The American Institute of Certified Public Accountants (AICPA) offers a special group life insurance plan, often called the CPA Life plan, mainly for CPAs and members of State CPA Societies. Think of it as a benefit for belonging to the club.
🌟 Key Good Points
- Easy to Get: The application process can be simple and fast, especially if you are young and healthy. You might get approved online without a full medical exam.
- Big Coverage: You can get a lot of coverage—up to $2.5 million in some cases, depending on your age.
- Extra Benefits: The policy includes helpful features, like an Accelerated Death Benefit (if you get terminally ill, you can receive some money early) and a waiver that stops payments if you become totally disabled.
- Potential Cash Back: A unique feature is the chance to receive an annual cash refund (money back) if the plan has fewer claims and expenses than expected. This isn’t guaranteed, but it has a good track record.
- Convenience: It’s linked to your professional group, making it easy to manage, and it stays with you even if you change jobs (as long as you keep your AICPA membership).
🛑 Things to Watch Out For
- Membership is a Must: You must stay a member of the AICPA or a State CPA society to keep the insurance.
- Costs Go Up: The price (premium) increases as you get older, typically in 5-year steps starting at age 30.
- Coverage Limits: The maximum coverage amount goes down as you get older, and the policy usually ends or greatly reduces around age 80.
- Not Always the Cheapest: For some people, especially those who need a very long-term guarantee (like 30 years) or have complex needs, a standard individual policy might be less expensive in the long run.
- Refund is a Bonus: The annual cash refund is nice, but remember, it is not guaranteed.
🤔 Is It Right for You?
If you are a young, healthy CPA looking for reliable, easy-to-get, and competitive life insurance, the CPA Life plan is a great place to start.
However, you should always compare the AICPA’s quote against a quote for a similar individual term life insurance policy to ensure you’re getting the best deal for your personal situation.
Would you like me to look up sample rates for the CPA Life plan so you can see a direct comparison with typical individual life insurance rates?
