If you are a Certified Public Accountant (CPA), you know that insurance is an essential component of your financial planning. The American Institute of Certified Public Accountants (AICPA) offers a variety of insurance plans to its members through the AICPA Insurance Trust. The AICPA was established in 1887 to represent and support CPAs, and the AICPA Insurance Trust was created in 1947 to provide insurance products to members at group rates. In this article, we will explore the AICPA Insurance Trust in detail, including its history, types of coverage, benefits, eligibility requirements, and frequently asked questions.
History of AICPA Insurance Trust
The AICPA Insurance Trust was established in 1947 as a non-profit organization to provide insurance products to AICPA members. The trust was created to offer group insurance rates to empower CPAs to obtain coverage more efficiently and affordably than individual policies. The insurance trust has since grown and expanded its product offerings to fulfill the insurance needs of CPAs, their families, and their businesses.
Over the years, the AICPA Insurance Trust has collaborated with several insurance carriers, including Prudential, MetLife, and Hartford, to develop a range of insurance plans to meet the evolving needs of CPAs. Today, the AICPA Insurance Trust offers a diverse range of insurance plans, including life insurance, disability insurance, health insurance, professional liability insurance, and more.
Types of Insurance Coverage Offered by AICPA Insurance Trust
The AICPA Insurance Trust offers comprehensive insurance coverage for CPAs, their families, and their businesses. Here are the types of coverage provided by the trust:
Life Insurance
Life insurance offered by the AICPA Insurance Trust is designed to provide financial security to your loved ones in the event of your untimely demise. The trust offers two types of life insurance coverage: Level Term Life Insurance and Group Variable Universal Life (GVUL) Insurance. Level Term Life Insurance provides coverage for a fixed period, while GVUL Insurance provides permanent coverage with an investment component.
Disability Insurance
Disability insurance offered by the AICPA Insurance Trust is designed to provide income replacement in the event of disability due to sickness or injury. The trust offers two types of disability insurance coverage: Long-Term Disability (LTD) Insurance and Short-Term Disability (STD) Insurance. LTD provides coverage for extended periods, while STD provides coverage for shorter periods of disability.
Health Insurance
The AICPA Insurance Trust offers various health insurance plans to its members, including medical, dental, and vision plans. Members can choose from a range of coverage options, including Preferred Provider Organization (PPO) plans and Health Savings Account (HSA) plans.
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions (E&O) insurance, is designed to provide protection against claims of negligence or errors in the performance of professional services. The AICPA Insurance Trust offers professional liability insurance to CPAs and their firms.
Others
Aside from the insurance policies listed above, the AICPA Insurance Trust also offers other policies including personal umbrella insurance, homeowners insurance, and long-term care insurance.
Benefits of AICPA Insurance Trust
Here are the advantages of getting your insurance coverage through the AICPA Insurance Trust:
Group Rates
The AICPA Insurance Trust offers group rates to its members, which means that you can get insurance coverage at a lower cost compared to purchasing individual policies.
Customizable Coverage
The trust offers a range of insurance policies, each with customizable coverage options to meet your specific needs. You can choose the coverage amount, duration, and type of policy that best suits your financial planning goals.
Expertise
The AICPA Insurance Trust collaborates with insurance carriers that have years of experience in the insurance industry. When you purchase coverage through the trust, you can expect to receive reliable, knowledgeable support and professional advice.
Flexibility
The AICPA Insurance Trust understands that needs and circumstances change. You can easily adjust your coverage to suit your changing needs or lifestyle without penalty.
Eligibility Requirements for AICPA Insurance Trust
Membership in the AICPA is the primary eligibility requirement for purchasing insurance coverage from the AICPA Insurance Trust. To be eligible for AICPA membership, you must:
Be a Certified Public Accountant (CPA)
To become a CPA, you must have a four-year degree in accounting or related field and pass the CPA examination. You must also meet the educational and experience requirements of your state board of accountancy.
Maintain Good Standing with State Accountancy Board
To be an AICPA member, you must be in good standing with your state accountancy board. This means that you must be current with your continuing education requirements and not under any disciplinary action.
Pay Membership Dues
To maintain AICPA membership, you must pay annual membership dues, which vary based on your membership type.
Frequently Asked Questions (FAQ)
What is the AICPA Insurance Trust?
The AICPA Insurance Trust is a non-profit organization that offers insurance products to AICPA members at group rates.
What types of insurance coverage are offered by the AICPA Insurance Trust?
The AICPA Insurance Trust offers various types of insurance coverage, including life insurance, disability insurance, health insurance, professional liability insurance, and more.
Who is eligible for AICPA Insurance Trust coverage?
To be eligible for coverage from the AICPA Insurance Trust, you must be an AICPA member in good standing. This means that you must be a CPA, maintain good standing with your state accountancy board, and pay annual membership dues.
What are the benefits of getting insurance coverage through the AICPA Insurance Trust?
The benefits of getting insurance coverage through the AICPA Insurance Trust include group rates, customizable coverage, expertise, flexibility, and more.
How do I apply for insurance coverage through the AICPA Insurance Trust?
You can apply for insurance coverage through the AICPA Insurance Trust by visiting its website or contacting its customer service representatives. You will need to provide your AICPA membership number and personal information to apply.
Type of Insurance |
Coverage Options |
Eligibility Requirement |
|---|---|---|
Life Insurance |
Level Term Life Insurance, GVUL Insurance |
AICPA Membership |
Disability Insurance |
LTD Insurance, STD Insurance |
AICPA Membership |
Health Insurance |
Medical, Dental, Vision Plans |
AICPA Membership |
Professional Liability Insurance |
Errors and Omissions (E&O) Insurance |
AICPA Membership |
Others |
Personal Umbrella Insurance, Homeowners Insurance, Long-Term Care Insurance |
AICPA Membership |
Conclusion
Insurance is essential for financial planning, and the AICPA Insurance Trust offers a range of insurance products to meet the specific needs of CPAs. By taking advantage of group rates, customizable coverage, expertise, and flexibility offered by the trust, you can protect your financial future and focus on what you do best — serving your clients.