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The Group Elite Life Plan, endorsed by the AICPA and issued by The Prudential Insurance Company of America (Prudential), is designed for CPA firms with 25 or more eligible lives. Offering life insurance can help your firm retain employees and provide them and their families with peace of mind. The Plan offers exclusive, competitive pricing on term life insurance for the owners and employees of CPA firms. Coverage options include Dependent Life Insurance, a Disability Waiver Feature and Accidental Death & Dismemberment (AD&D) coverage.

Choice of Schedules of Insurance
The amount of life insurance available to your firm partners, proprietors and employees is based on: the number of eligible lives to be covered, the individual's annual earnings, and the benefit schedule you select. Proprietors and partners are eligible to elect the maximum amount of insurance available.

Elite Life​

Individuals Covered Partners/proprietors and employees
Individual Eligibility Full-time (minimum 20 hours/week)
Effective Date of Coverage (for new employees) Immediate eligibility or six month waiting period
Schedule of Coverage Firms with 25-49 lives:
(1) 1x, 2x or 3x annual earnings up to $400,000 or
(2) 2x or 3x earnings up to $500,000

Firms with 50 or more lives:
(1) 1x, 2x or 3x annual earnings up to $400,000 or
(2) 2x or 3x annual earnings up to $1,000,000
Accidental Death & Dismemberment (AD&D) Firm option
Dependent Coverage Firm option
Waiver of Premium Firm option

Accelerated Benefit Option
A no-cost feature of the Plan, this option allows participants who become terminally ill while covered to receive a portion of their life insurance benefit in a lump sum, generally tax-free. To receive this benefit, the insured individual must furnish satisfactory evidence, including a doctor's certification, that his or her life expectancy is six months or less. The benefit to be paid cannot be more than 75% of the coverage amount or $375,000, whichever is less.

Firm Eligibility
To be eligible for the Group Elite Plan, the firm must meet all of the following requirements:

  • The firm must be actively practicing public accounting or AICPA member(s) must retain at least 50% ownership of the firm if it is not in public accounting.
  • The proprietor or at least one partner or firm member must be an AICPA member.
  • The firm must have a least 25 insured individuals and the firm must have at least one employee, other than the proprietor, partner, or firm member who becomes insured on the date the firm is designated as an Included Employer.
  • The firm's principal office must be in the United States (firms in Texas are not eligible.)

Additional Coverage Options

Optional Dependent Life Insurance
Eligible dependents include the spouse and children of those insured under the firm's Plan. The spouse of the insured proprietor, partner, firm member or employee is covered for one-fourth the insured's life insurance amount, up to $25,000, and cannot be on active duty in the armed forces. Each eligible unmarried child can be insured for $10,000 from birth until age 25.

Optional Disability Waiver Feature
If an insured becomes totally disabled before age 60, life insurance coverage will be extended at no cost while the insured remains totally disabled.  As long as the disability continues, and periodic proof of disability is furnished, the death benefit protection will be extended from year to year while the premium is waived. This extension of coverage does not apply to dependent coverage.

Optional Accidental Death and Dismemberment Insurance
Under this provision, an additional amount equal to the full amount of the insured's life insurance will be paid in the event of accidental death, loss of both hands, both feet, sight in both eyes, one hand and one foot, one hand and the sight in one eye, or one foot and the sight in one eye. One-half the face amount is payable for the loss of one hand, one foot or the sight in one eye. The accidental death benefit is payable to the named beneficiary. All other accident benefits are paid to the insured, if living, otherwise to his or her estate.

Online Account Management
Self-Service Center
When you sign on for the Plan, your firm will have access to the online self-service center at www.trustmyaccount.cpai.com. . From this site you and your firm administrator can: 

  • Set up and manage your firm's account
  • View payment history, recent transactions, and more!

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