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Oct 5 2016

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WAEPA Life Insurance Review

WAEPA Life Insurance Review

Pros: The possibility of not having to complete a physical exam, although an exam may be required for some. WAEPA’s rates may be less expensive than FEGLI, for some (see chart below). WAEPA also provides the option to add a spouse for up to $250k and children up to $25k for an additional premium. WAEPA does has an additional Accidental death and dismemberment coverage added into their policies.

Cons: Rates can be expensive compared to what is available on the open market, especially if you are in good health (see rates below). Also, the rates increase every 5 years (by age bracket). This is unlike the private market where the rate can be locked in for up to 30 years. With WAEPA, after the age of 60, the maximum amount of coverage available is $250,000 and all coverage terminates at age 85.

Bottom Line: WAEPA life insurance (Worldwide Assurance for Employees of Public Agencies) is not an actual life insurance company but a non-profit association formed during World War II by Federal Employees, for Federal Employees. They have over 42,000 members with $10 billion plus of life insurance inforce. WAEPA life insurance is group life insurance and may not require and exam for some. However, for those that are healthy it may be much less expensive to purchase a policy from a company on the open market (see rates below). Also, with WAEPA and FEGLI the rates increase every 5 years (by age bracket) which is unlike an individual policy where you can lock in a rate for a designated period of time 10 to 30 years. As with all the life insurance companies we review, we recommend that you receive a quote from WAEPA as well as from the other top companies and choose the best one for you.

Type: Non-profit

Underwritten by: Life Insurance Company of North America (A Cigna Company)


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