Having life insurance protection can help with completing your overall personal financial statement. This is because the proceeds from a life insurance policy can be used for a number of different things, such as paying off large debts, paying for the insured’s funeral and other final expenses, and / or paying survivors’ ongoing living expenses.
When searching for the right type and amount of life insurance, it can be beneficial to know just how much your coverage needs may be, as well as the amount of premium that you will have to pay for a specific policy. In some cases, if an individual is a member of a particular group, they can obtain life insurance at a reduced monthly premium rate. This is the case with the life insurance options that are available to the members of the American Institute of CPAs, or AICPA member.
Life Insurance Plans Offered Through the AICPA
There are several different life insurance options that are available via the AICPA. These include CPA (Certified Public Accountant) Life, Level Premium Term, and Group Variable Universal Life. Each of these has certain unique features, as well as differing life insurance rates, depending on the age of the insured member (and his or her spouse, if applicable).
The CPA Life Plan
With the CPA Life Plan, an insured may be able to qualify for one of three different rate classes. These include either Standard, Select, or Preferred, which will be dependent on the individual’s age and health condition at the time of the coverage application.
This plan also offers yearly cash refunds – which can, in turn, reduce the amount of premium overall. (Even though these cash refunds are not guaranteed, members of the AICPA who have been insured by this particular plan have been receiving refunds ever since the plan’s inception).
While the rates can typically differ from state to state, the CPA Life Plan offers rate bands that are based on age. These include the following:
- Under age 30
- Age 30 to 34
- Age 35 to 39
- Age 40 to 44
- Age 45 to 49
- Age 50 to 54
- Age 55 to 59
- Age 60 to 64
- Age 65 to 69
- Age 70 to 74
*Note: The rates for this plan will also differ, based on whether the insured is a male or female.
In addition, the Standard premium rates are only available to members who apply before the age of 45. Select rates are available to members who are between the ages of 45 and 74, and who are also in good health when they are approved for the life insurance coverage. In most instances, to qualify for the Select rate status, there will be no medical examination required.
Preferred premium rates may be available to those who are between the age of 50 and 74. These individuals should also be in excellent health condition at the time of application. Also, in order to qualify for a Preferred rate status, there will typically be a medical exam required. Also, the insured will need to obtain a minimum of $250,000 in life insurance coverage.
Level Premium Term
The Level Premium Term (and Spouse Level Premium Term) plan also offers the potential for a yearly cash refund – although it, too, is not guaranteed. With this plan, if the insured is under the age of 45 and is approved for coverage, they will qualify for Preferred rates.
If a member obtains this coverage option when he or she is age 45 or older, then they may qualify either for Preferred, Select, or Standard premium rates – depending on their health condition at the time of the application.
Group Variable Universal Life
Members may alternatively opt for a permanent type of life insurance coverage with the Group Variable Universal Life plan. This plan essentially offers the same features that are available on the CPA Life plan, plus:
- Life insurance coverage to age 100;
- A choice of tax-deferred investment options, which include a fixed account where rates are guaranteed not to go below 4 percent;
- The ability to obtain loans and / or withdrawals from the plan, which can be used for anything that the insured sees fit. These loans or withdrawals are oftentimes tax-free to the recipient.
The Group Variable Universal Life insurance plan also offers some different age-based premium bands, which are further broken down by whether the insured is a male or a female. These can also differ from one state to another.
Similar to with the CPA Life plan, individuals may only obtain Standard rates if they apply before age 45. The criteria for obtaining either Select or Preferred premium rates are the same as those for the CPA Life plan. For example, in order to obtain a Preferred premium rate, it will be required that the insured insure for a minimum of $250,000 and that they undergo a medical examination. The Select rate criteria will not require that an individual take a medical exam.
Where to Find the Best Premium Rates on Life Insurance Coverage
While getting group or member premium rates on life insurance can reduce the amount of premium that you pay for certain coverages, going this route may or may not always prove to be the very best deal. To truly determine where you may find the best premium rates on life insurance, it is oftentimes necessary to work with an independent insurance brokerage or agency that has access to many different life insurance companies.
If you are ready to do an unbiased, direct comparison of life insurance carriers, benefits, and premium rates, we can help. We work with many of the top life insurance companies in the industry today, and we can assist you with obtaining all of the details that you need. We can do so for you quickly and easily, all from your home computer, and without having to meet in person with a life insurance agent. If you are ready to proceed, then just simply take a moment to fill out the form on this page.
Should you find that you still have any additional questions regarding life insurance premium rates and policy comparisons, please feel free to contact us directly. We can be reached toll-free by phone by calling 864-332-4209.
We understand that the purchase of life insurance coverage is important for providing financial peace of mind to those you care about. With that in mind, you will want to obtain the right amount of coverage at the most affordable price. So, contact us today – we’re here to help.