We are big supporters of AICPA as they provide their members life insurance coverage. They chose a great company in Prudential for their group life insurance plans.
Nevertheless, you should be able to get a better rate with another life insurance company with financial rating just as strong as Prudential. AICPA offers competitive rates for their 10 and 20 year term, but you can probably do better.
The strongest competition that AICPA provides is with their no exam simplified issue plan. Their CPA Life Increasing Term plan is a good option for those who will have a hard time qualifying for coverage due to health reasons.
Just remember the the AICPA CPA Term Plan increases your premium at each 5 year age band. This is significant when you get older as the premiums raise quickly.
If your health is ok or average, you should have an agent compare rates for you. We have found that there are quite a few carriers, like Protective, Principal and Banner Life that have shown lower rates consistently across all health class ratings.
There is significant risk with the AICPA life insurance policies. Even if their rates were identical to other company’s, AICPA’s rates are not guaranteed. You are running the risk that your rate may go up at any time. The other major factor to think about: termination. If you get rid of your AICPA membership, you will lose refund check. Losing your refund check is approximately 50% of your premium.
What do I do now?
The best way to save money and get a life insurance policy that meets your needs is to work with an independent agent like Life Insurance Blog. Independent life insurance agents work wonders for shoppers.
The best strategy is to getting the best life insurance deal by shopping from multiple companies. Your agent can help you narrow down your health class rating based on your specific situation.
Our advice is always to get multiple rates to compare, factor in AICPA’s membership fees, and see who offers the best rate. Only then should you make your final decision. If you apply and get an unfavorable offer, your independent agent can still shop your case with other carriers. This guarantees you get the best offer.