Now your firm can join approximately 4,300 other CPA firms in the Group Insurance Plan endorsed by the AICPA. This Plan is designed to help provide important insurance protection for your firm’s most valuable asset – your people.
The Group Insurance Plan, with coverage issued by The Prudential Insurance Company of America, is designed exclusively for firms, with competitive pricing and the opportunity for annual refunds.
Group Insurance Plan Elections include:
- Scheduled maximum of $500,000
- Earnings coverage – 1x, 2x or 3x annual earnings
- Waiting period – Immediate eligibility or six-month waiting period
- Dependent coverage option
Account Management Portal
Plus, you’ll enjoy the added convenience of the easy-to-navigate Group Account Management (AMP) Portal. This portal gives firm partners and administrators the following capabilities:
- View and pay your bill online
- View a roster of participating employees/partners
- Easily add/terminate employees/partners at any time
- Update firm information
- Update firm preferences, including how to receive your annual refund
- Download forms, such as Beneficiary Change Forms
- Start selected claim processes
Your firm is eligible if it has its principal office in any state of the United States except Texas.The proprietor or at least one partner or firm member of a public accounting firm must be a member of the AICPA; or for firms other than a public accounting firm, a member or members of the AICPA must have at least 50% ownership.
In addition, the firm must have at least one eligible full-time employee, other than the proprietor, partner or firm member, who is to become insured on the date participation begins for the firm.
Evidence of insurability will be required for firms with less than 25 eligible lives. Typically, individuals will be accepted on the basis of their answers to questions on the Medical Statement Form, without further medical evidence being needed.
When Coverage Begins
Depending on the option elected by your firm, you can request insurance on an immediate basis (starting date) or after completing six months of continuous service. An individual must be actively at work on the day coverage is to begin.
Choice of Six Schedules of Insurance
Your firm can choose from schedules of coverage with insurance maximums of $500,000, $400,000, $300,000, $200,000, $100,000, or $50,000.
Proprietors or partners under age 65 may be covered for the schedule maximum without regard to earnings.
Choose Either Three, Two, or One-Time Earnings Coverage
Employee coverage is based on annual earnings. Choose coverage for your firm personnel based on three, two, or one-time earnings.
Example of Term Life Insurance Schedule Amounts
An equal amount of Accidental Death & Dismemberment Insurance is included.
Monthly Gross Contributions*
*Monthly rates are based on your current age and will change if you enter a higher age band on October 1. Coverage includes $1,000 of term life insurance plus $1,000 of accidental death and dismemberment insurance. Rates may only be changed on a class basis. Rates may be re-determined by the Board of Directors of AICPA, but not more often than once per year. Your rates may increase as you enter higher age bands.
Cash refunds paid by the AICPA Trust, which are paid out of premium refunds received by Prudential, can help lower your firm's costs. Although not guaranteed, participants under the AICPA Group Insurance Trust Life plans have received cash refunds from the Trust, every year without fail since each Plan's inception. Cash refunds will vary year to year.
Optional Dependent Coverage
Eligible dependents include the spouse and children of those insured under the firm's Plan. The spouse of the insured proprietor, partner, firm member or employee is covered for one-fourth the insured's life insurance amount, up to $25,000 and cannot be on active duty in the armed forces. Each eligible child can be insured for $10,000 from birth until age 25.
Disability Waiver Feature
If an insured becomes totally disabled before age 60, life insurance coverage will be extended at no cost 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).
Accelerated Benefit Option
A no-cost feature of the Plan, the Accelerated Benefit Option allows insureds who become terminally ill to receive a portion of their life insurance coverage amount in a lump sum, generally tax-free. Click here for more information.
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