Statutory Accident Benefits, be properly insured
Income Replacement Benefit:
If you become disabled as the result of a car accident, you may be eligible to receive a weekly income replacement benefit. This benefit is for individuals who were employed prior to their accident. You may be eligible to receive a payment every two weeks to partially replace the income you are losing, 70% of your gross income up to $400.00 per week.
The $400.00 per week benefit may not be enough to cover your current income level; you can buy optional income replacement benefits at $600.00, $800.00 or $1000.00 per week.
Check to see if you have benefits available to you at work or elsewhere, so that you are not paying for coverage you already have. If you are covered elsewhere then you would not need to purchase any optional benefits. Your broker, agent or insurance company can help you decide if an increase in your income replacement benefit is necessary. You don’t want to find out after an accident that the $400.00 a week will not be enough to sustain you and you begin to struggle financially. Make sure your properly insured!