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This cover is optional on most income protection policies, and means that in the event of an accident you will be back-paid to day 1 of your claim. Under a standard policy you do not receive any benefits for the waiting period, but with the day 1 accident option you will be back-paid for the entire waiting period. Another benefit is that you do not have to be away from work for the full waiting period, and instead you only have to be away from work for 4 consecutive days in order to make a claim. Beware of some insurers who also offer day 1 accident cover, but instead of having a 4 day period they have a 14 or 30 day period.