AICPA Insurance Programs

Level Premium Term (LPT) Life Insurance Plan
Frequently Asked Questions

• Who is eligible to request coverage?
  
• How can I apply for coverage?
  
• Can I apply for LPT if I already have coverage under another AICPA Life Insurance Plan?
  
• Are there different term periods available?
  
• What happens at the end of my term?
  
• Can I change my coverage amounts after the initial application is approved?
  
• Can I change my coverage options after the initial application is approved?
  

Who is eligible to request coverage?
AICPA members and their spouses, age 65 or less, are eligible for coverage under the LPT Plan.

How can I apply for coverage?
If you're an AICPA member, you may apply in one of three ways:

1. Apply online.
2. Download a Request Form*
   a. CPA Level Premium Term Life Insurance Request Form
   b. Spouse Level Premium Term Life Insurance Request Form
3. Call an Aon representative at 800-223-7473 to request a form by mail.

* For residents of North Carolina, Utah and Virginia, please call 800-223-7473 to request a form.

Can I apply for LPT if I already have coverage under another AICPA Life Insurance Plan?
You may request coverage under the LPT Plan if you already have coverage under the CPA Life or under another member Life Plan. Members with existing LPT Plan, AICPA Staff or CPA2Biz Plans may also request coverage under LPT. Your total coverage amount under all plans may not exceed $2.5 million if you are less than age 55, $2 million if you are age 55 - 64, or $1.5 million if you are age 65. The same limits apply separately for Spouse LPT, based on the CPA's eligibility.

Are there different term periods available?
Depending on your age, you may choose between two term lengths: AICPA members age 55 and under may be covered for either a 10- or 20-year term, while those age 56 to 65 may be covered for a 10-year term. In the case of Spouse coverage, your spouse's age as well as your age dictates the term length you may request: AICPA members and their spouses who are age 55 and under may be covered for either a 10- or 20-year term, while if either is age 56 to 65, coverage may only be for a 10-year for the insured. Contribution rates are projected to be level over the 10- or 20-year term.

What happens at the end of my term?
You may apply for another Level Premium Term period, or apply for coverage under a different Plan, such as CPA Life, Spouse Life or under another member Life Plan. If you don't qualify for another Level Premium Term period based on your age (or in the case of Spouse coverage, your spouse's age) or are uninsurable, you can continue coverage by paying an annual premium that increases each year, up to age 95.

Can I change my coverage amounts after the initial application is approved?
After the LPT certificate is issued to the participant, the coverage amount can be reduced at any time. However, the coverage amount can not be increased within the existing LPT certificate. In order to increase the coverage amount, the member may apply for an additional LPT certificate based on age and eligibility requirements as of the date of application.

Can I change my coverage options after the initial application is approved?
When you enroll in the LPT Plan, you may choose to include Accidental Death & Dismemberment (AD&D) Coverage and/or Dependent Child Coverage. AD&D coverage terminates at age 75. If you are less than age 60, you may elect a Disability Waiver of Premium Contribution. You may choose to cancel these features at a later time, but you must elect them only during the Plan's initial application period. Disability Waiver and Dependent Child Coverage are not available under the Spouse LPT Plan. If you have already elected Dependent Child Coverage under the CPA, GVUL or existing LPT Plan, it can not be elected again.