Some of you may be surprised to learn that the most serious injuries among working-age adults (ages 20-64) are:

• • 29.1% – Sports, Exercise
  • 18.3% – Working at paid job
  • 16.6% – Household Chores
  • 11% – Walking
  • 7.2% – Leisure or Hobby
  • 5.7% – Driver, Passenger in Vehicle

 *Source: Stats Canada, Canadian Community Health Survey – 2009-2010 combined 

Are you covered if your income changes?

Many of us live on a set budget and have bills to pay. What would you do if you suddently got seriously injured and couldn’t work?

EI Sickness Benefits

You may be eligible to receive Sickness Benefits through Employment Insurance; however, most would feel the financial impact. The basic rate for calculating EI benefits is 55% of your average insurable weekly earnings, up to a maximum amount.

As of January 1, 2013, the maximum yearly insurable earnings amount is $47,400. This means that you can receive a maximum amount of $501 per week (taxed).

Fortunately, this provides some financial support; however, it may not be enough.

Group Disability Insurance

Hopefully, Short and/or Long Term Disability insurance is offered as part of your group employee benefits plan.

Short Term Disability provides a weekly benefit and Long Term Disability (LTD)provides a monthly benefit to employees in the event they are unable to work and earn an income as a result of illness or accident (outside of work).

With many employees living paycheque to paycheque, LTD is probably one of the most important benefits offered to employees as very few are able to live off personal savings in the absence of regular income.

There are several design options and considerations to ensure the plan is most tax-effective.

Don’t Offer Disability Now?

If not, let’s talk! Your Employee Benefits Broker/Consultant can help you navigate the choices and find a competitively priced and reputable carrier.