Insurance Programs


Group Insurance Plan
Frequently Asked Questions

Q. What is the Group Insurance Plan?
A. The Group Insurance Plan provides AICPA member accounting firms with a service oriented, efficient and economical means of providing term life, accidental death and dismemberment insurance and disability protection to owners, their firm members and employees.

Q. Are there refunds under the Plan?
A. Yes, however they are not guaranteed.

Q. What firms are eligible to participate?
A. Your firm is eligible if it has its principal office in any state (except Texas), the District of Columbia, Guam, Puerto Rico or the U.S. Virgin Islands. To be eligible (1)the proprietor or at least one partner or firm member of a public accounting firm must be a member of the AICPA or (2) a member or members of the AICPA must have at least 50% ownership in a firm, other than a public accounting firm.

In addition, the firm must have at least one eligible full-time employee, other than the proprietor, partner or firm member, who is to become insured on the date participation begins for the firm.

Q. How can I enroll my firm in the AICPA Group Insurance Plan?
A. To request your firm participation in the AICPA Group Insurance Plan, call the Plan Agent, Aon Insurance Services, at 1-800-223-7473 to request a Group Subscription Form and mail it to: Aon Insurance Services, 159 East County Line Road, Hatboro, PA 19040-9981.

Q. Who may be covered?
A. A proprietor, partners or firm members, and the full-time staff, including all full-time employees, are eligible to request insurance.

Full-time means working in the firm's employ for a minimum of 17 ½ hours per week and not less than five months in a calendar year.

Q. Do we have any waiting periods to choose from for new firm personnel?
A. Yes, you can make coverage available to the eligible individuals on an immediate basis (starting date) or after completing six months of continuous service. This option is elected when the firm sets up the plan.

Q. If we elect dependents coverage, which dependents are eligible?
A. Eligible dependents in most cases include the spouse and children of individuals who are insured under the plan. Included are legally adopted children, step-children and foster children if they are dependents. Children must be unmarried and less than age 21. The spouse or children may not be on active duty in the armed forces. Firm personnel covered under the plan cannot also be covered as dependents.

Q. Does this policy include Accidental Death and Dismemberment Insurance?
A. Yes, this policy includes Accidental Death and Dismemberment Insurance equal to your Term Life Insurance amount.

Q. Is there a scheduled amount that the firm must choose from when applying for coverage?
A. Yes, your firm can choose from schedules of coverage with insurance maximums of $500,000, $400,000, $300,000, $200,000, $100,000 or $50,000.

Employee coverage is based on annual earnings. For your firm's coverage basis, a choice of protection from one to three times salary is available depending on the schedule of coverage elected. Proprietors and partners under the age of 65 are covered for the schedule maximum without regard to earnings.

Q. What happens if a covered individual become disabled?
A. An insured individual under the age of 50 who becomes totally and permanently disabled (prevented from performing any work or engaging in any occupation for remuneration or profit) - may have available, upon approval, monthly installment payments of a portion of his or her life insurance to help out during the burden of disability. Payment is at a rate of $10 per $1,000 of term life insurance in force, for a period of up to 10 years. As payments are made, the face amount of life insurance is reduced accordingly.

If a covered individual becomes totally disabled while covered and before the age of 60, the member's life insurance will be extended at no cost while the member remains totally disabled. As long as the disability remains, and proof of disability is furnished from time to time, the death benefit protection will be extended at no cost from year to year. (This extension will not apply to the accidental death and dismemberment insurance.)

Q. At what age does coverage terminate?
A. Coverage will not terminate due to age as long as a covered individual is actively engaged in work full-time with the contributing employer. However, coverage will reduce depending on age as follows; at age 65 (25% of the amount of insurance in force prior to the age reduction), at age 70 (50%), at age 75 (65%) and at age 80 (75%), including any change in coverage amount due to a change in earnings or status.

Note: These frequently asked questions are for illustrative purposes only and is not a contract. It is intended to provide a general overview of the certificate described. Please remember that only the insurance certificate can give actual terms, coverages, amounts, conditions and exclusions.

To request more information, please click here.