Income Replacement Indemnity (IRI) Extension Coverage

Do I Qualify?

If you are injured in a vehicle accident and cannot work and you are a Manitoba resident, you are entitled to benefits of the Personal Injury Protection Plan (PIPP). One of the benefits of PIPP is that it will pay for your lost wages, and will provide 90% of your Net Income. While it pays an amount based on your Net Income (ie. after taxes), it will only pay out to a maximum gross income of $98,000.

In the event that your Gross Salary is higher than $98,000 we can provide you a Replacement Indemnity (IRI) Extension Coverage, which provides coverage for Gross Income up to $200,000.

There are some things to consider if your Gross Income is higher than $98,000.

  • Do you already have coverage for Disability under a group insurance plan through work that would cover you if you were injured in a vehicle accident?
  • Do you already have a Disability policy that would cover you if you were injured in a vehicle accident that you have purchased outside of your group plan at work?
  • Do you ONLY want coverage if you are disabled in a vehicle accident?

Reider Insurance recommends that if you do not currently have a Disability policy, you should consider purchasing one. The problem with the IRI is that it only provides coverage for your lost wages if you are in a vehicle accident, however a full Disability policy will usually cover your lost income from any injury including a vehicle accident.

If you do not have any disability coverage at this time, the IRI would be a good idea until you get around to taking out better coverage. In addition if you have been refused a disability policy or won’t qualify due to your health, the IRI could be an option as you can get coverage with no medical questions asked.

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*  Please note all types of policies have exclusions, conditions and limitations.  This information is not intended to be a full explanation of coverages and in all cases the wording of the actual insurance policy will apply.