Life insurance is one of the most important purchases that you’ll ever make for your family. It’s one of the only ways that you can ensure that they will have the money that they need, regardless of what happens to you. When you’re shopping for coverage, it can be an overwhelming process trying to decide how to get your life insurance coverage.
This article is going to explore some of the most popular options for life insurance for accountants and give you some of the factors that you’ll need to consider. We are dedicated to helping accountants get the best insurance at an affordable rate.
Life Insurance Through Employer
One of the most popular options is to take advantage of any life insurance coverage that your employer offers as a benefit. Every employer can have different life insurance plans that they offer. In some cases, you’ll get free life insurance, or in other cases, you’ll have a portion of the premiums paid for you.
If you have a job that offers life insurance, you are probably enticed to take the coverage and save money on your life insurance premiums, but that could be a drastic mistake.
The obvious disadvantage of these plans is that they are offered through your job, which means if you switch jobs or get fired, you’ll no longer have that insurance coverage. If you know for a fact that you’re going to be at the same job until you’re 65, then you can enroll in the employer-sponsored life insurance, but more than likely you don’t know how long you’ll hold that job.
If your employer has a policy that they will pay 100% of the premiums, then there is no reason not to accept the coverage. If nothing else, it will be additional coverage. You can also use their life insurance as a supplemental plan, but it shouldn’t be your only form of life insurance.
AICPA Life Insurance
As an accountant, you probably have access to buy a life insurance policy through the American Institute of CPAs (AICPA), but a lot of accountants have asked us how their insurance coverage stacks up to the other options on the market.
The AICPA has been around since 1947, and their mission is to help CPAs with dozens of different resources, and one of those is access to life insurance plans.
Most people assume that since the insurance policy is offered through a group organization that it’s going to be more affordable and have better coverage, but that isn’t necessarily the case. AICPA has access to 15 different insurance policies. They have three different plans, CPA Life, Level Premiums Term, and Group Variable Universal Life. Each type of policy is going to have different advantages and costs associated with the protection. Each type of plan will allow you to buy up to $2.5 million worth of life insurance.
While they provide plenty of options for life insurance coverage, they will almost never be the most affordable life insurance option. In most cases, AICPA insurance is going to be around $20 – $40 more expensive than the cheapest option. It doesn’t hurt to get a quote from them, but don’t expect an excellent result.
Private Life Insurance
The best option of the three is to purchase a life insurance plan through a separate private insurance company. You won’t have to worry about losing coverage if you lose your job and you’ll be able to get lower insurance premiums.
There are thousands and thousands of companies on the market, and all of them have different options, which means that your life insurance search can easily overwhelm you, but our agents are here to help. Unlike traditional insurance agents, we are a group of independent agents, and we represent dozens and dozens of highly rated companies across the nation. We know which companies are going to give you the best rated based on your specific situation.
Getting Affordable Life Insurance Coverage
One of the most common reasons that people don’t buy life insurance is because they assume that it’s going to be too expensive to fit in their budget, but in just about every case, that couldn’t be further from the truth. There are several ways that you can secure better insurance rates from the company and keep more money in your pockets. Making a few changes in your daily routine could save you thousands of dollars.
The most important change to make is cutting out any cigarettes. If you’re listed as a smoker, you may as well throw money out of the window. Smokers should expect to pay much higher premiums for their life insurance. In fact, smokers are going to pay around twice as much for life insurance coverage.
The best way to ensure that you’re getting the lowest premiums is to compare dozens of quotes before you decide which company is going to work best for you. Instead of wasting hours and hours calling different companies, let one of our agents do all of that work for you.
If you have any questions about life insurance for accountants or you want to get the insurance process started, please contact one of our agents today. We would be happy to answer those questions and connect you with the best policy to meet your needs.
We know that nobody wants to think about his or her passing, but it’s vital that you plan for the things that you can’t avoid. Not having a life insurance plan in place in one of the worst mistakes that you can make.