Tips for Buying Group Life Insurance for your CPA Firm

Tips, insights, and answers to common questions to help guide those new to buying Group Life Insurance for their CPA firm’s employees.
June 2022

If making decisions about buying Group Life Insurance for your CPA firm seems like a daunting task, you’re not alone. Here are some answers to common questions that provide some helpful guidance on what to look for as you weigh your options.

Why should firms obtain Group Life Insurance for their employees?

First, your employees are key to your firm's success and growth. So, it makes sense that, in addition to providing a salary, you want to help protect their families if something happens to them. Second, a Group Life Insurance benefit is typically expected by prospective candidates and may help firms attract and retain talent. By offering Group Life Insurance, it helps show that you value your employees and the added peace of mind that may come with obtaining this coverage.

What should a firm look for when purchasing Group Life Insurance?

When evaluating your life insurance options, one of the most important things you can do is look at the rating of the company you're considering. Make sure the carrier behind the insurance is financially stable and has a good history of paying claims. The AICPA Group Life Insurance Plan coverage is issued by The Prudential Insurance Company of America, a company that has stood the test of time for more than 145 years.

Before you make a purchase decision, make sure you know what your employees’ needs are.  Be sure to ask questions about the coverage you’re buying. Don’t hesitate to reach out to potential providers. Ask who's going to be handling your firm's account, whether it's a team or an individual. Look for consistency and interest in getting to know you and your firm's needs.

What sets the AICPA Member Insurance Programs apart?

All Plans offered through the AICPA Member Insurance Programs are endorsed by the AICPA and offer quality coverage, competitive pricing, and service tailored to CPA firms and their employees. We stay on top of accounting industry trends and we're sensitive to the unique needs and day-to-day circumstances of the accounting profession. So, for example, we're not inundating you with requests during the busy tax season.

Another differentiator is how we work with firm administrators. We understand how busy they are, so we make it quick and easy to work with us. For example, in just 15 minutes they can get a quote and enroll. In addition, our online portal makes it easy for them to manage their group benefits. Dedicated, licensed AICPA Risk Advisors are non-commissioned and are just a phone call away if you have any questions. Serving CPA firms is our exclusive focus, and that is what sets us apart.

Can firms enroll at any time of year?

Yes, firms can enroll any time of year.

What billing and payment options are available?

AICPA Group Life offers several payment options and can work with a firm to determine a payment plan.

Is Group Life Insurance transferable from firm to firm?

In a case of a merger or acquisition, Group Life Insurance and your employees’ coverage can be moved from one firm to another without medical underwriting.

What is the key takeaway for firms considering Group Life Insurance?

As you consider your options for buying Group Life Insurance for your firm’s employees, make sure you understand what you're buying. Know your benefits and ask questions. Some firms have left the AICPA Group Life Insurance Program and come back because they didn't have the benefits that they thought they had. Group Life Insurance helps to provide valuable financial protection to your firm’s employees and their families.

What type of support do you offer firms?

Busy admins can easily manage their account online – from getting a quote to monthly maintenance of employee rosters. Dedicated, non-commissioned AICPA Risk Advisors are only a phone call away at  800-223-7473  8:30am – 6:00pm ET, Monday-Friday. If you have website questions, co-browsing capabilities enable you and an AICPA Risk Advisor to view the screen together to quickly resolve your issue.
Learn more about the AICPA-endorsed Group Insurance Plans for your firm’s Life and Long Term Disability solutions, issued by The Prudential Insurance Company of America (Prudential). These employer-offered benefits are designed exclusively for CPA firms—offering flexible options, competitive pricing, easy enrollment, and online account management. Competitively priced, participating firms have the opportunity to save even more with Annual Cash Refunds. The money not used for claims, expenses and other charges is distributed back to the Firm as an Annual Cash Refund. These refunds vary year to year, and while not guaranteed, firms under the AICPA Group Insurance Trust have received Annual Cash Refunds from the Trust, for over 50 years without fail.

Aon Insurance Services is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc., a licensed producer in all states (TX 13695); (AR 100106022); in CA & MN, AIS Affinity Insurance Agency, Inc. (CA 0795465); in OK, AIS Affinity Insurance Services Inc.; in CA, Aon Affinity Insurance Services, Inc., (CA 0G94493), Aon Direct Insurance Administrators and Berkely Insurance Agency and in NY, AIS Affinity Insurance Agency.

Group Insurance coverage is issued by The Prudential Insurance Company of America, a Prudential Financial company, Newark, NJ. CA COA #1179, NAIC #68241.


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