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AICPA Life Insurance review: is there a better plan for you?

If you are a chartered accountant, you have probably considered joining the American Institute of CPAs, otherwise known as AICPA. One added benefit you may not have considered at first glance is the fact that members of the AICPA can actually buy life insurance through the organization. Sounds, great—and it is for many, but is it going to be great for you? This article is designed to help you figure out whether buying a life insurance policy from AICPA makes sense for you.

2016 AICPA Life Insurance Review

What is AICPA?

More than 412,000 members strong, AICPA is a worldwide organization for chartered accountants.

Buying Insurance through AICPA

One of the greatest benefits of AICPA insurance is that they offer many options for businesses and individuals. Individuals can choose to buy almost any kind of insurance through AICPA, including but not limited to: long-term disability, long-term care, auto, homeowners, catastrophe medical, and of course, our favorite, life insurance.

AICPA has three main life insurance programs:

Each of the following include optional life insurance riders: Accidental Death Insurance, Waiver of Premium and Child Life Insurance.

CPA Life and Spouse Life Plans-This is a life insurance plan issued by Prudential (Prudential Insurance Company of America). This is a plan offered to not only members of AICPA but also State Society members or other eligible organizations. Applicants can apply for coverage up to 74 years of age. Coverage lasts until 80 years old. The rates of this policy type will increase with age. Your spouse is also eligible for this policy type. Face amounts available up to $2.5 million. The policy lasts until age 80. AICPA life insurance rates will increase with age.

You can view AICPA rates for CPA Life and Spouse Plans here.

Level Premium Term & Spouse Level Premium Term– This policy offers life insurance coverage for the period of time you choose. It allows you to lock in a certain monthly cost that you will pay from now until your policy ends.  The period of coverage can be for 10 or 20 years, and if you want to extend after that you will have an increase in rates up to the age of 95. This plan is only available to AICPA members and their spouses 65 and under. Face amounts available up to $2.5 million. The policy lasts until the term ends. AICPA life insurance rates remain fixed for the term length.

You can access the AICPA rate calculator here.

Group Variable Universal Life-If you want to buy a group policy, then this policy will work great. It offers a fixed account of no less than 4%. You can also use your policy for a loan or withdrawal, and it may not face any taxation. Face amounts available up to $2.5 million. The policy lasts until age 100. AICPA life insurance rates will increase with age. Coverage reduces at age 75 and 80.

You can click the following to view AICPA rates for Group Variable Universal Life.

You can compare AICPA rates with the following sample rate charts

Overall Assessment of AICPA Life Insurance

It makes sense to buy a life insurance policy through a group you know and trust; if you are a chartered accountant, then that group is probably AICPA. There’s no doubt that they offer some pretty top notch life insurance options, and their spousal coverage is a major winning point. Many AICPA members think that buying insurance via the organization is one of its best functions. The sheer infrastructure of AICPA makes purchasing life insurance really smooth.

It’s also quite handy that they offer a lot of different insurance options—some people prefer to buy multiple types of insurance (i.e. car, house, life) from the same company. It can help you stay organized and cut down on things to remember.

If you’re not already a member of AICPA, then you’ll first have to join the organization to reap the benefits of getting life insurance.

Other than that, there aren’t all that many cons of AICPA life insurance.  The only major drawbacks of using AICPA to purchase a policy is that you are going to be choosing this over all the other options out there—some of which may actually give you better coverage. Further, AICPA is limited in the different types of life insurance policies offered.

Comparing other Life Insurance Policies to what AICPA Offers

If you don’t work in the life insurance business, shopping around for the best life insurance rates can be a tedious process many people like to avoid. That’s one reason it’s so easy to just get a life insurance policy through AICPA. However, there are a lot of other options out there, and aren’t you at least a little curious to see if any of them are a better fit for you?

Life insurance is a very personal purchase. The price and coverage depend on a lot of personal variables, which is why two people may find the best coverage to be from two different life insurance companies—and both of them would be right. Person A and Person B may both be chartered accountants, but they still have a lot of differences, and those differences lead to different life insurance coverage and premiums. Person A may get the best deal on a life insurance policy from AICPA whereas Person B may find a life insurance company outside of AICPA offers them better coverage.

Wouldn’t you like to know if you’re Person B?

TermLife2Go can Help!

TermLife2Go is a third party organization that represents dozens of the best life insurance companies in the United States. When you give us a call, we will take some time to get to know all about your life situation and your needs. We then employ everything we know about the different life insurance companies and the life insurance policies they offer. We put together our recommendations specifically for you.

If you are a chartered accountant and a member of the AICPA, we suggest you start by turning the AICPA. For many, they’ll be the perfect choice for life insurance coverage. However, before you make a purchase, you can call us to find out how AICPA’s life insurance options compare to what you would get from other life insurance companies.

Give TermLife2Go a call for a free consultation!

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