AICPA Life Insurance Review: Coverage for CPAs
- AICPA offers insurance products to CPAs and their spouses as a membership benefit. Discover the pros and cons of buying a policy through AICPA Life Insurance.
AICPA is a professional organization for CPAs that offers insurance products in numerous categories as a membership benefit. Explore the coverage options available through AICPA Life Insurance and discover the pros and cons of doing business through a membership-based organization.
About AICPA Life Insurance
Endorsed by the American Institute of Certified Public Accountants, AICPA Life Insurance operates under the umbrella of AICPA Member Insurance Programs. The program partners with well-known providers such as Prudential, Liberty Mutual and New York Life to provide competitively priced insurance policies to CPAs and their families. Available coverage includes life insurance, professional liability plans and long-term care benefits.
What Life Insurance Products Does AICPA Life Insurance Offer?
Through its partnership with global financial providers, AICIPA Member Insurance Programs offers plans in a wide array of categories to individual CPAs and CPA firms.
Available insurance plans for individuals include:
- Auto and other vehicles
- Home and rental
- Long-term disability
- Long-term care
- Identity theft
- Personal liability
- Medicare supplement
Available insurance options for CPA firms include:
- Professional liability
- Cyber liability
- Employment practices liability
- Commercial property liability
- Group identity theft
- Group life and disability
- Group personal excess liability
- Business overhead expense
Other specialty coverage for groups may be available upon a member's request.
AICPA Life Insurance Products
AICPA life insurance plans are typically offered through Prudential, and coverage is only available to current members of AICPA and their spouses. The plans, which are designed to have flexible coverage and affordable group-based rates, include:
- CPA Life: Providing up to $2.5 million in coverage, CPA Life is AICPA’s most popular life insurance option. Plans are available to members aged 18 to 74 and may be used to supplement workplace policies up to the legal insured amount. Policyholders may add on optional riders such as AD&D, accelerated death benefits and disability waivers. Coverage continues until the insured reaches age 80, as long as membership in AICPA is maintained. The approval process, which consists of several medical questions, typically takes less than 20 minutes and no medical exam is required.
- CPA Life Express: Members aged between 18 and 39 may apply for CPA Life Express, which is similar to AICPA’s popular CPA Life plan, but provides up to $1 million in coverage. Applicants won’t need to answer questions about their health or lifestyle risks, and no medical exam is required. Approval typically takes only minutes.
- CPA Level-Premium Term Life: AICPA’s LPT policies have 10- or 20-year terms with level premiums and up to $2.5 million in coverage. These plans may be used to supplement CPA Life policies, and policyholders may purchase additional coverage through optional riders such as disability waivers, dependent child coverage and accelerated death benefits. AICPA’s LPT policies include three rate classes, so members have a better chance of approval.
- Spouse Life: Spouses and partners of AICPA members may qualify for coverage through Spouse Life if they're under age 75 and reside in an eligible state or territory. Plans have low monthly premiums, and policyholders may receive annual cash refunds from unused funds. The application process may be initiated online, and many purchasers receive immediate approval without having to undergo a medical exam.
- Spouse Level-Premium Term Life: Designed to provide coverage for AICPA members’ spouses and partners, these term life plans offer up to $2.5 million in coverage at group-negotiated rates. Policies are available in 10- or 20-year terms and may include optional riders such as AD&D coverage and accelerated benefits for terminal illness. These plans have three rate classes for a better chance of approval.
AICPA no longer offers its Group Variable Universal Life plan to new enrollees but intends to add similar coverage in the future.
The Pros and Cons of AICPA Life Insurance
Purchasing an insurance policy through a membership-based industry organization may have several upsides. In the case of AICPA, this includes competitive group rates and policies that don’t require a medical exam as part of the underwriting process. Some of the organization's plans also have three distinct rate classes, which makes it easier for all members to get approved for a plan. In addition, AICPA's life insurance coverage is underwritten by Prudential, so policyholders can feel confident in the financial stability of their insurance carrier.
The downside to purchasing life insurance through AICPA is its small selection of policies and riders. Term insurance is only available in 10- and 20-year increments, and the organization’s offerings don’t include final expense or preneed coverage. In addition, policies are only available to members and their spouses, and coverage terminates if your membership ends.
AICPA Reviews: What People Are Saying
AICPA is a membership-based professional organization that offers group-rate life insurance as a member-only benefit, so few consumer reviews are available online. However, industry reviews note that because policies are underwritten by Prudential, policyholders can have confidence that their claims will be paid as promised. Some reviewers also comment positively on AICPA's discounted premium rates for many of its plans. However, some reviews mention the organization’s lack of flexibility, as compared to a full-service life insurance company, and note that rates may get more expensive as policyholders age.
Is an AICPA Life Insurance Policy Right for You?
If you’re a member of AICPA, you may benefit from considering one or more of the organization’s life insurance offerings. Although AICPA offers only limited policy options in several categories, its coverage may be a good option for individuals seeking a simplified-issue plan with affordable premiums for themselves or a spouse.