AICPA Life Insurance Review

Instant-issue whole life policies for AICPA members

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AICPA Insurance

AICPA Insurance

overall rating

Our Take 

AICPA Life Insurance offers discounted term, whole, and universal life insurance to CPAs who are members of the AICPA organization. While its term life policies may help members save money, AICPA Life Insurance does not offer final expense insurance, and its whole life policies may be more expensive than other top life insurance companies. Compare prices first before signing up for an AICPA policy.

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
  • No-exam term life coverage available (up to $1 million in coverage)

  • Annual cash refund available to help lower premium rates

  • Plans available to AICPA members and their spouses

  • Term and whole life policies can be applied for online

  • Whole life policies have increasing premiums every five years

  • Policies are not portable

  • Universal life policies are not currently available

Key Takeaways
  • The AICPA is a membership offered only to Certified Public Accountants (CPAs), and life insurance policies are only available to members.
  • AICPA Life Insurance is underwritten and serviced by Prudential Life insurance.
  • AICPA Life Insurance offers instant-issue policies for some individuals.
  • The AICPA also offers several other discounted insurance options and benefits to members.
  • Year Founded 1947
  • Kinds of Plans Term, Whole, Universal
  • Number of Plans 5
  • Payment Options Monthly, annual
  • Official Website


AICPA Life Insurance offers term, whole, and universal life insurance at discounted rates for AICPA (American Institute of CPAs) members. We researched AICPA’s financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare the life insurance policy options of AICPA Life Insurance with the competition. 

Company Overview

AICPA offers term, simplified-issue whole life, and variable universal life insurance policies to AICPA members and their spouses, up to $2.5 million in coverage. It also offers an annual cash refund to help lower premium rates as well as policy riders available to add coverage for children and add flexibility to policies. 

Sample policy rates are available online and most policies can be applied for online.

AICPA Life Insurance is licensed in all 50 states, but actual availability varies by product and state. Policies are underwritten and serviced by Prudential Life Insurance, the fourth-largest life insurance organization in the U.S. (by market cap).

AICPA also offers members access to discounted long-term disability, identity theft, auto, health, and homeowners insurance, among others.

Available Plans 

AICPA Life Insurance offers five types of life insurance plans, including two types of term life insurance, two whole life plans, and a group universal life insurance plan. Plans are non-transferable, meaning that individuals who cancel their AICPA membership will lose coverage.

Group Variable Universal life insurance (GUL) applications are currently paused and new GUL policies are not being issued(as of June 2021).

CPA Life (and CPA Life Express) Whole Life Insurance

The CPA Life plans are simplified-issue whole life insurance plans that offer permanent life insurance coverage without the need for a medical exam for most applicants. These plans are available to AICPA members between the ages of 18 and 74 and offer up to $2.5 million in coverage for applicants up to age 54. Coverage reduces at age 75 to $500,000 or 50% of the elected benefit amount, whichever is lower. Premiums also increase every five years (after age 30), depending on your age band.

The CPA Life Express option is an instant-issue policy that members can apply for up to $1M in coverage online and gain instant coverage without the need for a medical exam.

Simplified-issue whole life policies from AICPA Life Insurance do not accumulate cash value.

Spouse Life

Similar to the CPA Life plan, the Spouse Life option is a simplified-issue whole life policy for spouses of AICPA members offering coverage up to $2.5M. Policies are available for spouses aged 18 to 74 with the same reduction in death benefit at age 75 (50% reduced or $500,000, whichever is lower). Premiums are also dependent on age band and increase in five-year increments after age 30.

There is also a Spouse Life Express option for an instant-issue policy up to $1 million in coverage without the need for a medical exam.

Level Premium Term Life

AICPA’s term life offering is a level-premium policy with benefits ranging from $100,000 to $2,500,000 in coverage. Premiums are based on your age when you apply, with the best rates only available to applicants aged 44 and under. Only 10- and 20-year term policies are available, and members aged 56-65 can only opt for the 10-year policy. Level-premium term policies are not available to members age 65 or older.

Spouse Level Premium Term Life

The spouse level-premium term policy is the same coverage for spouses, offering term coverage with benefits ranging from $100,000 to $2,500,000 in coverage. The amount of coverage cannot exceed the AICPA member’s level of term coverage chosen.

CPA Group Variable Universal Life

While this policy is not currently available (as of June 2021), AICPA Life Insurance has offered group variable universal life insurance to members. This policy is a type of permanent life insurance with the option to accumulate cash value, and even invest a portion of it for tax-deferred growth. Again, up to $2.5 million in coverage available, and benefits reduced at age 75, but this time only by 25% and further reduced another 25% at age 80.

Available Riders

AICPA Life Insurance offers several riders for its life insurance policies, which are enhancements to customize insurance policies. Rider fees are typically billed as a small percentage of the policy premium or as a flat annual fee. Fees vary by policy, product, and options selected.

Accidental Death and Dismemberment (AD&D) Rider

This rider will double your death benefit if your death is caused by an accident or if you become paralyzed, blind, or disabled due to an accident.

Accelerated Death Benefit Rider

This rider pays 75% of the policy face value (or $1 million, whichever is less) upon a terminal illness diagnosis.

Disability Waiver of Premium Rider

If you become permanently disabled (unable to work) before age 60, you may be eligible to have your premiums waived.

Children’s Benefit Rider

This rider offers term life insurance for your children for a small additional fee of $6 per year. Coverage is available up to $10,000 per child.

Customer Service: Email or Phone

AICPA Life Insurance offers support over the phone or online via its contact form. Customers can speak with an AICPA representative by calling 800-223-7473. After applying for a policy, members can view the status of their application, make payments, and view policy details through their online account.

AICPA Life Insurance customer service business hours are Monday-Friday from 8:30 a.m. to 6:00 p.m ET. AICPA Life Insurance does not offer live chat support online.

Customer Satisfaction: Many Complaints

AICPA Life Insurance is not a licensed insurer, but Prudential underwrites its policies and has a poor customer complaint score, according to the NAIC. While an average complaint score is 1.0 (the lower, the better), Prudential received a 4.09 score for its life insurance policies. This is four times more complaints than the industry average, and it more than doubled its complaint index score in 2018 and 2019, which was 2.12 and 2.66, respectively.

J.D. Power also ranks companies based on customer satisfaction, and they ranked Prudential 11 out of 23 life insurance companies in the U.S. in their 2020 Life Insurance Study. This ranking is about average with the industry and is based on application and orientation (on-boarding process), communications, interaction, price, product offerings, and statements.

Financial Strength: A+ (Superior)

Prudential Life Insurance, the company that underwrites AICPA policies, has a strong A+ (Superior) rating from AM Best. This rating is based on Prudential’s very strong balance sheet, as well as its strong operating performance, very favorable business profile, and very strong enterprise risk management. 

Financial strength and a high rating from AM Best give customers confidence that their policy benefits will be paid out when they make a claim. 

Cancellation Policy: Standard Free-Look Period

The minimum free-look period for insurance policies is usually 10-30 days, depending on the state. If a customer decides to cancel a policy within that period, they will receive a full refund of premiums paid. AICPA Life Insurance policies follow the state-regulated free-look period for cancellations. Each state has its own policy, you can review the details of each state’s free-look period.

After the free-look period, AICPA Life Insurance term and whole policies can be canceled at any time but without a refund. Since the term and whole life policies do not build cash value, there is no refund.

For group variable universal life policy cancellations, you will need to reach out to an AICPA agent for specifics, as there may be a surrender value refund.

Price of AICPA Life Insurance: More Expensive the Older You Get  

AICPA Life Insurance premiums vary by policy and increase with age. There are also different classifications for premiums, and the longer you hold a policy, as you get older, you pay for the more expensive classification of coverage. While the level-premium term policies offer competitive rates for younger, healthy individuals, the simplified issue whole life policies can get expensive the older you get.

Below are sample quotes based on age for the CPA Life whole life policies. This is for $300,000 of whole life coverage for a healthy individual. Premiums can be paid monthly or annually.

Keep in mind, this policy does NOT build cash value, and the premiums only cover the death benefit.

Age Male Female 
30 years old $7.80/month $6.30/month
40 years old  $13.20/month  $10.80/month 
50 years old  $33.60/month  $27.00/month 
60 years old  $99.00/month  $84.00/month 

Premiums may be lowered if AICPA pays out the annual cash refund. However, the above rates do not include the refund but may be lowered significantly if it is paid out. The annual cash refund is based on claims paid out and other expenses, and leftover premium amounts are distributed to AICPA life insurance holders. 

In 2020, AICPA paid out over $100 million in premiums back to policyholders.

How AICPA Life Insurance Compares to Other Life Insurance

Although AICPA Life Insurance offers simple term and whole life policies and the discounted premium rates can save members money, there are limitations on coverage, and some policies get more expensive as you age.

While AICPA Life Insurance policies should be considered by members and their spouses, a full-service life insurance company may offer more flexibility, and in some cases, better rates for life insurance. Here’s how AICPA Life Insurance compares to another life insurance company.

AICPA Life Insurance vs. State Farm Life Insurance

Both AICPA and State Farm offer a variety of life insurance policies, including term, whole, and universal life policies. Both companies also offer no-exam life insurance options. While State Farm is a large national insurer that offers everything from auto insurance to umbrella policies, AICPA is a membership that connects its members with discounted insurance offers from other companies.

Here are a few key differences between AICPA and State Farm:

  • State Farm offers term and whole life insurance with a cash value option.
  • AICPA offers instant-issue whole life insurance policies.
  • State Farm offers multi-policy discounts for current customers.
  • AICPA offers an annual cash refund to policyholders.

While AICPA offers discounted rates for its whole life policies for members, it is not available to anyone outside of the AICPA membership. State Farm is available to all, and clients who have auto insurance or other policies with State Farm will benefit from multi-policy discounts on life insurance.

Read our full State Farm Life Insurance review.

  AICPA Life Insurance (underwritten by Prudential Life Insurance) State Farm Life Insurance
Market Share Fourth-largest in the U.S., 5.80% Seventh-largest in the U.S., 2.87%
Number of Plans  5 8
Online Quotes Available?  Yes  Yes (term life only) 
Service Method  Email, phone  Email, phone, in-person 
AM Best Rating  A+ (Superior)  A++ (Superior) 
Complaints Index  4.09 (Very poor)  0.19 (Excellent) 
Final Verdict

AICPA offers a basic selection of life insurance policies for its members, but policies are not very flexible and rates increase over time on its main whole life offering. It does offer the potential of a cash refund at the end of each year, but that all depends on its claims and expenses for the year, and can’t be counted on.

If you are an AICPA member looking for a simplified-issue permanent life policy, the CPA Life option may be a good fit. But as you age, rates may become prohibitively expensive. If you want more flexible policy options for term and whole life, or if you need the ability to accumulate cash value in your policy, you will need to look elsewhere.


All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.