Employee Disability Income Replacement Benefits
A primary objective of income support during disability is to facilitate lifestyle stability during an interruption of employment earnings caused by illness or accident. Having enough funds to pay the rent or mortgage stabilizes living arrangements during a time of vulnerability.
Most consider workers’ compensation programs to a reasonable financial solution to workplace illnesses and injuries. Relying on the government sponsored EI and CPP programs will result in a rapid slide into poverty for most families. Yet very few Canadians have personal disability insurance policies.
Employer sponsored disability benefits fill a critical gap in coverage and make good business sense. Providing adequate funding during a time of disability reduces stress for the employee as well as coworkers. More importantly, the employee is less likely to return to work prematurely due to financial pressures.
- Minor Absences
- Short-term Disability
- Long-term Disability