Maximizing Your Income Protection: The Essential Guide to Income Top-Up

In today’s fast-paced world, ensuring financial stability in the face of unforeseen events is paramount, especially for high-income earners. That’s where income top-up is designed to extend the maximum insurance income amount beyond the standard limit, comes into play. Crafted explicitly for residents of British Columbia or non-BC residents with an active ICBC policy, this coverage is a financial safety net for those earning above $109,000 annually.

Why Consider Income Top-Up?

Income top-up is not just another insurance policy. It’s a targeted solution for high earners who need more than the $109,000 limit available under the Enhanced Accident Benefits (AEB). Without requiring proof of income for purchase, it offers peace of mind to the insured in various scenarios – whether in your vehicle, biking, or simply walking.

Key Features:

• Broad eligibility: Aimed at residents of BC or non-BC residents with ICBC whose gross yearly income exceeds. $109,000.
• Comprehensive coverage: Extends protection to the insured in motor vehicle accidents, including incidents involving cyclists and pedestrians.
• Flexible tier options: We offer 10 tier levels – each increasing by $10,000 up to a maximum limit of $100,000.

Understanding Requirements, Limitations, and Exclusions

The policyholder must be unable to work due to an accident, with this coverage kicking in secondary to any other wage loss benefits. Eligibility typically begins the 8th day post-accident, and protection continues until medical clearance, retirement, or non-compliance with specific policy obligations, with a maximum span of five years.

Notably, individuals already cover up to 90% of their net income under AEB – income top-up elevates this ceiling, enhancing the financial cushion in times of need.

Income top-up stands out as a crucial financial safeguard for high earners, providing a robust layer of protection that complements existing wage loss benefits. It addresses the unique needs of those at the higher end of the income spectrum by offering customizable tiers, comprehensive coverage, and a straightforward eligibility criterion. Whether self-employed or without an alternative income replacement policy, income top-up is a strategic investment in your financial well-being and peace of mind.

To learn more about income top-up coverage, fill out the form below or call 1-866-674-2816 ext. 805 and one of our trusted brokers will contact you.