CPA Life Insurance Plan
Other Provisions
Cost of the Insurance
The cost of the insurance is met from contributions to the Trust. The current required contributions for participation in the life insurance coverage under the CPA Life Insurance Plan depends on your age, coverage amount and options.
When the Life Insurance Terminates
A member's life insurance may be continued until the terminating age of 80.
Earlier termination will occur:
- at such time the member is neither a member of the American Institute of Certified Public Accountants nor any State Society of CPAs, or other qualifying organization,
- if the Group Policy terminates, or
- if the participant withdraws from the Plan by so electing or by failure to pay the required contributions to the Trust. (The member may also elect an available lower amount and thereby reduce his or her coverage.)
If the participant is deceased, the Dependent Child Coverage may be continued with Spouse Life Insurance, provided that Spouse coverage is in effect at the time of the participant's death, subject to the termination provisions shown above.
Conversion Rights
If the CPA Life Insurance Plan terminates because of the member's attainment of age 80, or because the member is neither a member of the American Institute of CPAs, nor a State Society of CPAs or other qualifying organization, or such membership is terminated and the member's coverage accordingly is reduced, the member has the privilege of converting the amount by which the insurance was reduced to a Prudential individual life insurance policy. Similarly, the conversion privilege will apply when the amount of insurance under this coverage is reduced by reason of the member's age 75, or an amendment to the Plan that changes the benefits for your class. The member can get this life insurance protection without taking a medical examination or answering health questions.
To convert, a member must apply within the 31-day period after the life insurance reduces or terminates, requesting any individual life insurance policy then customarily issued by Prudential except term life insurance (although preliminary term insurance for up to one year may be included) or a policy containing disability or other supplementary benefits.
The converted policy will be effective at the end of the 31-day period, and the premiums will be the same as the member would ordinarily pay on applying for an individual policy at that time. If death occurs within this 31-day period, the amount of life insurance under the Plan, which the member was entitled to convert, will be paid whether or not he or she has applied for conversion.
If insurance for a dependent child terminates for any of the reasons previously stated, all or part of the Dependent Child Coverage may be converted to an individual life insurance policy within 31 days of such termination. No evidence of insurability will be required.
Underwritten by The
Prudential Insurance Company of America.
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