WAEPA Life Insurance Review (2024)
WAEPA life insurance is a non-profit insurance company that offers life insurance coverage and other coverage options to civilian federal employees and their families. Policies start as low as $9.50 a month and increase as you age. WAEPA offers death benefits of over a million dollars and extends helpful coverage options to both spouses and dependents of federal employees.
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Mary Martin
Published Legal Expert
Mary Martin has been a legal writer and editor for over 20 years, responsible for ensuring that content is straightforward, correct, and helpful for the consumer. In addition, she worked on writing monthly newsletter columns for media, lawyers, and consumers. Ms. Martin also has experience with internal staff and HR operations. Mary was employed for almost 30 years by the nationwide legal publi...
Published Legal Expert
UPDATED: Aug 28, 2024
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- WAEPA is a nonprofit that provides life insurance for civilian federal employees.
- WAEPA’s life insurance policies are underwritten by The New York Life Insurance Company
- Policyholders under 35 can pay less than $11 per month for coverage
While many people search for the best and most cost-efficient life insurance policies, only federal employees qualify for the products and services offered by the Worldwide Assurance for Employees of Public Agencies (WAEPA).
Federal employees can get term life insurance quotes and other insurance services, depending on their needs and understanding of insurance law and related issues.
WAEPA rates tend to be a less-expensive option for most federal employees, but rates will likely increase as you get older, especially if you increase your coverage plan. Because WAEPA offers more than just life insurance, federal employees may have additional options for coverage.
Continue reading this WAEPA life insurance review to learn more about WAEPA life insurance rates and coverage options. Enter your ZIP code to compare life insurance rates in your area.
What life insurance policies does WAEPA offer?
WAEPA is a non-profit insurance company that offers life insurance coverage and other coverage options to civilian federal employees and their families.
In addition to a short-term life insurance policy, WAEPA offers federal employees short-term disability insurance and several policy riders including a chronic illness rider.
While some individuals wonder why they should buy term life insurance policies, many understand the benefit of establishing a term life policy at an early age. A term life policy protects family members and loved ones and can be relatively inexpensive.
WAEPA especially benefits policyholders under 35 when it comes to inexpensive rates and a vast array of coverage options.
The goal of the company is to promote the health, welfare, and financial well-being of its members.
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How much does WAEPA life insurance cost?
WAEPA rates are determined solely based on age and the amount of coverage. When riders are added, policyholders will pay more for their premiums.
Since WAEPA offers term life insurance coverage, policies tend to be cheaper for individuals under 35. As you age, your policy and monthly premiums will increase. This is simply because you are more of a liability with a term life policy.
Policyholders can choose their coverage limit like they could with any private life insurance policy, but individuals may end up paying more for higher death benefits. Because of this, it is always important to shop around to find the best life insurance rates.
What is FEGLI and how much does it cost?
Federal Employees Group Life Insurance (FEGLI) provides, like WAEPA, group life insurance policies to federal employees. While WAEPA determines rates based on age, FEGLI determines rates based on annual income.
For reference, the table below compares rates between three varying incomes with both WAEPA and FEGLI.
WAEPA vs. FEGLI: Monthly Life Insurance Rates by Income (2021)| Policyholder Age Group | WAEPA Monthly Rates Based on National Average Yearly Income | FEGLI Monthly Rates Based on National Average Yearly Income | WAEPA Monthly Rates Based on National Median Yearly Income | FEGLI Monthly Rates Based on National Median Yearly Income | WAEPA Monthly Rates Based on Average Yearly Salary for Federal Employees | FEGLI Monthly Rates Based on Average Yearly Salary for Federal Employees |
|---|---|---|---|---|---|---|
| 20-24 | $9.50 | $11.70 | $9.50 | $19.18 | $9.50 | $28.28 |
| 25-29 | $10.33 | $11.70 | $10.33 | $19.18 | $10.33 | $28.28 |
| 30-34 | $10.75 | $11.70 | $10.75 | $19.18 | $10.75 | $28.28 |
| 35-39 | $15.00 | $11.70 | $15.00 | $19.18 | $15.00 | $28.28 |
| 40-44 | $20.67 | $11.70 | $20.67 | $19.18 | $20.67 | $28.28 |
| 45-49 | $33.17 | $11.70 | $33.17 | $19.18 | $33.17 | $28.28 |
| 50-54 | $50.00 | $11.70 | $50.00 | $19.18 | $50.00 | $28.28 |
As you can see, rates for FEGLI stay constant regardless of a person’s age and tend to cost more for younger individuals. WAEPA’s rates are inexpensive for younger policyholders but greatly increase as individuals age.
The vastness of WAEPA’s policy options does not translate well in a table chart like the one above. But if you would like options for additional coverages or add-on benefits, WAEPA has much more to offer than FEGLI.
What are WAEPA’s death benefits?
With WAEPA—as with any life insurance policy—you will need to choose how much you want with regard to death benefits.
Depending on your family situation and other factors, you may choose fairly limited death benefits, which would equate to a lower monthly premium, or a higher tier of death benefits, which would cost you more per month.
WAEPA offers a maximum death benefit of $1.5 million to eligible policyholders. The company also boasts a $500,000 maximum for spouse coverage and a $25,000 maximum for child coverage.
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What are WAEPA’s financial strength and credit ratings?
As a nonprofit company, the WAEPA life insurance company policies are underwritten by New York Life Insurance Company.
Third-party rating companies measure an insurance company’s ability to manage money along with the company’s inherent risk when it comes to claims and benefits.
WAEPA’s financial strength and credit ratings—via New York Life Insurance Company—are as follows.
New York Life Insurance Company: Financial Strength and Credit Ratings| Rating Agencies | Financial Ratings |
|---|---|
| AM Best | A++ |
| Moody's | Aaa |
| S&P | AA+ |
Clearly, WAEPA has a solid track record and is a company that you can feel comfortable doing business with. A.M. Best, Moody’s, and S&P all rate it as a company worth considering when thinking about life insurance.
What are the pros and cons of WAEPA Life Insurance?
Based on the financial strength and credit ratings, WAEPA appears to be a strong organization. The advantages and disadvantages of having a WAEPA policy differ depending on what you’re looking for.
WAEPA is inexpensive for young policyholders. Policyholders have the option to receive refunds from premiums, depending on the situation.
In addition, WAEPA offers many coverage options for family members, such as spouses and dependents. And you as a policyholder can always choose your coverage limit based on your comfort level and lifestyle.
Civilian federal employees often have more options than most when it comes to life insurance policies, but it’s still a good idea to shop around and find what fits your lifestyle the best.
Effortless Claims Handling With WAEPA Life Insurance
Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)
When it comes to filing a claim with Waepa Life Insurance, policyholders have the convenience of multiple options. Waepa understands the importance of providing hassle-free methods for its members. Policyholders can file their claims through online channels, over the phone, or even via mobile apps.
This versatility allows for a seamless claims process, catering to the diverse preferences and needs of their customers.
Average Claim Processing Time
One crucial aspect of any insurance company is the speed and efficiency with which they process claims. Waepa is committed to providing its policyholders with a reasonably swift claim processing time.
While specific processing times may vary depending on the nature of the claim, Waepa strives to ensure that claims are processed promptly, helping beneficiaries receive the financial support they need during challenging times.
Customer Feedback on Claim Resolutions and Payouts
Customer feedback is invaluable in evaluating the performance of an insurance company in handling claims. Waepa Life Insurance places a strong emphasis on customer satisfaction. Policyholders’ experiences with claim resolutions and payouts are a significant focus for Waepa.
By analyzing customer feedback, the company continuously works to improve its claim settlement process, ensuring that beneficiaries receive fair and timely payouts.
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Exploring WAEPA Life Insurance Digital and Technological Innovations
Mobile App Features and Functionality
In today’s digital age, the convenience of mobile apps plays a pivotal role in enhancing the overall customer experience. Waepa recognizes this and offers a feature-rich mobile app that empowers policyholders with various functionalities.
Whether it’s checking policy details, making premium payments, or even initiating a claim, the mobile app provides a user-friendly platform that puts essential tools at the fingertips of policyholders.
Online Account Management Capabilities
Effective online account management is essential for policyholders to have control and visibility over their insurance policies. Waepa’s online account management capabilities offer a robust platform for policyholders to access their policy information, update personal details, and monitor their coverage.
This online convenience streamlines administrative tasks, making it easier for policyholders to manage their policies.
Digital Tools and Resources
Waepa goes beyond the basics and offers policyholders a range of digital tools and resources to enhance their insurance experience. These tools may include calculators to estimate coverage needs, educational resources on insurance topics, and access to policy documents online.
These digital resources serve as valuable assets for policyholders, helping them make informed decisions and get the most out of their insurance coverage.
Is WAEPA the best option?
If you’re between 25-50, it may be a good idea to buy WAEPA life insurance via a term life insurance policy.
Once you find affordable WAEPA life insurance, it is simple to add a spouse, along with dependents. Additionally, you can choose the amount of coverage you would like to carry and you can change that amount whenever you feel the need,
If you happen to be over 50 years old, a monthly premium of around $40 may not be worth it for term life insurance. Before spending that much on life insurance, you should always shop around for a policy in the open market.
Now that you’ve read this WAEPA life insurance review, start your search for the best insurance policy for you by entering your ZIP code in the free tool below.