This is the waiting period until your replacement income kicks in. The longer the deferred period, the cheaper your premium will be.You can choose a deferred period of 4, 8, 13, 26, or 52 weeks – and yes, you choose it yourself. Before choosing, think about how long your family could realistically survive without your income and let that be your guide.4 or 8 weeks is probably grand for most people, but after that it’d start to get a bit hairy.