AICPA Insurance Programs

CPA Life Insurance Plan
Options and Features

Reduction of Coverage at Age 75
At age 75, your coverage under this Plan will reduce to 50% of the coverage amount in force immediately prior to your attainment of age 75, or $500,000, whichever is less.

Dependent Child Coverage
For an annual cost of just $6, this coverage provides $10,000 of term life insurance coverage for each eligible child.

Your child's coverage begins at birth - there is no waiting period and no evidence of insurability is required. Coverage is effective on the day your own coverage commences, and new dependents are automatically covered as they become eligible. The benefit is paid to the Plan participant and the cost of coverage is deducted from any future cash refunds.

Waiver of Contribution During Disability
If you become totally disabled, the last thing you need to worry about is paying for your life insurance. This provision allows the life insurance to continue with no further contributions from you if you become totally disabled before age 60. It extends your death benefit protection for the first year and for subsequent years with periodic proof that your total disability continues. Even if you have not made required contributions or submitted proof of disability, your death benefit will still be paid if you die within a year of your total disability. However, written notice must be given to Prudential within one year of death. This extension of coverage does not apply to the accidental death and dismemberment portion of your coverage, nor to any Dependent Child coverage you may have. The cost of this benefit will be reflected in any future cash refunds.

Accelerated Benefit Option
Another 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, generally tax-free, in a lump sum. Your death benefit will be reduced by the amount you receive. Currently you may elect to receive a portion not to exceed 75% of your life insurance amount or $1,000,000, whichever is less.

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