Maximize income replacement by coordinating coverage with workplace compensation benefits
Who
59-year-old Truck Driver, Business Owner
Coverage
What Happened
While working on his truck, this EDGE client slipped and fell, suffering a clavicle and skull fracture.
Compensation
This client coordinated benefits between EDGE and WCB to receive maximum income replacement and business protection for his disability. His Qualifying Insurable Monthly Earnings (QIME) calculated as $3370.26; WCB approved a monthly benefit amount of $3542.72. Because EDGE’s Loss of Income (LOI) plan guarantees a minimum benefit of 25% of maximum monthly benefits for the first 18 months of compensable disability, his EDGE LOI-Injury claim was approved, topping up his income replacement benefits by another $750 per month. In addition to income replacement, he also received the maximum monthly business expense reimbursement purchased, for the full 24-month benefit period.
End Result
By purchasing EDGE Loss of Income Benefits in addition to WCB coverage, this sole proprietor received the highest amount of monthly income replacement benefits possible. His EDGE policy allowed him to receive 25% more income replacement for the first 18 months of his claim, despite his QIME calculation, providing extra compensation to offset the costs of medical treatment and to maintain his standard of living. He continued to coordinate benefits for the full five-year benefit period of his EDGE LOI policy, and received the full monthly benefit amount purchased under his EDGE Business Overhead Expense policy.