Whether you are an accountant or any individual looking to protect your loved ones, finding quality life insurance can be challenging.
While it’s difficult to think about, purchasing life insurance is the best way to ensure your family will have the necessary funds if something tragic were to occur.
When you’re shopping for life insurance, there are several key factors that you’ll need to consider to buy the best plan to protect your loved ones. One of those decisions is where to get your coverage from.
If you are considering AICPA life insurance, find out everything you need to know in this AICPA review.
Is AICPA Life Insurance Worth It?
Most CPAs blindly assume that the American Institute of CPAs (AICPA) has their best interests at heart.
Members trust that the life insurance coverage provided by the association is the best offer available in the marketplace.
In reality, the plan offered through the AICPA is a group plan provided by Prudential and is significantly more expensive than open market pricing.
Is AICPA Life Insurance Cheaper?
Basic economics touts the power of bulk purchasing.
The AICPA provides a large volume of customers for Prudential, so it seems reasonable to assume that a discount might be offered to members.
Unfortunately, this is not the case, and individual policies are often more affordable than the group policy coverage provided by AICPA.
AICPA Variable Universal Life Insurance
AICPA Group Variable Universal Life plans provide life insurance protection in addition to annual cash refunds.
Everyone likes cashback, but your life insurance policy should not be viewed as a savings vehicle. Life insurance is to take care of your family in the event of your untimely debt.
This policy should be in place as a supplement to investment vehicles, not instead of.
Selecting the AICPA life insurance policy simply because of the possibility of receiving a small annual refund is unwise.
Level Term vs. AICPA Life Insurance
If you are over the age of 50 and are in good health, you can qualify for more affordable term insurance by purchasing an individual policy.
A level term individual term policy will ensure that your rate does not increase annually. Contrast this with regular rate increases on the group policy offered by the AICPA, and the choice is clear.
If you participate in Prudential’s group policy, you can look forward to a rate increase every five years.
You can avoid the increase with your own level term individual policy.
Compare AICPA Life Insurance Rates
Before purchasing your own individual life insurance policy, perform a cost-benefit analysis.
Be certain to include the refund and rate increases in the AICPA policy over the course of the term of your individual policy.
Numbers don’t lie. It should become immediately clear that other providers like Banner Life offer a much better selection when it comes to level term life insurance than AICPA can provide.
For example, a 55-year-old male with a $500,000 policy will pay $35,940 over 15 years, according to the most recent AICPA rate guide.
The premium is $5,580 at age 55, $10,860 at age 60, and a staggering $19,500 per year from age 65 to 70.
These premiums take into account the annual refund.
Compare this to a 15-year level term insurance policy.
The same 55-year-old male in good health could expect to pay as little as $16,500 over a 15-year term.
That’s a potential savings of almost $18,000!
How to Lower Your Life Insurance Rates
When you look at the quote above, it might be easy to get hung up on how much it will cost to purchase life insurance.
But, don’t worry; there are some action steps you can take to help keep your policy premiums as low as possible.
First, when you’re shopping for life insurance, it’s important that you find a company that will view your health more favorably.
If you’re overweight, then you should find a company that offers lower premiums to overweight applicants.
Another avenue to potential savings is to do the work to improve your health before you apply.
The issuance of a life insurance policy is typically contingent upon completing a medical exam (unless you buy a group plan or a no exam policy).
Your medical exam results will dictate how much your policy premium will be each month.
Routine exercise and a healthy diet can help you lose weight and lower your cholesterol and blood pressure and help you save money each month on your policy premiums.
So, better health for you means cheaper life insurance rates as well. It’s a win-win!
Finally, one of the most important factors in premium cost is whether you currently use tobacco. Quitting tobacco will drastically improve your health and save you thousands of dollars yearly.
Find More Affordable Life Insurance Coverage
There are hundreds of insurance companies on the market. All of them offer different products and have different rates.
As you can see from the numbers above, AICPA probably isn’t going to be the best option for you, but don’t worry, there are still plenty of other choices.
Each life insurance company has different rates based on their medical underwriting.
So, if you want to ensure that you’re getting the most affordable life insurance, you’ll need to compare other plans before you pick one.
Finding the right company to serve your life insurance needs could result in days of phone calls getting quotes.
So, instead of spending your valuable time on the phone, let one of our independent insurance agents provide you with a variety of life insurance options from the highest-rated companies.
We’ll do the work, and you choose the policy and rate that’s right for you and your family. Not only can we save you some time and money, but we can also answer any questions that you have about life insurance or the different companies.
We will do everything we can to provide you with the absolute best coverage for your situation at a price you can afford.
We Can Help You Make An Informed Decision
Purchasing life insurance is an important financial decision and one that should not be entered into lightly. Please take the time to compare your term life insurance options before committing to any plan.
Chances are, if you live a healthy lifestyle, individual term life will be the better insurance policy as compared to the AICPA offered group policy.
While nobody likes thinking about their own death, it’s an unavoidable part of life. You can’t dodge it, so you should plan for it.
Not having insurance coverage is going to leave your family with a massive amount of bills and debt. That’s where your life insurance coverage comes in. It makes the process as simple as possible.
You never know when life will throw you a curveball, so don’t delay getting the right life insurance for you and your family. Peace of mind is priceless.
If you would like a quote or would like to apply for coverage, please contact us by calling 800-712-8519.
If you prefer, you can use the quote form on this page to compare life insurance rates and apply online.