An overview of
Our Life Insurance Options
Life insurance coverage can help provide financial security. With additional add-ons, WAEPA’s extensive range caters to the varied requirements of its members with a commitment to personalized and reliable coverage.
OVERVIEW
Life Insurance is Important
Life insurance is an essential part of your financial strategy. Having a life insurance policy in place provides peace of mind for you and your loved ones by helping to ensure that their financial future is secure.
What is life insurance?
Life insurance is a contract between you (the insured) and an insurance company (the insurer). You pay premium payments in exchange for the insurance company taking on the risk of you passing away, and promises a lump sum payout if you die. This payout is known as a death benefit, and is paid to chosen beneficiaries after your death.
A life insurance death benefit can be used to cover a range of things, including final expenses and funeral arrangements, as well as bills, college tuition, debt, and other financial obligations.
Who needs life insurance?
Life insurance is an integral part of financial planning for anyone that wants to protect their family’s future in the event that the unexpected should happen. There are any number of life-changing events that current and former Civilian Federal Employees should consider when re-evaluating their life insurance needs, including getting married, starting a family, buying a home, and more.
What types of life insurance are there?
The two most popular types of life insurance are term life insurance and whole life insurance. Term life insurance is temporary protection and only provides coverage for a specific period of time. There is usually a maximum age above which coverage will not be offered or at which coverage cannot be renewed.
Whole life insurance (or permanent insurance) is a general term used to refer to various forms of life insurance policies that build cash value and remain in effect for the entire life of the insured (or until age 100) as long as the premium is paid.
Life Insurance Resources from WAEPA
Explore helpful resources, designed to help answer any life insurance questions you may have.
Life Insurance Needs Analysis
Life insurance is one of the most important purchases you’ll make. Before you get started, it’s important to assess your specific needs. This helpful resource will guide you through determining how much coverage you need.
Life Insurance 101:
Back to the Basics
Questions about life insurance? We have answers. This blog post covers some of the practical questions or misconceptions you may have about life insurance.
How Do I Get It?
Ready to safeguard your family’s future? This resource walks you through our standard application process so you can feel confident every step of the way.
Group Term Life Insurance
Group Term Life Insurance is a smart option to plan for your financial future. WAEPA can help protect you and your loved ones for years to come.
Group Term Life Insurance* is a type of life insurance where one contract covers multiple people or a group of people. This allows for group rates for each policy issued under a single contract.
Group Term Life Insurance: Quick Decision
With QuickDecision underwriting, eligible applicants can apply for Group Term Life Insurance coverage online and receive a decision in 30 minutes or less
QuickDecision underwriting is available to applicants under age 50 applying for up to $1M in Group Term Life Insurance, and applicants under age 60 applying for up to $750,000.
New Federal Employee: Guaranteed Issue
New Civilian Federal Employees can take advantage of this exclusive offer as they begin their time in Federal service.
New Federal employees can enjoy up to $100,000 in guaranteed coverage when they apply within their first year of hire. No medical exams or labs required.
Associate Membership
Spouses of WAEPA members can apply for their own coverage and enjoy exclusive member benefits with an Associate Membership.
Associate members are eligible for up to $1.5 million in Group Term Life Insurance from WAEPA. This is a smart option for you and your spouse if you’re seeking higher coverage amounts and benefits than dependent coverage.
Automatic Benefit Increase Rider
WAEPA offers an Automatic Benefit Increase Rider as an optional add-on to a Group Term Life Insurance. When added, this rider helps keep your coverage aligned with your growing life insurance needs.
Current and former Civilian Federal Employees under age 50 can add the Automatic Benefit Increase Rider to a new Group Term Life Insurance application. This rider increases a benefit amount by $25,000 annually, for up to 10 years, with no additional medical underwriting required.
Chronic Illness Rider
The Chronic Illness Rider is a living benefit that can be added to a Group Term Life Insurance policy to enhance your coverage.
This rider allows Feds under 65 to collect up to 50% of your Group Term Life Insurance benefit to help cover the cost of care that comes with a chronic illness.
Federal Life insurance Guide
Decisions about life insurance can be tough. Our guide gives you the straightforward information you need to help make the right decisions for you and your family. Download the guide and get answers to your questions about life insurance.
Life Insurance Rates Calculator
Use this calculator to determine your unique premium rates by coverage amount and additional options.
Frequently Asked Questions
How much life insurance should I consider?
Financial advisors recommend having enough life insurance to cover ten times your salary, but individual life insurance needs differ based on your family’s overall financial wellness plan. The best thing to do is think about your current expenses, your plans for your family’s future, and what might happen if you were to die unexpectedly.
Don’t I already have life insurance through my work?
Civilian Federal Employees are automatically offered FEGLI through their benefits package. However, because there is no underwriting process with FEGLI, rates can be higher than an individual would find with an alternate policy. No underwriting process mean that the young, old, healthy, and sick are all covered without examining their risk factors. Due to this, WAEPA’s rates compare favorably to FEGLI across multiple ages and coverage amounts.
When is the right time to get insurance?
Life insurance is an important part of your overall financial wellness plan, but it gets more expensive as you get older, so it is beneficial to purchase it when you are young and your risk factors are low. It is also important to evaluate your life insurance coverage after “life changing events” such as getting married, starting a family, and buying a home.
What do I need to know before buying life insurance?
Prospective WAEPA members seeking to purchase life insurance need to determine what coverage amount is right for them based on their ability to pay the required premium, serve their individual financial needs, and protect their family’s financial future. Once you’ve determined the coverage amount for your needs, it’s a simple application process to apply for a WAEPA policy.
Are there any factors that don’t affect the cost of life insurance?
Yes, race, color, religion, creed, national origin, ancestry, and sexual orientation (among other factors) will not impact the cost of life insurance.
Some of the insurance terminology is confusing – where can I go to better understand?
Visit our FAQ section on life insurance terminology for definitions on key terms.