In this article, I am going to explain what AICPA Disability Insurance is and what it covers. How its programs are powered by Aon to help protect firms, accounting professionals, and their families.
Collaboration with Aon provides cutting-edge risk management and insurance solutions that assist protect your private and professional interests.
The article will also explain how, while not being the top supplier on the market, AICPA Life Insurance is a respectable choice for CPAs who are members of the AICPA organization.
AICPA Disability Insurance
Plans with a wide range of advantages and affordable prices are available from the insurance company for disabled accountants.
AICPA Member Insurance Programs
- Personal Liability Umbrella
- Medicare Supplement
- Disability/Income Protection
- Auto & Homeowners
Disability, medical, property and casualty insurance
Covers the many definitions of disability, the wide range of available riders and alternatives, and the various sources of disability income benefits.
AICPA long term disability insurance
Your application for long-term disability insurance, which is supported by the AICPA and will help safeguard your income and financial future, might be accepted right away.
Why CPAs need long-term disability insurance
The LTD coverage endorsed by AICPA is not only flexible and affordable, but also guarantees no reduction in benefits due to other benefits you may already be receiving.
Agents will not receive any commissions, and your coverage will continue to be effective until you turn 70, provided that you keep your membership.
Who is eligible for Long-Term Disability?
If you are a member of the AICPA, a State Society of CPAs, or another qualifying organization, and you are under the age of 65, you are eligible to apply.
Furthermore, it is required that you currently reside in one of the qualifying states or territories of the United States.
Once you obtain coverage, you can keep it as long as you maintain your membership in the qualifying organization.
If you become disabled due to an unrelated condition, you will need to fulfill another waiting period.
What Is Disability Insurance?
Disability insurance provides compensation for a portion of your lost income in the event that you are unable to work due to illness or injury. This type of insurance comes in various forms, including short-term, long-term, individual, and supplemental plans.
You can obtain disability insurance through a private insurance company, your employer’s group plan, or the state government. With individual disability insurance, you make monthly payments to receive coverage for a percentage of your earnings if you become unable to work.
Different plans offer coverage for varying lengths of time, ranging from several months to the duration of your working life. In addition to private insurance, if you have paid into Social Security, you may be eligible for Social Security Disability Insurance (SSDI). To receive payments through SSDI, you must submit documentation and await approval.
What are the types of disability insurance?
In general, disability insurance comes in two types of coverage:
Short-term disability insurance: It offers benefits for a brief period, usually up to six months, after an individual becomes disabled and is unable to work.
Long-term disability insurance: It provides benefits for an extended period, typically from two to ten years, or until the person reaches retirement age if they become disabled and unable to work.
Both types of disability insurance coverage can assist in compensating for lost income due to a disability and can be tailored to suit specific needs and situations.
How to Choose the Best Disability Insurance
In order to identify the most suitable disability insurance plan for your needs, begin by adding up your monthly expenses, including rent or mortgage payments, utilities, food, insurance premiums, debts, and any other relevant costs.
This will help you determine the amount of money you would require to cover these expenses if you were no longer able to work.
Next, assess your alternate sources of income that could potentially assist you in covering these bills if you were unable to rely on your regular salary.
These might include your partner’s income, your personal savings, or sick leave offered by your employer.
The difference between these amounts represents the coverage that your disability benefits would need to provide.
It’s important to consider how quickly you would need to receive these payments, as opting for a longer waiting period can lead to lower monthly premiums.
Best Disability Insurance Companies in USA
- MetLife provides disability insurance for both short-term and long-term periods.
- The Standard offers a selection of disability insurance options, catering to individual, group, and business overhead expenses.
- Guardian offers disability insurance options for individuals, businesses, and executives.
- Mutual of Omaha provides options for both short-term and long-term disability insurance.
- Principal provides disability insurance options for individuals and groups, including business overhead expense coverage.
- Northwestern Mutual offers individual disability insurance policies with several options and riders to choose from.
AICPA disability benefits
The portability of the coverage implies that you can retain it irrespective of job changes.
The plan provides benefits of up to $12,000 per month, which are generally exempted from income tax, as per the prevailing federal laws (IRC Section 104). However, you must pay the premiums using after-tax dollars.
Under the “your occupation” disability definition, you qualify for benefits without the need to switch to another job. Besides, you have the option to select from different waiting periods before you can receive benefits.
The policy also comes with other attractive features like cash refunds, cost of living adjustments, and a rehabilitation program.
The article discusses AICPA Disability Insurance and how it provides a range of benefits for disabled accountants, including long-term disability insurance.
The article also provides information on what disability insurance is, the types of disability insurance available, and how to choose the best disability insurance plan.
Additionally, the article mentions some of the best disability insurance companies in the US and highlights AICPA disability benefits, including the portability of coverage and a range of notable features.
Lastly, the article discusses Aon’s collaboration with AICPA to provide cutting-edge risk management and insurance solutions.
Nick Greenlight is an experienced individual in the financial sector, with knowledge spanning from investment management to income tax preparation.
He has been writing informative essays on personal finance for over a decade and holds several credentials.