How is WAEPA rated for financial soundness?
WAEPA itself, as a nonprofit association, is not rated. Life Insurance Company of North America, the company that underwrites WAEPA's insurance program, is rated A- (Excellent) by A.M. Best Company.
How long has WAEPA been in business?
Formed in 1943, WAEPA celebrates its 64th year of business in 2007.
Is WAEPA connected to the U.S. government?
No. WAEPA is a non-profit association governed by a board of U.S. government employees who serve without compensation. The program is administered by a professional staff.
May I keep my WAEPA group life insurance coverage if I leave government employment?
Yes. Once insured with WAEPA, there will be no change to your coverage due to a change in your employment status. Your coverage may continue until age 85.
What is group term life insurance?
Group term life insurance is one-year renewable term insurance. Coverage is issued by an insurance carrier (Life Insurance Company of North America) to a policyholder (WAEPA) for the purpose of insuring the policyholder's members. The economies of scale allow the insurance carrier to charge lower premiums to a group than it can charge to individuals. |