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AICPA Insurance Company's Review 2020



  AICPA logo

AICA provides first-class insurance services with adequate plans. These are some of the latest developments in the organization.

How has Covid-19 affected AICPA insurance?

AICPA has been able to handle Covid 19 professionally. They have succeeded in continuing to provide satisfactory services without harming employees and customers.

They have developed digital strategies that have enabled simple and adequate services.

New products or changes

AICPA had embraced the potential of the digital space even before the pandemic. The pandemic accelerated the development of digital technology and solutions and this has reduced the pandemic's impact on their operations and employees.

AICPA Insurance In The News

One of the newsworthy events in AICPA insurance is the issuance of a new paper for auditors actively participating in SOC assignments of organizations using blockchain.

According to AICPA Vice President Assurance and Advisory Innovation, Amy Pawlicki

"As the use of blockchain increases, it is likely that more service organizations will choose to use blockchain. Auditors hired to perform their SOC assignments need a deeper understanding of technology and the risks it poses to the service organization and those who use its services. ”

So what is AICPA and what does it have to do with insurance?

I wondered the same thing myself until I did a little research. It is American Institute of CPA.

… and aside, I think the CPA gets a bad rap.I mean there are hundreds of stupid jokes about accountants …

But if you ask I'm financially savvy, which is pretty cool in my book. I personally find this quality very underrated!

So back to my review. AICPA offers life insurance to its members. pp!

Sometimes insurance offered by a member organization is a BIG choice ̵

1; but not always.

Let's find out if AICPA delivers the goods right now!

… One or more tips …

BUT before I go into the meat and potatoes in this article – let me share some advice.

Even if you think AICPA life insurance works for your insurance needs – use an independent agent to SHOP AROUND before logging in on the dotted line!

Japp. I'm not just saying this because I'm an independent agent. I ALWAYS give this advice.

It's the BEST way to find the BEST policy for your family – at the BEST prices.

Oh, and by the way, if you're looking for life insurance, we only have the best agents in biz. After talking to AIPCA call us!

Do you think saving money on life insurance is as easy as getting a quick quote online? What if! You need an expert guide. We know the right company for all ages, health problems and needs.

It's fast and easy! Get started with a free quote on life insurance now!

A Little Bit About AIPCA

  AICPA Logo The American Institute of CPAs (AICPA) has been around since 1887 and is the world's largest member association!

If you are in the accounting profession, you qualify for membership AND with more than 418,000 members in 143 countries, this is ONLY the organization!

AICPA is also a standard set for ethics, and develops and grades the Uniform CPA Examination. This organization also offers special tasks for the CPA.

Does AIPCA sell insurance?

No.

They give you access to special offers they negotiate with partners such as Transamerica Life Insurance Company, New York Life and AON Insurance to name a few.

What does this mean for you?

Well, not a lot – except that AICPA is NOT an insurance company . In other words, this is not their specialty, even if they go to reputable companies to meet these needs.

Ok, Chris, I'm an accountant and would like to see what kind of discounts I qualify for – but I'm not an AIPCA member. What will it cost me?

Funny you should ask that question!

AIPCA Membership Fees

A key factor that you need to be aware of is that you need to be an AIPCA member to get the insurance discounts that this organization offers.

… AND if you purchase life insurance you must be a member throughout your coverage period to continue to enjoy the benefits. It can be difficult in your older years if the money is tight. Do you really want to consider this when it comes to your life insurance coverage?

So how much does a membership cost?

This is a VERY good question that I unfortunately can not answer. Annual membership fees are based on your role, industry and work status. Which does not mean much for someone looking for the bottom line …

… The truth is, you will not know until you talk to an AICPA agent.

The thing is, you need to subtract that cost from all the savings you get from AICPA.

At the end of the day, the big discount can cost you more than an insurance policy from another competitive insurance company …

Hmmm now, this is something to think about.

AICPA Life Insurance Products

Before we get started, I wanted to draw your attention to a VERY important fact. Seniors beware.

If you are older than 74 and considering AICPA's life policy, you are not lucky!

The maximum age to apply for the policy is 74 years with an age limit of 80 years. This means that when you turn 80, you are no longer eligible for coverage.

So let's dig into their life insurance products now:

CPA Life & Spouse Life

This is a term life insurance. One thing you should be aware of is that premiums rise according to a 5-year incremental schedule. As you go through one age group in the next, your premiums will increase accordingly.

This policy provides:

  • Coverage up to $ 2.5 million. However, the buyer's current coverage may not exceed the figure you are entitled to, which is age dependent.
  • Life insurance up to the age of 80
  • Cash refunds, which are not guaranteed, which may reduce the cost of your premiums. The policyholders have received a refund since the plan was started.
  • Insurance for all your eligible relatives (up to $ 10,000 in coverage).
  • Accelerated death benefit at no extra cost.
  • Portable Benefits: You are covered no matter where you work

NOTE: All AIPCA policies require medical attention.

Options you can choose are as follows:

  • Accidental death and breakdown coverage
  • Disability exemption (this is not available for spouse plan)

Premium Term level & Spouse level Premium Term [19659037] The level premium policy is very similar to the CPA life policy with one important difference.

The policy offers fixed stable premiums. Its nice.

This means that instead of your premiums increasing every five years, they remain fixed throughout your insurance period. Maturities are flexible, with options ranging from 10 to 20 years.

When the semester is over, AIPCA offers the opportunity to continue your plan; but the catch is that your premiums increase every year from that time.

The maximum age to register for coverage is 65 years, 9 years younger than the CPA's life policy and the maximum age they cover you for is 95. After that, you're lucky!

  • Coverage up to $ 2.5 million. This figure decreases with age
  • 10- or 20-year premiums depending on you or your spouse's age
  • Fixed premiums throughout your period

Optional supplements to your insurance:

  • Dependent child coverage [19459037Accelerateddeathbenefit
  • Accidental death & dismemberment coverage
  • Waiver of premium contributions while disabled

Group Variable Universal Life

The last of the three policies offered by AIPCA is Group Variable Universal Life policy.

  • 19659017] It is a typical Universal Life policy which means that it is a form of permanent coverage that has a cash accumulation function that can be withdrawn at any time.

    Think of the function of cash building as an investment fund that grows tax-free. The rest of your premium payment goes to general plan benefits such as death benefits and fees.

    The differentiating aspect of this policy is the ability to withdraw money from your cash accumulation as a temporary tax-free loan. As with anything, it's a catch: you have to pay back the money or penalties will be applied to your death benefits after you pass away.

    • You can purchase this policy for up to 74 years.
    • AICPA provides life insurance coverage until the age of 100 as long as you retain your membership.
    • The premium increases every five years.
    • Death benefits available up to $ 2.5 million.
    • You get a selection of tax-deferred investment options that include a fixed account that is guaranteed to be no less than 4.0%.
    • Withdrawals and loans that can be used for everything you need.
    • A potential cash refund
    • Tax benefits

    Options: [19659060] Dependent coverage for children

  • Accelerated death benefit
  • Accidental death and breakdown
  • Waiver of payment of monthly premiums if you are 196 : Additional Personal Insurance Options

    Long Term Disability Insurance

    Illness is an unfortunate life art – but the world keeps turning and your bills do not stop. This is where long disability insurance comes in.

    AICPA coverage includes:

    • Insurance until the age of 70 as long as you are an AICPA member
    • Benefits for life if you are completely disabled before the age of 50; up to 67 years if you are completely disabled 50-64 years; up to two years if you are completely disabled at age 65-69
    • Coverage up to 65% of your monthly income up to $ 12,000 / month
    • Benefits if you are disabled and unable to perform your duties specific job. This means that you do not have to consider another approach.
    • These benefits are generally tax-free.
    • You can choose between total and partial disability.
    • The policy is portable.
    • No compensation for your benefits based on other benefits you may receive.
    • You can choose a waiting period of 13 weeks or 26 weeks
    • Up to 5 years mental illness coverage
    • Possibility of cash repayment
    • Rehabilitation program [19659061] Benefits if you lose 20% or more of your previous income due of complete or partial disability

    Umbrella for personal liability

    There are gaps left of standard insurance coverage, this is where an umbrella plan comes in:

    • $ 1 to $ 5 million in coverage with a tax rate per million dollars that is successively lower.
    • The plan covers all family members in the household (including your pet's documents), your home, including your home, holiday home or apartment ominium and unlimited residential properties provided that each does not exceed a four-family house, all owned vehicles and a variety of recreational vehicles.
    • Personal liability insurance for claims arising from defamation, libel and false arrest.
    • Identity Fraud – Provides payment up to $ 25,000 for each event.
    • Legal defense even if the suit is determined to be frivolous.
    • 24/7 global coverage
    • Flexible application schedule

    Medicare supplement

    Medical costs can be overwhelming and some fall through the cracks. This is where supplementary Medicare insurance comes in.

    If you are Medicare-qualified and belong to AICPA, you can get the following coverage:

    • The freedom to choose your own doctor
    • Quick claims (within 7 days) [19659061] 30 days right to review the policy
    • Full Available Options for Premium Payments

    Long Term Care Insurance

    AICPA offers long-term care insurance through New York Life Insurance Company at discounted rates.

    Major medical insurance

    AICPA offers individual insurance and group medical insurance for employers.

    Individual health insurance Includes:

    • Access to 23,000 health plans from 200+ reputable transport companies
    • Health plans ranked by preferences – including doctors – not just by monthly allowance
    • Advice on determining eligibility for federal tax credits

    Employers Get :

    • Access to multiple health insurance plans to help you meet your and your employees' needs.
    • A support team that provides guidance through the installation process.

    Car Insurance

    The website provides little or no information about AICPA Auto Insurance. It seems you have to be a member to get more information about their offer.

    Homeowners Insurance

    Again, there is little or no information about AICPA Homeowners Insurance. It seems like you need to be a member to get more information about their offer.

    AICPA Business Insurance Solutions

    Professional Liability

    This type of insurance protects you and your employees from professional liability ] and offers insurance for associated defense costs. It's a wonderful thing to have when you run a business.

    Small Business : This offer is created to cover small businesses with up to three auditors with annual revenues up to $ 400,000.

    Medium Business : This offer is created to cover medium-sized companies with four or more auditors with annual revenues in excess of $ 400,000.

    Large Companies : This offer is created to cover large companies that invoice at least $ 10 million annually with special needs.

    Responsibility for hiring methods

    Yes, you may need protection from the employees you hire. This type of coverage protects you from claims against management. Legal costs can be costly and can even ruin your business – even if they are fake.

    Even if you are careful, you can get a claim related to:

    • Age, race or gender discrimination
    • Sexual harassment
    • ] Incorrect termination
    • Failure to meet the needs of the disabled
    • Denial of promotion [19659061] Religious Discrimination
    • Invasion of Privacy
    • Sexual Discrimination
    • Failure to Make a Partner
    • Third Party Accusations

    CPA EmployerGard offers coverage from $ 100,000 – $ 5 million for your defense, settlement and judgment.

    Commercial Property and Liability Insurance

    If you have a small or medium business, Aon Professional Liability Plan offers commercial real estate and liability insurance.

    Business Owner Insurance (BOP)

    This is coverage for small to medium-sized businesses and protects:

    • Commercial Property
    • Computer Equipment
    • Ship Tops
    • Valuable Papers & Registers
    • Art
    • Accounts Receivable [19659061] Other Specialized Coverage

    It also provides coverage options for the following:

    • A "billable hours" option to simplify the claims process
    • Coverage for new bets
    • Extra time to restore your practice to a level before loss
    • Extra coverage after covered property loss
    • Loss of business income due to disruption of public services

    Workers' Compensation Insurance

    This is mandatory coverage that includes the following additional protection:

    • Direct invoicing [19659061] Coverage for new ventures
    • Fast turnaround and quality service

    Business overhead insurance

    This type of for Fuse is meant to help you if you become ill or disabled. It covers:

    • daily fixed operating costs.
    • salaries for employees
    • your personal finances.

    Prudential Insurance Company of America (Prudential) issues this insurance . NOTE: This plan differs from the AICPA Long Term Disability Income Plan.

    Special Insurance

    There are also a number of other insurances that you can choose for your company that include:

    • Liability for personal board members and executives
    • Board members and executive responsibility
    • Fiduciary Bonds – Employee Dishonesty Coverage
    • Investment Advisors ERISA Bonds
    • Registered Investment Advisers Errors and Omission Policy
    • Registered Investment Advisors Fidelity Bonds
    • Government Collateral Bonds

    want to get BIG employees you need a BIG package. AICPA offers Group Business Coverage through the Prudential Insurance Company of America . This protection provides long-term disability solutions.

    There are two options:

    Group Life : If you have less than 25 employees, you can choose from six insurance schemes from $ 50,000 – $ 500,000 [19659017] Group Elite Life and Ltd : If you hire 25 or more eligible employees, you can customize a plan to meet your company's needs.

    The Group's Personal Liability

    AICPA is working with Aon to offer a Group personal plan for exceeding liability. This offer protects medium-sized and large auditing companies. This insurance gives you extra coverage for a person's car and homeowners insurance and legal defense for protected claims.

    Eligibility: Key persons and partners are covered automatically.

    High Limits: $ 1 million – $ 5 million available for each partner.

    Uninsured motorists protection: Optional uninsured / underinsured car insurance (UMC) which provides $ 1 million in coverage per person.

    New permanent staff: You can add a new key person or partner at any time by registering and without meeting any individual warranty requirements.

    Simple Premium: A single premium rate for each individual covers all their eligible risks.

    • No premium supplement or coverage limitation for young operators residing in an insured household.
    • An annual minimum premium of $ 10,000 per company.
    • A variety of coverage options that provide an attractive comprehensive insurance.

    Is an AICPA membership worth the insurance benefits?

    So now we know what an AIPCA membership offers …

    … but how does their offer compare to other available insurance options?

    Is it worth the money? Let's find out!

    AICPA Professionals

    AICPA is a VERY interesting organization. As with all insurance reviews, it has its strengths:

    AICPA has a long and famous history

    This organization has been around since 1887! Through thick and thin, they have managed to survive and thrive. They are a world-class place to get in touch with other people in the accounting industry.

    The word on the street is that CPAs hold AICPA high and feel that the insurance options offered are a great advantage to belong to.

    AICPA Offers a Large Set of Insurance Products

    Chances are great if you want to cover it – they have a product for you. Especially when it comes to business coverage. In fact, I bet there are as many CPAs as there are on AICPA. It is a one-stop shop which means you can keep all your insurance policies in one place.

    Reservation: Their life insurance offer is limited so I will not include it as part of this professional section. Read more in the cons!

    AICPA Membership Discounts

    Yes, according to your membership, you are entitled to discounts from some VERY highly ranked insurance companies such as TransAmerica, Prudential, AON and New York Life.

    The thing is – just because a company gets high marks does not mean it's perfect for you. So I say this with some hesitation.

    AICPA Cons

    … but unfortunately there are also disadvantages. No insurance company on the planet is without them!

    AICPA Cash Refund

    You know I really wanted to put this is the pros …

    … but it's more complicated than that.

    An important advertising point of AIPCA is their cash repayment facility. YES, that would be good. But the thing is – in If you pay more throughout the year than you should have, a refund with a little back means a little less.

    This refund is not guaranteed either.

    AICPA Membership Fees

    Let's face it, no matter what you pay for your membership you have to add your premiums.

    It is UNLESS your membership provides a lot more than access to favorable insurance premiums – which may or may not be so favorable.

    The benefits of an AICPA membership were not 100% clear and I would leave this to the people who receive them to decide if it is worth it.

    AICPA is secret about their membership fees and they seem to be correlated with your position in the profession. I personally prefer clarity.

    PS: If you lose your membership – your coverage goes down. Remember that this must be a long term relationship!

    AICPA does not specialize in insurance

    I happen to be a fan of buying life insurance from companies that SPECIALIZE in insurance.

    Japp.

    If you work with AICPA, you know that they do NOT provide their own insurance. They deal with a number of companies such as Transamerica, AON and New York Life.

    You save money, time and hassle if you develop a relationship with an agent who knows the ins and outs of the companies they work for. with. Which brings me to …

    AICPA may not offer the best prices

    Shop and it's likely you will do better!

    Find an independent agent. They can look for the best possible insurance companies for your particular circumstances.

    Disabled premium provision is not provided with marriage coverage

    You can probably find better marriage coverage elsewhere.

    AICPA Life Insurance is Very Limited

    There is SOOOO much more you can do with life insurance!

    First of all, their terms are not as long as they could be and the coverage ceiling of $ 2.5 million.

    Also, SENIORS BEWARE: As you age your coverage decreases.

    Not only that, the range of products is limited AND they are linked to the companies they work with.

    Give the independent agents at Huntley Wealth a call today and we can find the best product for your circumstances from a company that is gentle on your particular medical conditions.

    Remember that not all life insurance companies are equal and savings can be in the thousands of dollars.

    Final Thoughts

    I'm not here to "haze" AICPA.

    The thing is, I do not know what kind of fees they charge or a LOT about being a member . There may be some amazing benefits that I completely miss that make a membership something that pays for itself.

    They also have a number of business solutions that can be very appealing to the CPA.

    From the information I do have. My tendency is to tell you to keep shopping.

    Their life insurance products are certainly not the best on the market – which kind of negates their so-called cash repayments in this area …

    … AND you should also be aware that your coverage ends up you stop paying AICPA fees.

    Independent Agents Do Wonders

    I would also recommend those looking for ANY insurance product to work with an independent agent. The key to getting the best deals is to be about the RIGHT insurer for you.

    … .and when it comes to life insurance well there are lots of options out there. You can get longer terms, higher nominal values ​​and different types of insurance – which AICPA does not have.

    A word of warning to the elderly considering AICPA life insurance – tread carefully!

    • They do not provide degree coverage
    • Life insurance expires after age 80
    • Life is not offered
    • Coverage limits change with age and may decrease by as much as half
    • Some premiums increase every five years [19659167] So frankly what looks good now can be unaffordable and wrong for your personal relationships along the way.

      AIPCA really has many issues that need to be considered before signing up for one of their policies. So my advice is to get some prices, bring your membership fees and see if their products suit your needs. The best way to compare is to consider other options and then make your decision.

      CPAs Are Superheroes

      If you're reading this blog at all, you know how I feel about those who plan for the economy's family well-being BEFORE the tragedy occurs.

      They are the real superheroes.

      CPAs do this to support themselves. Works through numbers to get to the bottom. Why quit when it comes to protecting your family's future.

      If you are looking for life insurance, call Huntley Wealth today. We have access to dozens of insurance companies and will find the BEST fit for you.

      * While doing our utmost to keep our site up to date, please be aware that "current" information on this site, such as quotation estimates, or relevant company information, may only be accurate as of the last day of editing . Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Please contact your own legal or tax advisor.


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