Income Replacement Benefits (IRB)

Legal Glossary

Income Replacement Benefits, also referred to as IRB, are accident benefits that compensates an insured person for lost income, within the two years following an accident, if they are unable to complete the essential tasks of the employment in which they were doing before the accident.

After two years, this benefit is only payable if an insured person has a complete inability to carry out employment or self-employment for which they are reasonably suited for by way of education, training, or experience.

Income Replacement Benefits are calculated at 70% of the injured person’s gross income, up to $400 per week, unless the person insured has purchased additional coverage. In the case of additional coverage, the insured person could receive up to $1000 per week in IRB.

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