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AICPA Life Insurance Company Review

Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted...

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella...

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Reviewed byDaniel Walker
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UPDATED: Jul 22, 2020

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AICPA Life Insurance Company Overview
Key InfoCompany Specifics
Year Founded1947
Current ExecutiveCEO - Barry C. Mealncon
Number of Employees2,041
Total Sales / Total Assets$391,300,000 / $211,200,000
HQ Address220 Leigh Farm Road
Durham, NC 27707-8110
Phone Number1-919-402-4500
Company Websitewww.aicpa.org
Premiums Written - Individual Life$34,202,000
Financial Standing$1,139,000
Best ForGroup Life Insurance for Accountants & CPAs
Get Your Rates Quote Now

Are you having a hard time figuring out your life insurance options? The American Institute of CPAs or AICPA offers life insurance for accountants and their families at reduced costs, but is it the best choice? And is all life insurance the same? Our AICPA Life Insurance Company Review helps you figure it out.

Already convinced AICPA is for you? Before jumping into our AICPA Life Insurance Company Review, start your application with the top insurance companies by getting a FREE quote using our comparison tool.

Shopping for AICPA Life Insurance Quotes

AICPA limits its customer pool by offering life insurance only to members. (It also offers health and dental insurance, but this review focuses on life insurance.)

AICPA’s life insurance is a subsidiary of Prudential Life, one of the best-known life insurance companies out there. By using AICPA, you get service from a top-rated company at lower prices.

Check out the table below for an idea of what you can expect to pay with preferred rates. While less expensive, select and standard rates are only available starting at age 45.

Sample Monthly AICPA Life Insurance Rates
Policyholder Age10-Year, Level Term Policy
25$6.80
35$6.80
45$11.20
55$25.60
65$67.40
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As you can see, a 25-year-old can pay as little as 68 cents per $10,000 of coverage per month for up to $100,000 with a 10-year, level term policy. So, if you’re 25 and purchase a 10-year, level term policy for $100,000 of coverage, you would pay $6.80/month.

What is AICPA availability by the state?

Life insurance purchased through AICPA covers you in all 50 states as well as Puerto Rico, the U.S. Virgin Islands, and Guam.

AICPA’s headquarters is in Durham, North Carolina, and it has offices in New Jersey, New York, and Washington, D.C. If you do not live in one of these areas, you can contact its member services by phone or email or access your account via your online AICPA life insurance login.

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AICPA’s Life Insurance Policies

Whether you are purchasing life insurance at the beginning of your CPA career or with an eye toward protecting your family as you near retirement, AICPA’s life insurance policies may meet your needs.

Term Life Insurance

Term life insurance covers you and your family for a specific period of time (e.g. 30 years). Be careful — if you let the term expire without renewing or converting to a different type of policy, you will lose coverage.

So, does AICPA offer low-cost term insurance? Yes. There are two plans you may want to consider.

If you are under the age of 65, you may qualify for the Level Term Plan. This plan allows you to pay the same rate for up to 20 years, after which your rates will increase based on your age.

Anyone younger than 74 may qualify for the CPA Life plan. Under this insurance plan, you pay a lower initial rate, but your rates increase every year as you age.

Universal Life Insurance

AICPA’s Guaranteed Value Universal Life Insurance plan doesn’t have any time limit and offers you the ability to invest your life insurance payments, which allows it to grow in cash value over time.

This option is helpful if you want to save for retirement or a child’s college education, as you can withdraw the cash value as needed.

Life Insurance Riders

If you’re interested in life insurance riders, check out the graphic below to see what options are typically available.

8 Common Life Insurance Riders

Now, let’s discuss what AICPA offers.

The accidental death and dismemberment rider offers cash payments if you are killed in an accident or if you lose the use of your limbs or lose your eyesight or hearing in an accident. (This does not cover illness or medical treatment. If you are curious about AICPA health insurance costs, and you’re asking why my health insurance costs too much, then you may want to contact the company about this type of coverage.)

The accelerated death benefit allows you to receive up to 75 percent of your death benefits while still alive if you are diagnosed with a terminal illness. The amount you receive will be deducted from the benefits your family is eligible to receive after your death.

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The disability waiver allows you to continue to receive coverage without paying premiums if you become totally disabled before the age of 60. There is a nine-month waiting period between when you become disabled and when the waiver kicks in, and you must submit proof of disability. This waiver does not apply to spouse or dependent coverage.

For an extra $6/year, you can get $10,000 worth of coverage for children. Children are eligible for this plan from birth to 25 (as long as they remain unmarried). Legally adopted children and stepchildren who are dependent on your care are also eligible, and in some cases, disabled children can remain on your plan if they are older than 25.

What programs are available from AICPA?

In addition to the AICPA life insurance calculator on its website to help you determine how much life insurance coverage you need, the company also offers a video overview of its services.

The video explains AICPA’s life insurance policy options and why you might want to take advantage of them. Finally, you can use your AICPA login to access your account and pay premiums online or via its membership insurance phone app.

Canceling Your AICPA Life Insurance Policy

The best way to cancel your AICPA life insurance is to contact the company by phone at 1-800-223-7473. Your cancellation should go into effect as soon as your next monthly premium would have been due.

AICPA offers cash refunds to current policyholders on a yearly basis. If you cancel, make sure to ask your AICPA rep about the possibility of getting a partial refund when cash refunds go out for the year.

How to Make an AICPA Life Insurance Claim

Call AICPA at 1-800-223-7473 to initiate a claim.

After the initial phone call, you will receive a claimant form. Fill out the paperwork completely and mail it back along with a copy of the death certificate and any other documentation AICPA requires. You will need the policyholder’s full legal name, dates of birth and death, Social Security number, and AICPA account number.

If you need to obtain a copy of the death certificate, you can visit the Center for Disease Control’s website to get the contact information for your state’s Department of Vital Records.

In most cases, you’ll get your benefits within two weeks, though it can take up to 60 days if AICPA has questions about your claim. You can elect to receive your benefits in one lump sum or receive monthly payments until you exhaust the benefits.

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AICPA Life Insurance Ratings

AICPA is too small to have ratings of its own, but credit agencies have rated its parent company, Prudential.

A.M. Best gives Prudential a rating of A+. This means that Prudential is a financially stable company that pays its debts. Thus, you can trust that AICPA will have the funds available to pay out claims as needed.

Moody’s considers AICPA’s parent company, Prudential, to be a financially stable company and gives it a rating of A3, meaning it is a low credit risk that is generally financially stable.

NAIC’s Consumer Complaint Index shows that in 2019, Prudential had a lower than average complaint rating. This means that there was a relatively small number of complaints and that Prudential responded satisfactorily to those complaints.

AICPA: Market Share

NAIC does not rank AICPA for market share, which means that it owns less than .01 percent of the life insurance market. However, Prudential is one of the highest-rated companies. In 2019, NAIC ranked Prudential #5 out of 125, and it commanded 5.54 percent of the market.

This is another strong sign that Prudential — most likely including AICPA — is a financially stable company that will be able to pay its debts, including benefits for eligible consumers.

Pros & Cons of AICPA Life Insurance

Unlike major companies like GEICO, AICPA only offers insurance to members.

In some ways, this is an advantage. If you qualify for membership, this insurance is likely cheaper than what you’d get at a larger company, and you can also insure your spouse and children for a low cost.

It’s also portable, which means if you change jobs you can keep your life insurance as long as you are still in the United States.

However, relatively few people will be able to take advantage of this insurance. Also, there are fewer options, and AICPA acts as a middleman between you and Prudential when you make a claim, which can make the claims process more difficult.

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AICPA Life Insurance Company Review: The Bottom Line

If you are an accountant who has joined your local AICPA chapter, you might want to take advantage of its members-only life insurance. This insurance offers coverage for you, your spouse, and your children at affordable prices and is a perk of membership you won’t want to miss.

Ready to check out how AICPA’s prices compare to the competition? Now that you’ve finished this AICPA life insurance company review, use our FREE quote tool to get started.

AICPA Life Insurance Company Review: Frequently Asked Questions

Got a question that hasn’t been covered in our review? Check out these frequently asked questions and answers or leave a comment for us.

#1 – Why should I join the AICPA?

There are many benefits to AICPA membership. The company offers self-study courses, online and in-person conferences, and other opportunities for continuing education for accountants. In addition, members get benefits such as cheap life insurance.

#2 – Is AICPA a life insurance company?

AICPA is an organization that offers support and education to CPAs and accountants. It offers group life insurance as a perk of membership.

#3 – Does Prudential have good financial ratings?

Prudential, which is AICPA’s parent company, is one of the strongest rated life insurance companies around. If you use AICPA, you can be assured that the company will be able to pay your claim when the time comes.

#4 – What is Aon life insurance?

Aon is the name of the brokerage and program administration operations affiliated with the AICPA.

#4 – What is CPA Life Express?

An online tool for AICPA and State Society members to buy life insurance online for up to $1 milllion in coverage.

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