AICPA Insurance Programs

Group Elite Life

Issued by the Prudential Insurance Company of America

The Group Elite Life Plan, endorsed by the AICPA, is specifically designed for CPA firms with 25 or more eligible lives to be covered. The Plan offers exclusive, competitive pricing on term life insurance for the owners, members and employees of CPA firms. Coverage options include dependent life insurance, waiver of premium protection in the event of total disability and accidental death & dismemberment coverage.

COVERAGE DETAILS

Choice of Schedules of Insurance

The amount of life insurance available to your firm partners, proprietors and employees is based on: (1) the number of eligible lives to be covered, (2) the individual's annual earnings, and (3) the benefit schedule you select. Proprietors' and partners' are eligible to elect the maximum amount of insurance available.

Accelerated Benefit Option

A no-cost feature of the Plan, the Accelerated Benefit Option allows insureds who become terminally ill to receive a portion of their life insurance coverage amount in a lump sum, generally tax-free. The death benefit is then reduced by any amount received. Click here for more information.

Coverage Amounts for Ages 65 and Over

Once firm employees reach age 65, coverage amounts begin to reduce. The chart below lists the applicable amount of life insurance based on a percentage of their scheduled amount through age 64.

Coverage is based on the earnings basis as elected by the firm, rounded up to the nearest thousand and subject to the schedule maximum. Annual earnings do not include bonus or overtime, or compensation from any other employer. Coverage amount and age as shown on the individual's request for coverage will be used.

Firm Eligibility

Your firm is eligible if it has its principal office in any state of the United States except Texas.

Public accounting firms must have at least 25 eligible lives to be covered; and the proprietor, or at least one partner of the firm or firm member must be a member of the AICPA. In addition, the firm must have at least one eligible full-time employee, other than the proprietor, partner or firm member, who is to become insured on the date participation begins for the firm.

For firms that are not in public accounting, a member of the AICPA must have at least 50% ownership.

ADDITIONAL COVERAGE OPTIONS

Optional Dependent Life Insurance

Eligible dependents include the spouse and children of those insured under the firm's Plan. The spouse of the insured proprietor, partner, firm member or employee is covered for one-fourth the insured's life insurance amount, up to $25,000 and cannot be on active duty in the armed forces. Each eligible child can be insured for $10,000 from birth until age 25.

Optional Waiver of Premium

If an insured becomes totally disabled before age 60, life insurance coverage will be extended at no cost while the insured remains totally disabled. As long as the disability continues, and periodic proof of disability is furnished, the death benefit protection will be extended from year to year while the premium is waived. This extension of coverage does not apply to dependent coverage, nor to the employee's Accidental Death & Dismemberment insurance.

Optional Accidental Death and Dismemberment Insurance

Under this provision, an additional amount equal to the full amount of the insured's life insurance will be paid in the event of accidental death; loss of both hands, both feet, sight in both eyes, one hand and one foot, one hand and the sight in one eye, or one foot and the sight in one eye. One-half the face amount is payable for the loss of one hand, one foot or the sight in one eye. The accidental death benefit is payable to the named beneficiary. All other accident benefits are paid to the insured, if living, otherwise to his or her estate.

ONLINE ACCOUNT MANAGEMENT TOOL

Self-Service Center

Another great benefit of the Plan is the online self-service center at www.trustmyaccount.cpai.com.
From this site you and your firm administrator can:

• Set up and manage your firm's account
• View payment history, recent transactions, and more!