CPA Life Insurance Plan
Frequently Asked Questions
- Who is eligible for coverage?
- When can I apply for coverage?
- Once insured, do I need to submit an application if I want to keep
my coverage at the same level of protection every year?
- Do I need to complete the entire application to request additional
coverage, even if I have had no medical changes since my last application?
- What is Select Status?
- Who is eligible for Select Status Participation?
- What is Dependent Child coverage and how do I apply for it?
- Once approved, if I apply for additional coverage and I am
declined, does my existing coverage remain in effect?
- Exclusions - Do they apply to the life portion also?
- How can I make changes such as decreasing my coverage, removing or adding
an AD&D option, removing a Waiver of Contribution, or removing or adding coverage for a dependent child?
- Is there an automatic reduction in coverage?
- What is the Waiver of Contribution Disability option?
- How can I increase my coverage or add a Waiver of Contribution?
- Do rates increase when each new age group is reached?
- Are there refunds under the Plan?
- Do I have to maintain membership with the AICPA,
State Society or other qualifying organizations to keep my coverage?
- Can my policy be issued or transferred to someone other than myself?
- Is a medical examination required to receive the coverage?
- Can I change my billing cycle to be billed semi-annual versus yearly?
- I make online payments through my bank or bill-pay service.
How can I avoid delays in posting my online payments?
Q. Who is eligible for coverage?
A. You can request coverage under this plan if you are under the age of 75 and are a member of the
AICPA, State Society Member or other qualifying organization, and living in the United States,
Puerto Rico, the U.S. Virgin Islands, or Guam.
Q. When can I apply for coverage?
A. You can apply for new or increased coverage at any time. Apply for New Coverage or Increased Coverage.
Q. Once insured do I need to submit an application if I want to keep my coverage at the same level of protection every year?
A. No, if you would like to maintain the same amount of coverage there is no need to submit a new
application. However, if you are currently receiving Select Status rates, you will need to submit a
new application every five years to show evidence of good health. If you are not approved for
Select Status rates, you can still have your life insurance coverage at the standard contribution
rates.
Q. Do I need to complete the entire application to request additional coverage, even if I have had no medical changes since my last application?
A. Yes, a new application is required if additional coverage is being requested. Apply for Increased coverage.
Q. What is Select Status?
A. Select Status offers lower gross contribution rates and net costs for participants who submit
evidence of good health. If approved, gross premium rates are lowered for a five-year period, but
not beyond age 79. Select Status can be continued at the end of each five-year period with
submission and approval of updated medical evidence. If you are not approved for Select Status,
coverage will be continued, however it will be at the standard rate. Apply now.
Q. Who is eligible for Select Status Participation?
A. Select Status is available to Plan Participants age 45-79. More Information.
Q. What is Dependent Child coverage and how do I apply for it?
A. Dependent Child coverage provides $10,000 of term life insurance coverage for each qualifying
child for an annual charge of $6 (this $6 is deducted from any cash refunds issued). If you are
currently insured and you would like to add this coverage, please write to us requesting that
the dependent child coverage be added to your policy. Or, if you are a new applicant, you can
request coverage by checking the appropriate box on the application form.
New applicants - - Apply Now.
Q. Once approved, if I apply for additional coverage and I am declined, does my existing coverage remain in effect?
A. Yes, your current coverage will remain in force if your application for additional coverage is
declined. Apply for Additional Coverage.
Q. Exclusions - Do they apply to the life portion also?
A. The exclusions with the exception of suicide within the first two years,
only apply to the Accidental Death and Dismemberment portion of the policy.
Q. How can I make changes such as decreasing my coverage, removing or adding an AD&D option,
removing a Waiver of Contribution, or removing or adding coverage for a dependent child?
A. Coverage changes can be made at any time throughout the policy year. All changes must be requested in writing. IMPORTANT--include your name, telephone number, account number, specific change and your signature.
Please do not request changes on the payment coupon, and send the amount due in the envelope provided.
Send or fax your written requests to:
AICPA Insurance Trust
159 E. County Line Road
Hatboro, PA 19040
Fax: 1-800-242-7248
Q. Is there an automatic reduction in coverage?
A. Yes, on the October 1 on or after your attainment of age 75, your term life coverage will reduce
to an amount equal to the lesser of 25% of the previous in force amount or $250,000.
Q. What is the Waiver of Contribution Disability option?
A. You can choose this option that protects you if you become totally disabled before age 60 and
when your disability claim is approved your premium/contributions are waived for the duration of
your disability.
Q. How can I increase my coverage or add a Waiver of Contribution?
A. Requests to increase coverage or add a Waiver of contribution must be submitted through the application process.
However, to increase your coverage at a later date an application is required to show evidence of good health.
Apply for Increased Coverage.
Q. Do rates increase when each new age group is reached?
A. Yes, each October 1st at policy renewal, the rates are recalculated according to your most
current age and death benefit amount. Contribution/premium rate age groups after age 30 are
based on five-year age grouping. There is a single rate for under age 30. Please see the CPA Life rate chart on this web site
for the age group categories.
Q. Are there refunds under the Plan?
A. Yes, however they are not guaranteed. More Information.
Q. Do I have to maintain membership with the AICPA, State Society or other qualifying
organizations to keep my coverage?
A. Yes, membership is required to maintain your current coverage.
Q. Can my policy be issued or transferred to someone other than myself?
A. Yes, a direct issuance application is available for new applicants to have the coverage applied
for issued directly to someone other than themselves. If you currently have a certificate, you can
fill out an Assignment Form obtainable on this web site, print it and mail it in for processing or
you can contact our customer service department and request the forms to be mailed to you.
Q. Is a medical examination required to receive the coverage?
A. It is expected that most members will be accepted for coverage on the basis of their answers to
health questions and without further medical evidence. Members not so accepted may, at their
option, furnish medical evidence.
Q. Can I change my billing cycle to be billed semi-annual versus yearly?
A. Yes. Billing cycle changes can be processed at renewal time. Three billing modes are available - annual,
semi-annual, and monthly. Monthly payment modes must be paid through electronic funds transfer only.
Payment options for other modes include direct billing or electronic funds transfer (EFT).
If you prefer EFT, please include a voided blank check with your written request.
Q. I make online payments through my bank or bill-pay service. How can I avoid delays
in posting my online payments?
A. To ensure timely processing, update your online banking information to reflect your correct account number
(seven digit number beginning with nine).
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.
Coverage under the AICPA sponsored life insurance plans is issued by The Prudential Insurance Company of America, 751 Broad Street, Newark, NJ 07102. Please refer to the Booklet-Certificate for all plan details, including any exclusions, limitations and restrictions, which may apply. Contract Series 31300, 83500 and 89759.| Insurer Issued Codes | |
| California COA #1179 | NAIC # 68241 |
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