CPA Spouse Life Insurance
Other Provisions
Reduction of Coverage at Age 75
At spouse's age 75, your coverage under this Plan will reduce to 50%
of the coverage amount in force immediately prior to his/her attainment
of age 75, or $500,000, whichever is less.
How Coverage Terminates
Spouse Life Insurance terminates when your spouse reaches age 80, unless
you discontinue the insurance earlier. Also, termination occurs if you
are no longer a member of the AICPA nor any State Society of CPAs or
other qualifying organization, or do not make the required
contributions, or the program itself terminates. Should you as the Plan
participant die before your spouse, he or she may continue spouse
coverage until age 80.
Conversion Privilege
When Spouse Life coverage terminates or is reduced due to an attainment of age or a loss of membership, there is an option for the spouse to convert such coverage to an individual insurance policy as of that attained age and without evidence of insurability within 31 days of the loss of coverage. However, if written notice of the conversion privilege is given more than 15 days but less than 90 days after coverage ceases, the application for conversion and first premium must be made within 45 days of first notice or if written notice of the conversion privilege has not been given within 90 days after coverage ceases, the time allowed to apply and pay the first premium ends at the end of 90 days. For plans covering Minnesota residents, special rules apply for conversions.
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