Spouse Life Insurance
Frequently Asked Questions
- Who is
eligible for coverage?
- How much
coverage can I request?
- Is cost
based upon the spouse's age?
- What is Preferred Status?
- What is
- Is the Spouse
Life Insurance coverage also eligible for annual refunds?
- Can I
maintain the Spouse coverage if I cancel my AICPA and State Society
- Is there an
automatic reduction in Spouse Coverage?
- Can I maintain the Spouse coverage once I reach age 80 and my AICPA Life Insurance Plan is terminated?
- Can the
Spouse Life Insurance coverage be assigned?
- Is a medical
examination required to receive the coverage?
|Under the age of 75|
|Legally married to a member of the AICPA and/or a State Society of CPAs (or other qualifying organization)|
|Living in the United States or eligible territory at the time coverage begins|
|Not eligible for coverage under the CPA Life or Group Variable Universal Life Plan.|
Q. How much coverage can I request?
A. The amount of Spouse coverage cannot exceed the amount you are eligible for under the CPA Life or GVUL insurance plans or the amount available for your spouse's age. Click here for more information.
Q. Is cost based upon the spouse's age?
A. Yes: View rates.
Q. What is Preferred Status?
A. Preferred offers the lowest rates for participants aged 50-79 who submit satisfactory evidence of excellent health. If you maintain at least $250,000 in coverage under the Spouse Life Plan, and provide evidence of your spouse's insurability including a brief in-home or in-office medical exam, you may be approved for Preferred Status, which offers rates that are 52-65% lower than Standard rates. Besides your spouse's own good health and family health history, certain avocations such as his/her driving record and tobacco use are factors considered in the application process. Preferred status will continue as long as you submit updated evidence of your spouse's good health to Prudential at the end of each 20-year period. Please note: Requests for new or increased coverage are only accepted until your spouse reaches age 74. Click here to view Preferred Rates
There is no risk to apply for Preferred Status. If you are not approved for the Preferred rate, you will continue to pay your current rate for your existing coverage.
Q. What is Select Status?
A. Select offers rates that are 25-50% lower than Standard rates for participants age 45-79 who submit evidence of good health -- in most cases a medical exam isn't needed. If approved, you'll maintain your Select status for 15 years, or until your spouse turns age 80. Only upon expiration of the 15-year period will your spouse need to resubmit evidence of satisfactory health to Prudential to re-qualify for Select rates. Please note: applications for new or increased coverage are only accepted up to age 74. Click here to see Select rates.
There is no risk to apply for Select Status. If you are not approved for the Select rate, you will continue to pay your current rate for your existing coverage.
Q. Is the Spouse Life Insurance coverage also
eligible for annual refunds?
A. Yes, however, refunds are never guaranteed. Click here for information on Cash Refunds.
Q. Can I maintain the Spouse coverage if I
cancel my AICPA and State Society memberships?
A. No, coverage will terminate if you, the CPA, are no longer a member of either the AICPA, a State Society of CPAs, or other qualified organization. However, there is an option to convert the coverage to an individual insurance policy. More information can be found on the Exclusions and Notices page.
Q. Is there an automatic reduction in Spouse
A. Yes, on the October 1 on or after your spouse's attainment of age 75, the Spouse term life coverage will reduce to an amount equal to the lesser of 50% of the previous in force amount or $500,000.
Q. Can I maintain the Spouse coverage once I reach age 80 and my AICPA Life Insurance Plan is terminated?
A. Yes, once your coverage is terminated, the Spouse coverage may remain in force until the spouse reaches age 80.
Q. Can the Spouse Life Insurance coverage be
A. Yes, Complete an Assignment Form.
Q. Is a medical examination required to receive
A. It is expected that most members who apply for Standard and Select rates will be accepted for coverage on the basis of their spouse's answers to health questions and without further medical evidence. A full medical exam is required for Preferred rates.
Note: These frequently asked questions are for illustrative purposes only and are not a contract. It is intended to provide a general overview of the certificate described. Please remember that only the insurance certificate can give actual terms, coverages, amounts, conditions and exclusions.