WAEPA Insurance Review & Complaints: Life Insurance (2024)
WAEPA life insurance is a cost-efficient option for federal employees who need life insurance. FEGLI is 89 percent more expensive than WAEPA life insurance quotes. However, federal employees pay more for WAEPA life insurance rates as they get older. Try moving your WAEPA insurance policy to a private life insurance company to get a better price. Compare and shop around to find the best life insurance.
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Jeff Root
Licensed Insurance Agent
Jeff is a well-known speaker and expert in life insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading...
Licensed Insurance Agent
UPDATED: Dec 1, 2023
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Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Dec 1, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Policyholders under 35 can pay up to $11 per month for WAEPA
- You can pay up to 20 percent more for FEGLI life insurance
- The maximum WAEPA death benefit is $1,500,000
- The New York Life Insurance Company underwrites WAEPA group term life insurance policies
Only civilian federal employees and their spouses qualify for WAEPA. But how much will you spend on WAEPA insurance per month?
Our WAEPA life insurance review explains how much WAEPA rates cost, how it compares to FEGLI, other companies, the death benefits, and the organization’s third-party ratings.
You won’t get accurate WAEPA quotes outside of the WAEPA organization, but you can enter your ZIP code in the free comparison to compare insurance companies’ quotes in your local area.
Table of Contents
How much does WAEPA life insurance cost?
Worldwide Assurance for Employees of Public Agencies (WAEPA) policies are cheaper for policyholders under 35, and you can add riders to any life insurance product. Policyholders can choose their coverage limit like any private life insurance policy, but you could pay more for higher death benefits.
Unlike FEGLI, WAEPA life insurance quotes aren’t determined by your annual income or salary – it’s based on age and how much coverage you need. Any additional riders increase your monthly premium rates. Continue reading to learn the difference between WAEPA, FEGLI, and open market costs.
WAEPA vs. FEGLI
The best way we can show you how WAEPA and FEGLI vary is through annual incomes. WAEPA and FEGLI rates are determined by age. However, WAEPA rates are influenced more by coverage limits, but FEGLI coverage is based on salary.
For this section, we’ll use three different salaries as an example. Let’s examine the national average income, national median income, and the average salary for a federal employee.
- National Average Income – $33,706
- National Median Income – $56,516
- Average Salary for Federal Employees – $84,913
Finally, let’s compare the coverage rates from WAEPA and FEGLI.
Comparing WAEPA vs. FEGLI Life Insurance Rates by Income
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 Income | FEGLI Monthly Rates Based on National Median Income | WAEPA Monthly Rates Based on Average Salary for Federal Employees | FEGLI Monthly Rates Based on Average 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 |
The WAEPA insurance rates are based on a $300,000 death benefit. However, your FEGLI death benefits are based on salary. If you maintain the same wage during your federal service, you’re likely won’t see a significant increase in FEGLI.
Younger policyholders have a better chance at affordable WAEPA rates, but older policyholders will pay more. Compared to what you’re getting on your death benefit, it may appear to be worth the cost. However, some companies may be able to provide more protection for your financial future for the same price.
WAEPA vs. Other Life Insurance Companies
When middle-aged policyholders buy WAEPA life insurance, they can expect competitive rates close to private life insurance companies’ costs.
You’ve seen proof of that in the previous section, but let’s give you a more concrete example. Check out the comparison between WAEPA and Protective Life Insurance.
WAEPA vs. Protective Life Insurance Rates based on $500,000 Death Benefits for a Male Policyholder
Age of Policyholders | WAEPA Life Insurance Company Rates | Protective Life Insurance Company Rates |
---|---|---|
50-Year-Old Policyholder | $92/month | $40/month |
60-Year-Old Policyholder | $240/month | $109/month |
We chose policyholders between 50 and 60 years old to show you how expensive life insurance can be for older policyholders. Life insurance for Alzheimer’s patients can be even more expensive. However, Protective Life insurance rates are $52 cheaper for 50-year-old policyholders and $131 cheaper for 60-year-old policyholders.
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What are WAEPA’s death benefits?
One of the benefits of WAEPA insurance is choosing how much you want on your death benefit. But what’s the highest death benefit you can buy from WAEPA? Let’s compare WAEPA’s coverage limits to FEGLI to give you an idea of how both programs vary.
WAEPA vs. FEGLI Death Benefits
Overview | WAEPA Coverage Limits | FEGLI Coverage Limits |
---|---|---|
Maximum Death Benefits | $1,500,000 | Based on Your Yearly Income |
Maximum Spouse Life Insurance Coverage | $500,000 | $25,000 |
Maximum Child Life Insurance Coverage | $25,000 | $12,500 |
Return of Premium | Available | N/A |
Accidental Death Benefits | Available | Available |
Other Standard Benefits | Available | N/A |
FEGLI life insurance has fewer benefits, but you’ll likely pay less for life insurance per month. WAEPA, on the other hand, has all the benefits of a private company, along with additional benefits for their members. Keep reading to learn what the differences are in coverage options.
What are WAEPA’s financial strength and credit ratings?
Although WAEPA is a non-profit association, its policies are underwritten by New York Life Insurance Company. Therefore, WAEPA is connected to New York Life’s financial ratings. Read our AARP (New York Life) insurance review for more information.
What are financial strength and credit ratings? These third-party ratings measure an insurance company’s ability to manage money and its investment risk or credit risk.
Let’s look at the ratings from the most reliable financial strength and credit rating agencies.
WAEPA (New York Life Insurance Company) Financial Strength and Credit Ratings
Rating Agencies | Financial Ratings |
---|---|
AM Best | A++ |
Moody's | Aaa |
S&P | AA+ |
The AM Best score reflects the best rating possible, which means New York Life has a stable financial outlook and has a superior ability to meet expectations.
The Moody’s and S&P scores mean New York Life has low credit risk. Since New York Life writes WAEPA policies, it shares the same ratings with the nonprofit organization.
What are the pros and cons of WAEPA Life Insurance?
Is WAEPA a good program overall? Based on the financial strength and credit ratings, it appears to be a strong organization. So you may be looking for the advantages and disadvantages of having a WAEPA policy.
Comparing WAEPA Insurance Pros and Cons
WAEPA Pros | WAEPA Cons |
---|---|
Cheaper for younger policyholders | More expensive for older policyholders |
You can receive a refund from premiums | Cost increases every five years |
More coverage spouses and children | Won't cover policyholders older than 85 |
You can choose your coverage limit |
There are more pros than cons if you have a WAEPA insurance policy. Ultimately, it depends on what you need. Federal employees have more options than most when it comes to shopping for life insurance. However, older federal employees should shop around for insurance with coverage that has high-quality benefits and personalized options that could be better for their overall financial well-being.
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What is WAEPA’s history?
WAEPA is a nonprofit organization that provides group term life insurance and short-term disability insurance. Federal employees may opt for WAEPA instead of Federal Employees’ Group Life Insurance (FEGLI).
President Franklin D. Roosevelt and United States Secretary of the Treasury Henry Morgenthau Jr. founded WAEPA in 1943. Back when it was first established, WAEPA was known as the “War Agencies Employees Protective Association.”
By 1961, WAEPA changed its name to “Worldwide Assurance for Employees of Public Agencies.”
Thanks to Roosevelt and Morgenthau’s efforts, life insurance companies across the United States responded to their requests to give a $10,000 death benefit to government employees that served in the war. Before the WAEPA, military veterans in war zones weren’t covered by life insurance products.
Today, WAEPA is a reliable life insurance choice that was designed for all federal government employees and their eligible spouses. Even military veterans could apply, but they’ll have to be employed with a civilian agency within the federal government.
WAEPA Insurance Claims Process
Ease of Filing a Claim
WAEPA offers a straightforward process for filing insurance claims. Policyholders can conveniently file their claims through various channels, including online submissions, over the phone, or mobile apps. This flexibility ensures that individuals can choose the method that suits their preferences and needs, making it easier for them to initiate a claim when necessary.
Average Claim Processing Time
One crucial aspect of any insurance provider is the speed at which they process claims. WAEPA strives to provide efficient claim processing to its policyholders. While the exact processing time may vary depending on the nature of the claim and specific circumstances, the company is committed to resolving claims as promptly as possible, minimizing the waiting period for its customers.
Customer Feedback on Claim Resolutions and Payouts
Customer feedback can provide valuable insights into an insurance company’s claim resolution and payout processes. WAEPA has garnered feedback from policyholders regarding their experiences with claim resolutions and payouts.
This feedback can shed light on the company’s track record in delivering on its promises and ensuring that beneficiaries receive their entitled benefits in a timely manner.
WAEPA Insurance Digital and Technological Features
Mobile App Features and Functionality
WAEPA offers a mobile app that comes equipped with a range of features and functionalities to enhance the overall customer experience. Policyholders can use the app to manage their insurance policies, access important documents, and even file claims conveniently from their mobile devices.
Exploring the capabilities of the mobile app can help customers make the most of their insurance coverage.
Online Account Management Capabilities
Online account management is a crucial aspect of modern insurance services. WAEPA provides its policyholders with robust online account management capabilities, allowing them to access policy information, make payments, update personal details, and track their claims’ progress.
This digital convenience ensures that customers have easy access to their insurance information whenever they need it.
Digital Tools and Resources
In addition to mobile apps and online account management, WAEPA offers a suite of digital tools and resources to support its policyholders. These resources may include educational materials, calculators to assess coverage needs and informational guides on various insurance topics.
Utilizing these digital resources can empower customers to make informed decisions about their insurance coverage.
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What’s the bottom line?
If you’re under 50, WAEPA may be a good solution if you’re looking for term life insurance. It’s easier to get life insurance for a child or dependent spouse under WAEPA, and you get to choose the amount of coverage you want.
Forty-dollar premiums may not be worth it for term life insurance. If you’re going to spend that much on life insurance, it may be better to shop around for life insurance options in the open market.
If you’re having second thoughts about WAEPA life insurance, start searching for affordable life insurance quotes in your area by entering your ZIP code in the free online quote tool below.
Frequently Asked Questions
What is WAEPA?
WAEPA (Worldwide Assurance for Employees of Public Agencies) is a nonprofit association that provides group term life insurance coverage to federal civilian employees, including employees of the U.S. Postal Service and certain other groups. It is designed to provide affordable life insurance options and other benefits to the federal community.
How can I obtain life insurance through WAEPA?
To obtain life insurance coverage through WAEPA, you need to become a member of the association. Eligible federal civilian employees can join WAEPA by completing a membership application and paying the required dues. Once you become a member, you can then apply for life insurance coverage based on your needs.
What types of life insurance does WAEPA offer?
WAEPA offers group term life insurance policies. These policies provide coverage for a specific term, typically ranging from one to 30 years. The coverage amount and premium rates are based on factors such as your age, health, and chosen coverage options.
What are the benefits of choosing WAEPA insurance?
Some of the benefits of choosing WAEPA insurance include:
- Competitive premium rates: WAEPA offers affordable group rates for its members, which can be lower compared to individual life insurance policies.
- Portable coverage: Your WAEPA life insurance coverage remains in force even if you change jobs or retire, as long as you continue to pay the premiums.
- Optional coverage enhancements: WAEPA offers additional coverage options such as Accidental Death and Dismemberment (AD&D) and Long-Term Care (LTC) benefits.
- Member benefits: WAEPA members have access to various resources and discounts, including financial education materials, online tools, and discounts on services like financial planning and legal assistance.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
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Jeff Root
Licensed Insurance Agent
Jeff is a well-known speaker and expert in life insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.