I went to one of the Baymac "chats".
You only have to be a current, medically licensed pilot on the day you join. You can cease flying the next day.
Baymac will accept you to age 75, further by discussion/negotiation.
If you pass (or whatever phrase you choose to use), your wife can continue cover provided she was already a member.
There is an annual "membership" fee, approx US$75 each at the present time.
The medical cover cost increases by 5% after 65 becoming $1575 PA (IIRC).
Baymac call their Loss of Licence cover Loss of Income. It's not tied to losing your medical/licence. I haven't checked this against the other companies yet but I like the difference!
There is also a lump sum cover to be paid after a specified time. You choose, the sooner the payout, the more you pay for cover.
Hope that helps, happy to be corrected.
H-D