Is the AICPA Level Premium Term the best choice for your family’s life insurance needs and budget?
After carefully examining your needs and circumstances, that’s a question only you can answer.
But we can tell you more about this group term insurance option for AICPA members and let you decide for yourself.
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What Is Level Premium Term Life
The American Institute of Certified Public Accountants is a nonprofit organization that provides resources for CPAs to stay up to date on the latest accounting standards and regulations.
The AICPA offers Level Premium Term and CPA Life term life insurance plans to accountants that are members of the organization.
Accountants often like to start the evaluation process by analyzing the cost and benefits of term coverage currently provided to the American Institute of CPAs members.
Let’s look at what an AICPA level term life policy offers accountants by exploring the features and benefits of the plan.
AICPA LEVEL PREMIUM TERM PLAN
- AICPA membership is needed to buy AICPA Level Premium Term
- The level premium term permits up to $2.5 million of coverage
- AICPA level premium term locks your rates for either 10 or 20 years
- After the initial term period has ended, the rates will raise annually
- LPT has a maximum issue of 65 to apply for coverage
- Level Premium Term coverage will end at age 95
- Standard rates are available for accountants not wanting to take an exam
- CPAs can qualify for a more inexpensive preferred rate with good health
- A preferred rating will need full underwriting and an exam
- A premium refund is available with AICPA level premium term
Pros & Cons of AICPA Level Premium Term
Term life insurance is a critical component of any comprehensive financial plan.
There are a few advantages and many drawbacks to consider when considering AICPA Level Premium Term insurance.
Pros to buying the AICPA Level Premium Term (LPT)
- Ideal for those who have a few health issues
- The convenience of not having to take an exam
- Prudential is a highly rated insurance company
Con’s to buying the AICPA Level Premium Term (LPT)
- The cost of level premium term life is higher than individual term
- Must also be a member of AICPA
- The $2.5 million maximum amount on coverage
- The level premium term plan only allows 10 and 20 year coverage periods
- The cash refund is not guarantee
AICPA Level Premium Term vs. Term Life
AICPA Level Premium Term vs. Term LifeAICPA Level Premium Term makes economic sense at younger ages or if you have any medical conditions.
However, as accountants get older, the premiums for life insurance are significantly higher than open market pricing.
If you are in pretty good health and looking for life insurance coverage over 50, it is always more inexpensive to buy individual coverage outside of the group.
So, AICPA level premium term overcharges you for life insurance for a year and then gives you a refund.
We would be delighted to provide you with a complimentary cost breakdown of AICPA life insurance rates.
You can easily make a cost comparison between Level Premium Term and our individual term life coverage.
CPAs in good health can consistently save BIG money by purchasing an individual policy versus maintaining their AICPA group coverage.
If you already know the prices you are currently paying for AICPA coverage you can start shopping right away!
Want to Compare AICPA Level Term Rates?
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Since many carriers offer life insurance, it is often hard for you to find the best life insurance rates in the USA.
We have streamlined shopping for life insurance and monitor a network of many of America’s top life insurance companies.
Here is a list of companies that offer cheap life insurance and have the highest ratings from the Better Business Bureau, AM Best, and J.D. Power.
Best Life Insurance Companies
| 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
