The importance of disability insurance review and the GIB period

Issue: BCMJ, vol. 64, No. 8, October 2022, Page 342 News
By: Laura McLean

The standard insurance-industry recommendation is to carry 60% of your net income in tax-free disability insurance, and the Guaranteed Insurability Benefit (GIB) rider is a valuable tool for maintaining the right disability coverage as your practice and income grow over time. Reviewing your disability insurance and exercising your GIB during the annual open enrolment period (1–30 November) will help ensure that your disability coverage continues to protect your needs. The GIB allows you to increase your disability insurance during the open enrolment period by up to $2500 without proof of health. Your personal tax return and corporate financial statements may be needed to determine that your income justifies the increase.

As your income grows, your lifestyle may grow with it. You may start a family, purchase a home, or begin planning for your children’s education. As a physician, you also need to fund your own retirement during your earning years. The disability insurance you needed 3 or 5 years ago may not cover the expenses you have today. If you were unable to work tomorrow due to illness or injury, your family’s monthly expenses would continue. Is your current disability benefit enough to maintain your family’s lifestyle, or would you face difficult decisions such as canceling your children’s activities, pausing mortgage payments or education-fund contributions, or depleting your savings to cover ongoing costs?

To increase your disability insurance outside of the annual GIB period or above the maximum annual limit, or if you did not select the GIB rider when you originally applied for coverage, you’ll need to provide proof of health. The insurer will review your existing health and lifestyle to determine your eligibility and may decline your application or issue coverage with exclusions for health conditions or activities.

Scheduling a disability insurance and GIB review with a licensed Doctors of BC insurance advisor will help you protect the lifestyle you and your family enjoy today, as well as your plans for the future. Email insurance@doctorsofbc.ca or call 604 638-7914 for a complimentary meeting.
—Laura McLean, Client Services Administrator
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Laura McLean. The importance of disability insurance review and the GIB period. BCMJ, Vol. 64, No. 8, October, 2022, Page(s) 342 - News.


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