Life insurance coverage can be an integral part of any good, solid financial plan. This is because the proceeds from a life insurance policy can be used for many different reasons by an insured’s survivors, such as replacing lost income, paying off debts, and/or for paying off the funeral and other final expenses of the insured.
There are many different factors that come into play when choosing a life insurance plan. These will primarily include the type and the amount of coverage, as well as the entity through which the coverage is being purchased. This can also include whether or not the coverage is being purchased as an individual policy, or rather as a part of a group benefits plan.
For many individuals and professionals, being a part of a group or association means that there may be products available, usually at a discounted rate. This is the case with the AICPA or the American Institute of CPAs. This entity provides access to multiple insurance and other coverage products to its members, as well as to other qualifying family members.
To help you further understand more about the different types and purchasing life insruance coverage, look into our post on life insurance types for dummies!
About AICPA Life Insurance
The American Institute of CPAs, or AICPA, is an organization that offers accountants, CPAs (Certified Public Accountants), and other qualified individuals who work in the accounting industry, a long list of financial and insurance coverage products. This includes term life insurance coverage.
The insurance programs that are available to AICPA members have been in the process every since the late 1940s. The member benefits program has expanded a great deal since then, starting with just one single product to 15 offerings today. The insurance coverage that is offered to the members includes coverage for business and personal needs.
The AICPA offers a number of different membership programs, which include individual memberships, specialization section memberships, and firm memberships. In addition to discounts on products and services, the AICPA also provides networking opportunities, education, training, and technical resources for its members.
In many cases, the premium that is charged for the AICPA member insurance coverage may be lower than that of a comparable individual policy. However, price does not always indicate quality of a product – so it is important that the AICPA members who are considering the purchase of life insurance – or any other product through the AICPA – compare the insurance protection, as well as the premium costs, before moving forward.
Life Insurance Policies Offered Through AICPA
The life insurance products that are offered to AICPA members is underwritten by Prudential Life Insurance Company. These policies offer both term and permanent coverage – and coverage is available to AICPA members, as well as to their spouses (if applicable). The insurance plans have been offered ever since 1947 – and they have grown and expanded in order to meet the ever-expanding insurance needs of the AICPA members and their families.
The protection that is offered by these life insurance plans may provide up to $2.5 million in life insurance protection. And, with the group variable universal life insurance option via the AICPA, there is also an optional investment component that is built directly into the plan.
A Closer Look at Term Life Insurance Coverage Through The AICPA
There are two primary term life insurance coverage options that are offered by the AICPA. These include the CPA Life and Spouse Life option, and the level premium term and spouse level premium term plan.
CPA Life & Spouse Life Option
With the CPA Life & Spouse Life Option, up to $2.5 million in term life insurance coverage is available to the member and his or her spouse. This plan also offers many flexible options. For example, some of the highlights of this plan include:
- Multiple coverage amounts up to $2.5 million at competitive group-negotiated premium rates
- Life insurance coverage up to age 80 – even if the covered individual changes jobs or retires – provided that he or she maintains their membership with the AICPA
- Income tax-free benefits. (Under the current federal income tax rules, the death benefit will typically be free of income taxation). In contrast, many of the benefits from employer-provided plans are considered taxable, which in turn, can end up lowering the amount of money that beneficiaries have to meet their financial needs.
- The ability to apply for additional life insurance coverage at any time.
The Level Premium Term and Spouse Level Term option offers up to $2.5 million in life insurance coverage for the member and his or her spouse at a rate that will not change over the duration of the ten or twenty-year level period policy. It also offers the following benefits:
- Multiple coverage amounts, up to $2.5 million. (This is the highest amount that is available to those who are members of the AICPA but who do not belong to a state society of CPAs).
- Ten or twenty-year level periods, depending on the members and his or her spouse’s age
- Benefits that are free from federal income taxation.
Other Insurance Products that are Provided by AICPA to Its Members
For AICPA members who are seeking more of a permanent form of life insurance, there is a group variable universal life insurance option available. With this plan, up to $2.5 million in coverage is available, along with an optional investment component.
With the group variable universal life insurance plan through the AICPA, all of the features that are in the CPA life plan are included, in addition to the following:
- Life insurance coverage up to age 100
- A choice of tax-deferred investment options, which include a fixed account that is guaranteed not to fall below 4 percent return
- The ability to make withdrawals and/or loans – which are typically tax-free – and that may be used for anything that the policyholder desires, such as paying off debt, paying for a child’s college tuition, or even for taking a nice vacation.
In addition to life insurance coverage, the AICPA also offers other insurance protection on a group basis to its members. These include both on a personal and a business level. For example, the personal insurance that can be obtained via AICPA includes the following:
- Auto Insurance Coverage – The AICPA auto insurance coverage provides exclusive benefits for the organization’s members from Liberty Mutual Insurance Company.
- Home Owners Insurance Coverage – Likewise, the homeowner’s insurance coverage is also offered to AICPA members via Liberty Mutual.
- Long Term Disability Income Plan – The long-term disability insurance for AICPA members offers up to $12,000 per month in benefits when a qualifying disability prevents a covered individual from working part- or full-time. These plans also offer various other features that are not typically available on other government or employer sponsored long-term disability insurance plans.
- Personal Liability Umbrella Coverage – With a personal liability umbrella insurance plan via the AICPA, up to $5 million in coverage is available for injury and property damage claims that exceed an individual’s primary auto, homeowners, or renter’s insurance coverage.
- Medicare Supplement Insurance – Although Medicare Parts A and B offer a wide range of coverage for hospitalization and other medical services, this program can also include many out-of-pocket charges to enrollees. These mainly come in the form of deductibles, coinsurance, and copayments. Medicare Supplement insurance can, therefore, help to fill in these Medicare coverage gaps. Medicare Supplement insurance coverage is available to AICPA members, as well as their spouses and / or eligible parents who are age 65 or older and who are enrolled in Medicare Part A and Part B. The rates that are charged for these Medicare Supplement plans are typically much lower than what can be found out in the marketplace.
- Aon Health PLUS – This online private health insurance solution is designed for helping AICPA members to find the health insurance plan that works the best for them, based on their specific needs and budget.
On the business side, AICPA offers group life insurance coverage for firms, as well as professional liability insurance coverage. These plans include:
- Professional Liability Insurance – The professional liability insurance offered via AICPA provides coverage of up to $10 million for members who are in public practice and who have liability claims that are related to their professional services.
- Employee Theft Coverage – The professional liability insurance also comes with an employee theft coverage endorsement that offers coverage to an employer from financial loss that is due to the fraudulent activities of an employee (or a group of employees).
- Employment Practices Liability Insurance – With the employment practices liability insurance coverage – CPA EmployerGard – there is a broad array of coverage options that can be used for employment practice related claims, such as wrongful termination, age, race, or gender discrimination, as well as for other workplace-related lawsuits.
- Commercial Property and Liability Coverage – The commercial property and liability coverage that is offered via AICPA provides an array of options, including commercial auto coverage, workers compensation, commercial liability umbrella, international coverages (for international businesses), and kidnap ransom, and extortion insurance protection.
- Group Life Insurance for Firms – As with personal life insurance, a group life insurance plans can provide funds that are needed for loved ones.
- Group Long Term Disability for Firms – Long-term disability can be used for ensuring that income will still come in when an employee is hurt or ill and is not able to work.
- Business Overhead Expense Insurance (BOE) Coverage – With the business overhead expense insurance coverage for AICPA members, up to $12,000 per month may be available for helping business owners with paying for up to 24 months of overhead costs while they are disabled and are not able to work.
There are other financial and insurance related options offered to members via the AICPA, too, such as:
- Credit Cards
- Checking Accounts
- Firm-Based Retirement Programs
- Home Mortgages
- Travel Benefits (vehicle rental and hotel)
- Business Services (such as credit card processing, FedEx shipping, office supply discounts, and tax filing assistance)
- Vehicle discounts
- Clothing discounts
Where to Get the Best Premium Quotes on AICPA Term Life Insurance Coverage
If you are in the process of seeking premium quotes on AICPA term life insurance coverage – or reviews such as Allstate term life insurance reviews or AAA whole life insurance reviews – we can assist you. We are an independent life insurance brokerage, and we work with many of the best life insurance carriers in the market place. Because of that, we can provide you with information about a number of different policies, coverages, and premium quotes that may work well for you and your specific needs, as well as fit into your budget.
We can do this for you very quickly and conveniently – all directly from your computer – and without you having to meet in person with a life insurance agent. This can make the process of finding and applying for the life insurance coverage that you need much more seamless. If you are ready to start the process, just all that is required is to simply take a moment to fill out the quote form on this page.
Should you find that you still have any additional questions regarding term life insurance coverage, then please feel free to reach out to us by phone. Our experts are here and available to assist you with any information. You can call us toll-free at 877-235-9299.
We know just how overwhelming it can sometimes be when you are trying to determine the best life insurance coverage for you. There are many different variables and parameters that are necessary, and you want to ensure that you are choosing the best option for you. This, however, can be accomplished so much more easily when you have an expert on your side. So, contact us today – we’re here to help.
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