Income Replacement Benefit
The Income Replacement Benefit helps replace a part of your income you lose if you can’t work because of accident-related injuries. It provides steady, reliable support so you can focus on healing, whether you’re off work for a few weeks or facing a longer recovery.
Get to Know Your Coverage
Recovery from a motor vehicle accident doesn’t have to come hand-in-hand with financial stress. If you need to take time off work, the Income Replacement Benefit can help replace a portion of your lost income so you can focus on healing. Here’s what you need to know about this benefit:
Who qualifies: Individuals who were employed, self-employed, receiving Employment Insurance, or had recent work history at the time of the accident and your injuries stop you from doing the main parts of your job.
Benefit: 70% of gross income up to the coverage limit selected. Payments start after a seven-day waiting period.
Additional Coverage: You can choose a weekly limit of $400, $600, $800 or $1000.
Example: A construction worker couldn’t work for 12 weeks after hurting their back in a motor vehicle collision. Their Income Replacement coverage provided a steady weekly payment to help them pay the bills while they focused on healing.
Watch Now: Understanding the Income Replacement Benefit
Watch this short video to learn all about the Income Replacement Benefit and how it can provide financial relief after a motor vehicle accident.
Watch Now: Understanding the Non-Earner Benefit
Learn how the Income Replacement Benefit can help support you financially if an accident prevents you from working.
Understanding the Right Coverage for You
The Income Replacement Benefit can help you maintain financial stability if a motor vehicle accident prevents you from working. You can choose whether to add this coverage to your policy, depending on your needs. To determine if this benefit is right for you, consider whether you and your family could cover living expenses like rent, groceries, bills, childcare and debt if you couldn’t work due to an accident.
It’s important to really understand what your needs are. Take a step back and say: ‘OK, if I'm working full time and I'm making X amount of money, will $400/week cover me if I can’t work?’ By thinking ahead about your income and your needs, you can ensure you get the support you need if an accident prevents you from working. That way, you can focus on recovery without worrying about your finances.
Claims Manager - AB Technical, Accident Benefits
You may not need this coverage if you have other income sources, such as employer wage-loss plans, private disability insurance or government benefits. Reviewing this coverage and any optional upgrades with an agent or broker can confirm you have the protection that fits your lifestyle, income and plans.
From the Blog: Learn More About the Income Replacement Benefit
Read more to get practical tips, examples and guidance on your coverage.
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