As soon as the insurer issues your life insurance policy, you are covered. There is no waiting period.There is one exception and that is for suicide. A life insurance policy will not pay out on death by suicide in the first 12 months.But again there is an exception here.Some life insurers will payout in the first 12 months if the life insurance policy was assigned to a bank to cover a loan.Sadly, we had a payout for such an unfortunate event last year. Fair play to Irish Life, they paid out without any fuss.I remember arranging the policy for that client. Not in a million years did I expect to be arranging his death claim due to suicide.You never know what lies ahead.