Life insurance is necessary because it ensures that if something happens to you, your family can make it through. It provides money so that your spouse won’t have lots of debt to worry about. It allows you to make sure your kids can still go to the college of their choice. Life insurance might be the single most important insurance you’ll ever buy, so having best plan makes sense. It may seem that obtaining the lowest AICPA life insurance rates can give you peace of mind you’re looking for. However is this the best plan available?
Who Can Use AICPA Life Insurance?
AICPA is an organization that spans the world, which is dedicated to those who are chartered accountants. As a member of AICPA, you can expect access to various publications, member discounts, and even insurance programs. We’re going to focus on the insurance facet in this article, and what plans offer what kind of coverage.
The organization has insurance offerings for autos, disability, long-term care, homeowners, catastrophic medical, and life insurance. There are three different life insurance programs to be aware of. See the detailed plan descriptions below and our recommendations.
Group Variable Universal Life
This life insurance offers a group policy. It has a fixed account of no less than four percent. Face amounts are available up to $2.5 million, and you can use the policy for loan or withdrawal. The benefit of a loan is that it allows you to receive cash without being required to pay taxes. The policy holds until the age of 100, but AICPA life insurance rates will get higher as you age. You also want to be aware that coverage will drop at certain ages, specifically 75 and 80. You can learn more about rates here.
OUR RECOMMENDATION. Since AICPA life insurance rates will increase as you age, and due to the uncertainty of these future rate increases, we cannot recommend their group variable universal life insurance plans. There are better options available to you which provide the same amount of insurance coverage at a better rate with guaranteed premiums that will not increase and a policy that can never be cancelled as long you pay the premiums. As independent agents we will provide you with these options to help you compare and get the lowest rate possible.
Level Premium Term Life & Spouse Level Premium Term
This insurance package allows you to choose an amount of time to be covered, at 10 or 20 years, but you can also extend this. However, be aware that extending the insurance may come with an increase in rates. By choosing this policy, you’ll pay the same premium from the beginning through the end of your coverage period.
Only those who are in AICPA and their spouses who are 65 or younger are going to qualify for this life insurance policy. If you are older than that, this plan is not an option for you. Like the group variable insurance, this policy has face amounts up to $2.5 million, and the policy will stay in effect until the end of the term you choose. You do have an option to continue the plan at the end of the level term period, however the rates increase annually and will be extremely unaffordable for most persons. To better understand rates, just click here.
OUR RECOMMENDATION. You have other lower cost options available from several top insurance carriers. For example a consider a recent comparison of the rates between AICPA and Protective Life. If you purchase a $250,000 20 year level term with Protective Life you’ll save $4320 vs AICPA. The rate example described is for a 54 year old male non-smoker. There are other carriers offering better savings than AICPA for the same exact coverage.
CPA Life and Spouse Life
This plan varies a bit from the preceding two, as it is issued by Prudential Insurance Company of America. As such, members of AICPA, State Society members, and other members of eligible organizations can sign up for it. Spouses are also welcome to use the policy. You can apply for coverage so long as you are 74 or younger, while coverage will last until the age of 80. Rates will increase over time as your age increases. You can see more about rates at this site.
OUR RECOMMENDATION: There is one thing certain about the CPA Life policy and that is “it’s going to cost you”. As you age your rates will increase. I think that is enough said for the reason that we don’t recommend this plan to you. You can find other lower priced options here that guarantee no premium rate increase as you age.
AICPA has the same optional riders that most insurance companies offer for purchase in addition to the base life insurance coverage. The available riders include accidental death insurance, waiver or premium, and child life insurance.
Comparison of AICPA life insurance rates to Other Companies
What’s good about AICPA is how many types of insurance you can get with them. This can cut down on confusion, which might happen if your car insurance is at one company, your homeowners another, and your life insurance at a third company. Keep in mind however that you will pay a higher price for this convenience.
Take a good look at AICPA life insurance rates for comparison, but make sure you read the policy exclusions and limitations before you buy.
While they do offer various types of insurance, it is just as simple and convenient to purchase an individual plan. An individual plan through one of the top insurance companies will give you lower rates than AICPA. You’ll have guaranteed premiums that will not increase as you age. Your peace of mind is having a policy that cannot be cancelled as long you pay the premiums. Because AICPA plans do not always meet this standard, we cannot count them as one of our top life insurance companies.
To find out about other lower priced options available to you, please click on our “View Your Quotes” button above or to speak with a licensed agent please call us at 866-936-3831. Gary W Blackmon is a licensed insurance agent who has been helping families with their life insurance needs for 10 years. The agency focuses on providing the lowest cost life insurance to customers from New York to California.