Your insurance needs will change at retirement. Your insurance advisor at CDSPI Advisory Services Inc. can help you determine the appropriate levels of coverage for this new stage in your life for insurance plans including:
At retirement or sooner, you may need to consider introducing a new type of life insurance into your portfolio — permanent life insurance. A permanent life insurance plan is designed to provide you with insurance protection throughout your entire life at an unchanging premium, and is especially appropriate for estate planning purposes. For example, the benefit payment can be used to help cover taxes due on assets at your death, so your heirs won’t be burdened by these costs. It can also help to create a legacy from scratch if there aren’t assets to hand down, and provide financial support for dependents requiring permanent care.
Travel Edge Insurance
Leaving full-time work could free up more than 2,000 hours of your time each year. If you plan to spend some of that time travelling out of your home province, obtaining emergency medical travel insurance is a necessity. But don’t assume that all travel coverage is the same. Look for a plan that provides comprehensive coverage and offers an economical premium for annual coverage — so you don’t have to buy insurance with every trip.
To make the transition easier for patients, many dentists who sell their practices agree to remain at their office for a certain period working reduced hours as an associate. In this situation - even though you’re no longer responsible for insuring the office - you’ll still have a need for office contents, commercial general liability and practice interruption protection. If you only require a low amount of office contents protection (up to $15,000) then you may want to consider the TripleGuard™ Insurance Associate Package. Your insurance advisor can help you determine if the coverage is right for your situation.
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Long Term Disability (LTD) Insurance
After age 65, you won’t be able to purchase disability insurance. However, you may be able to extend your existing coverage up to age 70 if you are still working.
If you plan to keep your licence after retiring you will need to keep your malpractice insurance in force.