Currently, AICPA Insurance is offered only to the members of the American Institute of CPAs. This insurance program was initiated in 1947 which helped the accountants and their families to meet their several financial needs.
AICPA offers its members’ life insurance from various reputed Prudential Life Insurance Companies. Now that we are well acquainted with the concept of AICPA Insurance, let us explore all the different types of Life Insurance along with their benefits.
Level Premium Term Life
If you are willing to take up the Level Premium Term plan, it would be mandatory for you to have an AICPA membership. This AICPA Life Insurance offers coverage of up to $2.5 million.
On top of that, Level Premium Term Life also locks your premium for either 10 or 20 years. After the end of the actual tenure, the coverage premium would increase on an annual basis. Also, LTP has a maximum limit of 65 for coverage and expires only when you reach the age of 95.
Standard premium rates may be applicable for accountants who are not willing to take a test. However, if you qualify for the test with good health results, it can help you attain a lower premium for your Level Premium Term Life Insurance.
CPA Life And Spouse Life
This AICPA Life Insurance offers you one of the most convenient ways to secure your family’s financial future. However, let us first try to understand its benefits and drawbacks in detail.
First of all, it is mandatory to have an AICPA membership in order to avail of this insurance. The deal benefits offered by this plan may vary from $10,000 to $2,500,000; based on your age. The premium of CPA Life and Spouse Life increases only after every 5 years.
To be eligible for this insurance plan, you must have an age of lower or equal to 74. Also, your spouse may be priced separately under the insurance cover; however, cannot have higher coverage than you.
The coverage offered by the insurance gets decreased by 5% as soon as you reach the age of 75 and ends completely as you turn 80. The insurance cover also offers a premium refund.
Group Variable Universal Life
These types of life insurance may have a higher fee as compared to other conventional coverages; however, they might turn out to be highly beneficial for many. Read the information ahead to know if this is the right kind of insurance for you or not.
The insurance offers coverage of up to 2,500,000 and may last till your age hits a century. The premiums for this insurance are age bracketed and increase only after every 5 years intervals. On top of everything, this plan is a tax-free investment option and also offers you a steady and stable income. It also offers you the freedom of taking up a loan or making withdrawals on its collateral.
If you too are an accountant and planning to get yourself and your family secured financially for life, you can try to sieve out the best suited Life Insurance for you from the above-mentioned options and start living a stress-free and financially unconservative life!