwork, and maybe even a medical exam-you’re usually good to go as soon as the policy is issued. It’s like walking straight into the party because you cleared security ahead of time.

So, the real question is: do you want to breeze through the velvet ropes with no questions asked and wait a bit for the hors d’oeuvres, or are you willing to go through the formalities to enjoy the full buffet right away? Either way, the party (a.k.a. your insurance protection) will eventually be in full swing!