Review your disability and professional expense insurance

When did you last meet with your insurance advisor to review your disability and professional expense insurance needs? It’s usually recommended that you review your coverage every 2 years, or if your practice changes.

The Doctors of BC INCOMEprotect Disability Insurance and Professional Expense Insurance plans offer the optional Guaranteed Insurability Benefit rider. Guaranteed Insurability Benefit allows you to increase your coverage, without health questions, each November during the open enrollment period. If you apply to increase your coverage outside of open enrollment, proof of health will be required.

INCOMEprotect Disability Insurance

A standard insurance industry recommendation is to carry 30% to 40% of your net income in tax-free disability insurance. It’s important to maximize your disability insurance: if you were unable to work due to illness or injury, your disability benefits could be your only source of income. During a disability, your family’s monthly expenses would continue. Would your disability benefits be sufficient to cover those costs, or would you face difficult decisions such as cancelling children’s activities, pausing mortgage payments or education investment, or depleting your savings? You also need to continue saving for your retirement during a disability, since disability benefits end at age 65.

If your practice has grown, if you’ve moved to a new payment model, or if your last disability insurance review was over 2 years ago, a Doctors of BC insurance advisor will be pleased to review your coverage to ensure that it meets your current needs.

Professional Expense Insurance 

If you’re unable to work due to a disability, Professional Expense Insurance will provide a tax-free monthly reimbursement benefit for your professional expenses, including clinic overhead, membership dues, accounting fees, office rent or mortgage, equipment leases, and staff salaries. Many of your practice expenses will continue regardless of whether you’re able to work and earn income. If your Professional Expense Insurance is inadequate, you may have to divert funds from your personal disability payments or deplete your personal savings to keep your practice running during a disability.

Review your insurance needs

Speak with a licensed Doctors of BC insurance advisor for a review of your insurance needs. Email insurance@doctorsofbc.ca to schedule a phone or virtual meeting.
—Laura McLean
Client Services Administrator, Members’ Products and Services

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