Considerations for insurance at retirement

Issue: BCMJ, vol. 64, No. 6, July August 2022, Page 254 News
By: Julie Kwan, BBA, CFP, CLU, GBA

Many members have entrusted Doctors of BC with their insurance needs over their careers. If you are nearing retirement, there are some things to know about your Doctors of BC insurance.

Physicians’ Disability Insurance (PDI): PDI remains in effect as long as you have more than $10 000 of eligible income in a calendar year; however, it terminates at age 70 regardless of your income. Cancel your coverage once you retire. If you forget, PDI automatically cancels after a period of no income.

Member Disability (INCOMEprotect): INCOMEprotect expires the 1st of May following your 70th birthday, regardless of your working status. Disability benefits replace your earned income if you cannot work due to illness or injury. Cancel your coverage once you retire, as the plan is no longer applicable. Changes in membership status or reported earned income will not trigger an automatic cancellation.

Professional Expense Insurance (PEI): PEI expires the 1st of May following your 80th birthday. Benefits are payable only if you are incurring business or professional expenses. Cancel your coverage once you retire, as the plan is no longer applicable.

Accidental Death and Dismemberment (AD&D): AD&D expires the 1st of May following your 75th birthday. Since premiums remain level and are relatively inexpensive, we encourage keeping coverage until expiry.

Life insurance: Life insurance expires the 1st of May following your 75th birthday. Generally, you can consider reducing or canceling term life insurance if you have no debts or financial dependants and are in good health. Evaluate your life insurance needs before canceling or reducing coverage.

Health Benefits Trust Fund (HBTF): HBTF can cover you and your family for life. Currently, there is no expiry age, although the plan benefits change after your 70th birthday. Contact us if you are winding up your corporation or if you are retiring and you have the Core Plus plan. If you have the Cost-Plus feature on your plan, speak to your accountant about whether it is useful to maintain in retirement.

Critical Illness Insurance (CI): CI expires the 1st of May following your 75th birthday. Premiums tend to rise substantially in older ages. You may reduce or cancel coverage if your retirement is well funded and you no longer require additional financial support during a critical illness event.

Contact insurance@doctorsofbc.ca for more information.
—Julie Kwan
Business Development Manager, Insurance

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Julie Kwan, BBA, CFP, CLU, GBA. Considerations for insurance at retirement. BCMJ, Vol. 64, No. 6, July, August, 2022, Page(s) 254 - News.


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