Spouse Life Insurance
Frequently Asked Questions
- Who is
eligible for coverage?
- How much
coverage can I apply for?
- Is cost
based upon the spouse's age?
- What is
Select Status?
- Who is
eligible for Select Status Participation?
- Is the Spouse
Life Insurance coverage also eligible for annual refunds?
- Can I
maintain the Spouse coverage if I cancel my AICPA and State Society
memberships?
- Is there an
automatic reduction in Spouse Coverage?
- Can Spouse
coverage be kept when I am terminated for attainment of age 80?
- Can the
Spouse Life Insurance coverage be assigned?
- Is a medical
examination required to receive the coverage?
Q. Who is eligible for coverage?
A. Your Spouse is eligible if he/she is: |
Under the age of 75 |
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Legally married to a member of the AICPA and/or a State Society of CPAs (or other qualifying organization) |
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Living in the United States or eligible territory at the time coverage begins |
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Not eligible for coverage under the CPA Life or Group Variable Universal Life Plan. |
Q. How much coverage can I apply for?
A. The amount of Spouse coverage cannot exceed the amount you are
eligible for under the CPA Life or GVUL insurance plans or the amount
available for your spouse's age.
Q. Is cost based upon the spouse's age?
A. Yes: View
rates.
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 fifteen-year period, but not beyond age 79.
Select Status can be continued at the end of each fifteen-year period with
submission and approval of updated medical evidence satisfactory to Prudential. If you are not
approved for Select Status, coverage will be continued, however it will
be at the standard rate.
Q. Who is eligible for Select Status
Participation?
A. Select Status is available to Spouse Plan Participants whose spouse is age 45-79.
Q. Is the Spouse Life Insurance coverage also
eligible for annual refunds?
A. Yes, however, refunds are never guaranteed.
Q. Can I maintain the Spouse coverage if I
cancel my AICPA and State Society memberships?
A. No, coverage will terminate if you, the CPA, are no longer a member
of either the AICPA, a State Society of CPAs, or another qualified
organization.
Q. Is there an automatic reduction in Spouse
Coverage?
A. Yes, on the October 1 on or after your spouse's attainment of age
75, the Spouse term life coverage will reduce to an amount equal to the
lesser of 50% of the previous in force amount or $500,000.
Q. Can Spouse coverage be kept when I am
terminated for attainment of age 80?
A. Yes, once your coverage is terminated, the Spouse coverage may remain
in force until the spouse reaches age 80.
Q. Can the Spouse Life Insurance coverage be
assigned?
A. Yes,
Complete an Assignment Form.
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 spouse's answers to health questions and without further medical
evidence. Members not so accepted may, at their option, furnish
additional medical evidence.
Note: These frequently asked questions are for illustrative purposes only and are 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.
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