I spoke to a shocked professional man today who called for a free consultation with an Ottawa personal injury lawyer. He was shocked because I confirmed what his Ontario accident benefit insurer’s adjuster told him. The maximum income replacement benefit he was eligible to receive was $400 per week. Plus, if he worked enough each week to earn $400, he would get nothing, even if his weekly earnings were more than $1500 before the accident.
For medium and high income earners, it is unwise in the extreme to rely exclusively on the Ontario auto accident insurance regime to assist you financially after an accident. First, the Ontario income replacement benefit amount is low. Second, the Ontario income replacement benefit decreases by every penny you make while you are disabled. Third, there are many ways to be disabled that would not make you eligible for Ontario income replacement benefits.
Although in many cases my clients recover their loss of income from the person who was responsible for the accident, that process is rarely quick and painless. Your mortgage is due long before your case against an at-fault driver will be settled. What do you do to meet your expenses in the meantime?
Financial planning requires planning for disability. As my Ottawa personal injury practice has taught me, anything can happen at any time. In an average week, I speak to no fewer than 10 Ottawa residents who cannot work because of an accident, of one type or another. For those who are self-employed and who are without disability insurance, the situation is soon dire.
If you are self-employed, please make this the month that you look after purchasing disability insurance to protect yourself and those who rely on you.
If you have been injured in an Ontario accident, make sure you speak with a personal injury lawyer who can help you get the best possible compensation for your injuries. For more information, contact the Ottawa injury lawyers at Auger Hollingsworth by email [email protected] or by phone at (613) 233-4529.