Purchasing life insurance coverage can be a key step in ensuring that those you love and care about will have the financial ability to move forward in case of the unexpected. Obtaining the right type and amount of coverage is important. However, so is the premium that you are charged.
This is because, just like with other products and services that you buy, the price of life insurance coverage can differ – sometimes significantly – from one provider to another. So, why should you have to pay more?
Life Insurance Coverage Through The AICPA
One way to help with keeping your life insurance premium down is to obtain your protection via an employer-sponsored plan and / or through an organization. If you are in the CPA profession, this means that you, and your spouse, may be eligible to purchase discounted life insurance coverage, provided that you are a member of the AICPA (American Institute of CPAs).
There are several different life insurance coverage options that are open to AICPA members and / or their spouses – and all offer the opportunity for the insured to obtain a discounted premium rate.
The plans that are available via the American Institute of CPAs include the following:
- The CPA Life and Spouse Life insurance option. With this plan, you and / or your spouse may obtain a combined benefit amount of up to $2.5 million. There are also a number of optional benefits that may be added to this plan, including Accidental Death and Dismemberment (AD&D), Dependent Child Coverage, and an Accelerated Death Benefit Option Feature for Terminal Illness. To receive the Preferred premium rates on the CPA Life plan, you may be required to undergo a medical exam at the time of application in order for the life insurance company to better determine your health condition.
- The Level Premium Term and Spouse Life Level Term insurance option. The Level Premium Term plan also allows you and / or a spouse to obtain up to $2.5 million in combined coverage. The premiums and the benefits will remain level on this particular plan for either ten or twenty years. At that point, you may still retain the coverage. However, the rate will increase each year.
- The Group Variable Universal Life insurance option. With the Group Variable Universal Life Insurance plan, you can obtain both death benefit protection, as well as a cash / investment component. The funds in this component are allowed to grow tax-deferred over time.
With these plans, the premium rate is calculated, based upon the insured’s gender, as well as his or her age at the time of the application for the coverage. The individual’s health condition may also be taken into consideration for determining the premium that will be charged. In some cases, a medical examination may be required, and in other instance, it may not.
How To Get Reduced Premium Cost On AICPA Life Insurance Coverage
If you are covered with life insurance via an AICPA-offered plan, then you may have the opportunity to reduce your premium charge in several ways. First, provided that you are in excellent health at the time of application, you may be eligible for a Preferred rate.
Also, the AICPA offers the opportunity to receive premium refunds each year. This refund can further reduce the overall cost of the life insurance protection. And, while such a refund is not guaranteed, the AICPA has provided them ever since the inception of their sponsored life insurance coverage. February of 2016 marked the 69th consecutive year for these premium refunds.
Should You Compare Life Insurance Rates With Other Companies?
Although it can be cost effective to purchase life insurance through an employer or an organization, before you do so, it is always a wise financial move to compare the life insurance plans and premium rates that you may be able to obtain through individual coverage.
Many people may not realize that just as with any other type of product or service that you buy, the premium cost of life insurance will often differ – in some cases, substantially – from one insurance carrier to the next. With that in mind, comparing and shopping for coverage before you purchase just makes good sense.
When doing so, it can be extremely helpful to work in conjunction with a life insurance brokerage or agency that has access to more than just one insurance carrier. That way, you will be much better able to quickly and conveniently make your comparisons – in a direct and unbiased manner. From there, you will then be in a much better position for determining the price and policy features, and in turn, to determine which will be the best for your specific situation.
Where To Find The Best Rates On Life Insurance Protection
While the member discount program on life insurance through the AICPA can offer you some nice rewards, you may still want to shop and compare your other options. This is because you could still come out better financially by choosing an individual life insurance plan.
If you are ready to start comparing life insurance coverage, carriers, and premium cost, we can help. We work with many of the top life insurance companies in the industry today, and we can assist you with getting all of the important details that you will require for making a well-informed buying decision. We can do so for you easily and conveniently – all via your personal computer – and without having to meet in person with a life insurance agent. When you are ready to move forward, then just simply fill out the form on this page.
Should you find that you still have any additional questions about life insurance premium discount options – or, even if you just happen to have a question or a concern about purchasing life insurance in general – please feel free to contact us directly. Our experts are available to walk you through life insurance premium quotes, as well as to work with you in comparing the coverage that may be available to you, your spouse, and your family. We can be reached directly, toll-free, by calling us at 864-332-4209.
We understand that the purchase of a single life insurance policy – as well as the purchase of additional life insurance coverage – may seem to be a bit overwhelming. There are many variables to consider, and you want to ensure that you are getting the very best coverage for your needs, as well as for your budget. Doing so can be much easier with an ally on your side. So, contact us today – we’re here to help.