Group Life for Smaller Firms

AICPA-endorsed Group Life Insurance is designed for smaller CPA firms, ideally with 25 employees or less, to be flexible and competitively priced.*

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What is Group Life Insurance?

Group Life Insurance, issued by The Prudential Insurance Company of America (Prudential), is an employer program that extends coverage to firm owners and their employees.

AICPA Group Life features additional term life benefits, including Accidental Death and Dismemberment (AD&D), Disability Waiver, and Dependent Life Insurance—which can be an invaluable asset to those who are currently on, or who may be joining, your team in the future.

Why do CPA Firms need it?

Your firm’s benefit package, that includes Life Insurance coverage, is likely one of the top offers prospective CPAs evaluate when joining a firm.

By offering financial wellness benefits such as Life Insurance to your employees, you can attract, retain and engage the best workers. You are also helping to give them peace of mind that they have a plan in place for their loved ones when the unthinkable happens. Benefits can help replace income or pay off debts in the event of their death.

Financial wellness benefits are the number one most desired employee benefit

BrightPlan, 2022 Wellness Barometer Survey

What it covers

Earnings Replacement

Employee coverage is based on annual earnings. You may choose coverage for your firm personnel based on three-, two-, or one-time earnings.
Accidental Death and Dismemberment

Under this provision, an additional amount equal to the full amount of the insured's Life Insurance will be paid in the event of accidental death, loss of both hands, both feet, sight in both eyes, one hand and one foot, one hand and the sight in one eye, or one foot and the sight in one eye. One-half the face amount is payable for the loss of one hand, one foot or the sight in one eye. The accidental death benefit is payable to the named beneficiary. All other accident benefits are paid to the insured, if living, otherwise to his or her estate.
Disability Waiver Feature

If an insured becomes totally disabled before age 60, Life Insurance coverage will be extended and premiums waived while the insured remains totally disabled. As long as the disability continues, and periodic proof of disability is furnished, the death benefit protection will be extended from year to year while the premium is waived. (This extension of coverage does not apply to Dependent Coverage.)
Dependent Coverage, Optional

Choosing this option will cover your employees’ eligible dependents, in most cases including the spouse and children of individuals who are insured under the Plan. For example, a spouse is eligible for ¼ of the employee’s life insurance, up to $25,000. Dependents are eligible for up to $10,000 in coverage.

What it costs

Group Life costs are based on the maximum coverage and options you choose, employee salaries and their ages.

Your firm can choose from maximum coverages of $500,000, $400,000, $300,000, $200,000, $100,000, or $50,000. Annual Cash Refunds may help lower your firm’s cost of insurance.**

Get a no-obligation online quote in just 15-minutes. It will walk you through your options and allow you to enter your employees’ ages and salaries to get your firm’s exact cost.

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Professional male CPA in home office with laptop

Why CPA Firms choose Group Life Insurance?

Group Life Insurance is endorsed by the AICPA.
Exclusively designed for CPA firms with under 25 employees to be flexible and competitively priced.
We guide you with any questions.
Enroll your firm online in just 15 minutes. We walk your employees through the underwriting process and keep you informed of status.
Easy to manage employee additions or terminations with our streamlined Account Management Portal (AMP).

Who is eligible for AICPA Group Life Insurance?

Firm eligibility:

All firms are eligible for the Group Insurance Plan (GIP) but this Plan is designed with small firms in mind
Its principal office is in any state of the United States (except Texas) or the District of Columbia
Any eligible public accounting firm with one or more AICPA members or any business that is at least 50% owned by an AICPA member (or members) may participate. The firm must have at least one employee, other than the proprietor or any partner or firm member, who becomes insured on the date the firm is designated as an included Employer.

Employee eligibility:

Must work a minimum of 17.5 hours per week
Worked no less than 5 months in a calendar year
Have satisfied their waiting period, if applicable
Have submitted evidence of insurability by providing an application. For firms with more than 25 lives no evidence of insurability required
Have been approved for coverage by Prudential

About the Underwriter

The Prudential Insurance Company of America (Prudential) has been an insurance coverage provider to the AICPA and its members since 1947. Prudential is more than an insurance provider to the AICPA and its members. We partner with the AICPA to understand its members’ needs and endeavor to ensure that its members and their families achieve financial wellness. AICPA members’ needs are at the heart of everything we do. When the AICPA decided to partner with Prudential, they joined forces with a company that has helped customers weather wars, the Depression, pandemics, and many other challenging events over the past 150 years. Prudential is here to help you solve today’s challenges and support you in whatever lies ahead.

How do I enroll my employees in the Group Life Insurance Plan?

A Firm can choose no waiting period or a 6-month waiting period before employees are eligible to apply for the Group life insurance coverage. To enroll eligible employees/partners there are 2 options. You can submit the application online via the account management system or, you and the employee can complete a paper application and submit that for processing.

Is it easy to manage this coverage?

Yes. Our online Account Management Portal (AMP) makes it easy to add or remove employees each month.

What happens if my firm has 25 or more employees?

While you can apply for the standard Group Insurance Plan, the Group Elite Life Plan is designed for larger firms with 25 or more eligible lives. Medical Underwriting isn't required and risk is spread over more employees, helping lower the rates and manage your benefit costs.

What are the options for waiting periods for new firm personnel?

You can select the option to make coverage available to the eligible individuals on an immediate basis (starting date) or after completing six months of continuous service. The option for waiting periods for new firm personnel is elected when the firm sets up the Plan.

If Dependent Coverage is elected, which dependents are eligible?

Eligible dependents in most cases include the spouse and children of individuals who are insured under the Plan. Included are legally adopted children and stepchildren who are dependent on insured members for support and maintenance, provided in the case of the stepchildren, that a biological parent has given written consent for the coverage. Children must be unmarried and less than age 25. Dependents may not be on active duty in the armed forces. Firm personnel covered under the Plan cannot also be covered as dependents.

Continued Coverage for an Incapacitated Child: This applies to the Dependent Coverage you have for a child. The insurance for the child will not end on the date/the age limit in the definition of Qualified Dependent is reached if both the following conditions are true: (1) The child is then mentally or physically incapable of earning a living. Prudential must receive proof of this within 31 days; (2) The child otherwise meets the definition of Qualified Dependent. If these conditions are met, the age limit will not cause the child to stop being a Qualified Dependent under that Coverage. This will apply as long as the child remains incapacitated.

Is there a Maximum Coverage amount that the firm must choose from when applying for coverage?

Yes. Under the Group Insurance Plan, firms can choose from insurance coverage maximums of $500,000,
$400,000, $300,000, $200,000, $100,000 or $50,000. Employee coverage is based on annual earnings. For your firm's coverage basis, a choice of insurance protection from one to three times salary is available depending on the maximum coverage amount elected. Coverage for employees is not to exceed your firm's selected coverage maximum, less any age related reductions. Proprietors and partners under the age of 65 may be covered for the schedule maximum without regard to earnings.

What happens if a covered individual becomes totally disabled prior to age 60?

If an individual covered under the Group Insurance Plan becomes totally disabled before the age of 60, the individual's Life Insurance will be extended and premiums waived while that individual remains totally disabled. As long as the disability remains, and proof of disability is furnished from time to time, the death benefit protection will be extended from year to year and premiums waived.

Insured individuals qualify to have their Life Insurance extended and premiums waived if they become totally disabled prior to age 60. Total Disability means that (1) insured individual is not working at any job for wage or profit; and (2) due to sickness or injury, or both, is not able to perform for wage or profit, the material and substantial duties of any job for which they are reasonably fitted by their education, training or experience.

Professional Liability

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Assistance with the associated legal and defense fees in the event of a lawsuit for errors and omissions.

Group Personal Excess Liability

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Keep your top talent secure and your firm running smoothly even if they encounter a personal liability lawsuit.

Disclaimer

Please see the Exclusions and Provisions.

Please see the Group Life and Disability Income Medical Underwriting NOTICE.

*For Group Life for Smaller Firms: All firms are eligible for the Group Insurance Plan (GIP) but this Plan is designed with small firms in mind.

**Annual Cash Refunds may help lower your firm’s cost of insurance. The AICPA Group Insurance Trust (Trust) reviews a number of factors in determining the amount, if any, of Annual Cash Refunds, such as premiums, claims, expenses, and other charges. These refunds vary year to year and are not guaranteed. The Trust has paid Annual Cash Refunds to firms since 1949. The Trust may suspend the distribution of Annual Cash Refunds at any time. These refunds could vary based on the premium your firm pays, and when premiums are lowered, refunds may decrease as well.

This site may contain marketing language, on products issued by The Prudential Insurance Company of America, that has not yet been approved in all states.

Not for use in New Mexico.

Not for residents of New Mexico.

This policy provides ACCIDENT insurance only. It does NOT provide basic hospital, basic medical, or major medical insurance as defined by the New York State Department of Financial Services.

IMPORTANT NOTICE – THIS POLICY DOES NOT PROVIDE COVERAGE FOR SICKNESS.

Aon Insurance Services is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc. (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 coverages are issued by The Prudential Insurance Company of America, a Prudential Financial company, Newark, NJ. The Booklet-Certificate contains all details, including any policy exclusions, limitations, and restrictions, which may apply. If there is a discrepancy between this document and the Booklet-Certificate/Group Contract issued by The Prudential Insurance Company of America, the Group Contract will govern. In Washington, the controlling document is the Certificate, not the Contract. Contract Series: 83500. CA COA #1179, NAIC #68241.

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