Many CPAs are members of a great association called the American Institute of CPAs, which offers their active members CPA Life insurance and Spouse Life.
But, not every CPA takes advantage of this valuable benefit!
In this review, we will evaluate the highlights of CPA Life and Spouse Life and discuss some alternative options if you decide against buying coverage.
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AICPA, CPA Life & Spouse Life
If you’re a certified public accountant (CPA), you know that finding the right life insurance policy is essential.
Not only do you need coverage for yourself, but you also need to have an adequate policy in place to protect your spouse.
That’s where CPA Life & Spouse Life comes into play!
As the world’s largest CPA association, they offer our members access to exclusive life insurance plans from top carriers like Prudential.
However, this group coverage can be costly, and it may not be the best option for everyone.
Before deciding whether or not CPA Life and Spouse Life insurance are right for you, be sure to weigh all of your features and benefits.
CPA Life & Spouse Life
- CPA Life and Spouse Life are both group term insurance
- You must be an active member of the AICPA to maintain benefits
- CPA Life is age bracketed every five years
- Your CPA Life coverage will go up in cost every five years
- The plan offers three rate classes: preferred, select, or standard
- Most people can qualify for coverage
- The death benefits can go up to $2,500,000 depending on your age
- Your spouse is priced separately and can’t have more coverage than you
- The maximum period of eligibility to begin this plan is age 74
- The life insurance coverage decreases by 50% at the age of 75
- Coverage ends at the age of 8o years old
- A Premium refund is available
AICPA Premium Refund
AICPA Premium RefundCPA Life and Spouse Life also offer a premium cash refund each year in February.
The refund is not assured and fluctuates based on what Prudential doesn’t use for claims and expenses.
The AICPA Cash Refund earns no interest and is not a policy cash value but is simply a return of your money.
While this often sounds like a fantastic deal, most accountants are number crunchers and can evaluate the actual cost with a bit of analysis.
The cash refund available is between 10-and 40% and is calculated based on your age bracket and underwriting class.
Your premiums will get more costly as you get older, and the refund available declines.
CPA Life Insurance Rates Vs. Term Life
CPA Life Insurance Rates Vs. Term LifeCPA life insurance through the AICPA makes financial sense at younger ages or if you have any health conditions.
However, as accountants get older, the prices for CPA Life insurance are a lot higher than individual term coverage.
If you are healthy and looking for affordable life insurance over 50 years old, buying individual coverage outside of the group is always cheaper.
We have provided you with a brief snapshot comparing the monthly CPA life insurance rates to individual coverage.
CPA Life Insurance Rate Chart
| $500,000 | Class | 55-59 | 60-64 | 55-69 | 70-74 |
| CPA Life | Select | $140 | $270 | $485 | $970 |
| CPA Life | Standard | $270 | $480 | $845 | $1510 |
| 20 Year | Preferred | $129 | $129 | $129 | $129 |
- AICPA refund not applied
- AICPA refund for select, 38% age 55-59, 28% age 60-74 (2021)
- AICPA refund for standard, 20% age 55-59, 10% age 60-74 (2021)
- Male, age 55, non-smoker, preferred, $500,000, 20-year term
So, the CPA life insurance plan is gouging you for life insurance for a year than giving a cash refund.
Before you make any decisions, you should perform a cost comparison!
It is easy to conduct a cost analysis to determine if you can save money by purchasing an individual policy versus maintaining your AICPA group coverage.
Affordable Life USA makes finding the best rates for people simple and easy with our life insurance premium calculator.
Compare AICPA Life Insurance Rates
Compare AICPA Life Insurance Rates- Select Duration
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Life Insurance Companies for CPAs
Life Insurance Companies for CPAsMany insurers sell life insurance, making it challenging to find the most reasonable life insurance rates for your family.
We have simplified shopping for life insurance and monitor a network of many of America’s top-rated life insurance companies.
We are convinced that you can save money by purchasing an individual policy versus buying the CPA Life coverage.
We are not a call center like Select Quote, Accuquote, or AIG Direct and will not bother you with endless phone calls.
Here is a list of companies that offer affordable life insurance and the highest ratings from the Better Business Bureau, AM Best, and J.D. Power.
| COMPANY | BBB | AM Best | JD Power |
| AIG | A+ | A | 718 |
| AXA Equitable | A+ | A+ | 752 |
| Banner Life | A+ | A+ | N/A |
| Brighthouse | A+ | A+ | N/A |
| Guardian Life | A+ | A++ | 760 |
| John Hancock | A+ | A+ | 739 |
| Lincoln Financial | A+ | A+ | 744 |
| Mass Mutual | A+ | A++ | 780 |
| Metlife | B- | A+ | 780 |
| Mutual of Omaha | A+ | A+ | 766 |
| Nationwide | A+ | A+ | 806 |
| Pacific Life | A+ | A+ | N/A |
| Principal Financial | A+ | A+ | 774 |
| Protective | A+ | A+ | 742 |
| Prudential | A | A+ | 770 |
| SBLI | A+ | A+ | N/A |
| Transamerica | A+ | A+ | 720 |
Related AICPA Life Insurance Programs
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Affordable Life USA is a leading independent insurance agency offering comprehensive life insurance solutions to clients nationwide.
Eric Van Haaften, LUTCF
1-877-249-1358
