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Best AICPA Life Insurance Plans for Accountants

Last updated 03/15/2024 by

Benjamin Locke

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AICPA life insurance is offered to CPAs who are members of the American Institute of Certified Public Accountants. AICPA offers a variety of life insurance plans and riders to help customize coverage for each individual. The best plan for you depends on your age, medical history, and financial needs, and may be supplemented by additional life insurance plans.
Perhaps you know an accountant or “accountant type,” who models out everything in his life in order to organize it and analyze it by the numbers. Accountants have to know their numbers. So if you are a certified public accountant (CPA) looking for a life insurance plan, you will probably want to do as much due diligence as possible. This is of particular importance when delving a bit deeper into AICPA-member life insurance plans, which are only available to CPAs. You have several plans to choose from, each with different terms, limits, and optional riders, which we detail below.

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About AICPA and life insurance

AICPA stands for the American Institute of Certified Public Accountants. It, along with the Chartered Institute of Management Accountants, is part of the Association of International Certified Professional Accountants. These groups provide various tools, resources, and networking opportunities for those in the field of accounting. Among the resources they provide are special insurance plans for members of AICPA or a similar body.
AICPA life insurance is offered by the Prudential Life Insurance Company and is considered a group plan for AICPA members. Its life insurance policies come in different forms, such as group variable universal life and term of life insurance. AICPA also provides different insurance riders so that insurance products can be customized to each individual’s wants and needs.

Pro Tip

Larger entities, such as small-to-mid-size accounting firms, also offer group life insurance plans and long-term disability plans that are AICPA-endorsed.

AICPA insurance plans

AICPA has three individual insurance plans and two spousal plans available. Below is a summary of each plan.

CPA Life

Best for: People who want a simple policy with no medical exam requirement
CPA Life is a basic life insurance policy and the most popular of the AICPA plans. It features coverage until you are 80, even if you retire, and is the plan of choice for 115,000 AICPA members. It offers up to $2.5 million in coverage and does not require a medical exam. This means that even if you think you might be terminally ill, you don’t need to go in for an exam. It also offers the following:
  • Optional dependent child coverage
  • Accelerated death benefit option for terminal illnesses
  • Optional accidental death and dismemberment (AD&D) coverage
  • Optional disability waiver
  • Can supplement existing coverage

AICPA Level Premium Term Life

Best for: Those looking to pay a fixed price for a set amount of time
AICPA Level Premium Term Life insurance is a term of life insurance policy, meaning the buyer pays a fixed amount monthly or annually for a certain amount of time. If they pass away during this time, their beneficiaries receive a death benefit. The benefit offers up to $2.5 million, and you can choose a term of 10 or 20 years. (People ages 55-65 can only opt for a 10-year term). It also offers accidental death and dismemberment coverage that can double the life insurance benefit amount. If you dismember a combination of limbs, you might be able to receive this death benefit even if you don’t die. It also offers the following riders:
  • Accelerated benefit option
  • Optional disability waiver
  • Optional dependent child coverage
  • Income tax-free benefits

Group Variable Universal Life

Best for: People who want to be able to borrow or draw from a policy’s cash value
Group Variable Universal Life (GVUL) is a life insurance policy that also doubles as an investment account. You pay premiums into the plan, but you are also able to draw down funds for various expenses like college tuition or buying property. The plan offers coverage until you are 100 years old, even if you switch jobs. There are three rate classes for a GVUL plan: standard, select, or preferred, which depend on your age and health status. A 55-year-old with a heart defect will not be in the same tier as a fit 33-year-old. The plan also offers annual cash refunds that could potentially decrease your overall insurance costs. It also offers the following:
  • Optional dependent child coverage
  • Accelerated death benefit for terminal illness
  • Income tax-free benefits
  • Ability to make withdrawals and loans tax-free

Spousal plans

There are also insurance programs for the spouses or domestic partners of members of AICPA. They come in similar flavors to the first two plans, such as Spouse Life and Spouse Level Premium Term Life. The features are more or less the same for the spousal plans as they are for the original plans.

Which one to choose?

The group variable life insurance plan is probably the most comprehensive as it acts as both an investment vehicle and a life insurance policy. You get a fixed account that allows you to access different types of investments and grow the capital underneath the umbrella of your life insurance plan.
However, it’s important to note that sometimes AICPA life insurance plans must be supplemented with other types of life insurance. Brian Hershman, the owner of BSH Accounting, a cloud-based accounting firm in Dallas, has his own experience.
“According to AICPA, plans are similar to an employer providing group life insurance as a benefit,” he says. “But members of AICPA can get this group life coverage. Group life is fairly inexpensive, and the benefit is since you are part of a group, you might not need to submit to a medical exam to be eligible. However, it rarely is enough to fully cover you, and, as part of your asset protection plan, should most likely serve as a form of supplemental coverage to a bigger life insurance strategy.”

AICPA insurance riders

If you need additional coverage, you’ll find that many of the plans share the same insurance riders. Here is a more detailed explanation, so you understand what they do.

Dependent child coverage

For an extra $6 per year, you can cover an additional $10,000 for dependent children.

Accidental death and dismemberment

If you find yourself in the unfortunate situation of having a terminal illness, then you can use the plan to pay end-of-life expenses. Furthermore, you can double your life insurance benefit if you die in an accident or you lose a combination of limbs. AICPA explains this combination of limbs on their website as “the loss of both hands, both feet, sight in both eyes; the loss of one hand and one foot, one hand and sight in one eye, or one foot and sight in one eye.”

Waiver of disability

If you become disabled before you turn 60 and can no longer pay the premiums, then you are allowed to maintain the policy without paying your premiums. This can be especially handy if something happens and you can’t use your hands to type on a computer. Even though you can’t work, you will still receive your life insurance benefit without being on the hook for future premiums.

Compare life insurance options

You have many choices when it comes time to buy life insurance. Read through our list of the best life insurance companies and use our tool to read reviews and compare your options.

SuperMoney may receive compensation from some or all of the companies featured, and the order of results are influenced by advertising bids, with exception for mortgage and home lending related products. Learn more

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How long is AICPA term life insurance?

AICPA term life insurance is for 10-year and 20-year periods. The life insurance rates will vary by age. People ages 55-65 can only opt for a 10-year term life insurance period.

How do I contact AICPA life insurance?

You can contact the company by filling out an email form at or calling 888-777-7077 (or for questions related to section memberships and credentials, call 888-233-7618). The Member Service Center is open 9 a.m.-6 p.m. ET Monday-Friday.

What is the age limit for AICPA life insurance?

For the standard CPA life insurance plan, the age limit is 80. For the group variable universal life plan, the age limit is 100 years old.

Do I need an AICPA membership?

AICPA states that in order to qualify for an AICPA life insurance policy, you need to be a member of AICPA, State Society, or another organization that would qualify under the terms.

Key takeaways

  • AICPA life insurance is offered to CPAs who are members of the American Institute of Certified Public Accountants. AICPA offers three types of personal plans: life, term, and group variable universal life. They also offer similar plans for spouses.
  • AICPA gives purchasers the option of customizing their plans with a variety of riders.
  • The GVUL plan can also act as an investment vehicle. You can use it to grow and withdraw money for important expenses.
  • The best plan for you depends on your age, income, number of dependents, and financial goals.

SuperMoney may receive compensation from some or all of the companies featured, and the order of results are influenced by advertising bids, with exception for mortgage and home lending related products. Learn more

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