Reviewing Your Coverage
Any change in your life, big or small, is a good reason to review your existing coverage. Make sure you and your loved ones have the right level of protection.
Reasons to Update Your Coverage
Your needs change over time and it’s important to periodically consider adjusting your coverage to reflect them. Apply for additional benefits today.
New Family Member
A new child brings added financial responsibilities.
Adjust insurance to offset increased debt.
Coverage should keep pace with your current income.
Change in Marital Status
Ensure your family remains adequately insured.
Protect your family from the added financial burden.
How much additional coverage is available?
Up to $1.5 million in life insurance is still available. You can apply for additional benefits that will bring your coverage up to this amount.
How do I increase my life insurance coverage?
Manage your coverage with our secure member portal. You can securely log into your portal account and view the “Change Your Coverage Today” section on the main dashboard. Click increase coverage and complete the application form.
Can I do more than increase my coverage amount?
Apply for Group Short–Term Disability Insurance to receive benefits up to $6,500 a month to help replace income while recovering from a short-term disability, limited to up to 60% of your average monthly income. This supplemental income could create a safety net for you and your family.
Add Chronic Illness Rider for the ability to collect 50% of your Group Term Life benefit amount, up to a maximum of $500,000, if you become permanently chronically ill. This living benefit offers the means to prioritize your health and wellbeing over hardships.
We’re Here to Help
If you’re unsure of your coverage needs or need help with the application process, our dedicated team of specialists is available to help you.
Continued growth is an important factor in the decision to continue our annual refund – as such, we encourage you to mention the benefits of WAEPA to your coworkers. Refer your friends or colleagues who work as Civilian Federal Employees and get rewarded.
Underwritten by New York Life Insurance Company, 51 Madison Ave., New York, NY 10010 on Policy Form GMR-FACE/G-30280-0
*Group Term Life Insurance is not available in the following US Territories: American Samoa, Northern Mariana Islands, U.S. Minor Outlying Islands, Micronesia, Marshall Islands, and Palau.
**Louisiana residents please contact WAEPA Member Services at (800) 368-3484 for more information on applying for coverage.
***Chronic Illness Rider (CIR)
NOTE: The Chronic Illness Rider is not a standalone policy; it can only be added to an existing or new Group Term Life Insurance policy as a rider.
IMPORTANT NOTICE: This rider is not intended to be a federally tax-qualified long-term care insurance contract under Internal Revenue Code (IRC) Section 7702B. Therefore, the premiums payable for this rider do not qualify as long-term care insurance premiums and are not deductible from gross income for federal income tax purposes. This rider, however, is subject to the federal per diem limits set forth in IRC Section 7702B. Under this rider, New York Life will not pay claimants more than the federal per diem limits. Assuming the amount you receive in the aggregate from all applicable policies does not exceed the federal per diem limits set forth in IRC Section 7702B, the benefits provided by the Chronic Illness Rider are intended to be excludable from federal gross income under Section 101 (g) of the IRC. Receipt of an accelerated death benefit may affect eligibility for Medicaid or other government benefits or entitlements and may have income tax consequences. Accelerating benefits before applying for these programs, or while you are receiving government benefits, may affect your initial or continued eligibility. Clients can contact the appropriate social service agency (e.g., the Medicaid Unit of your local Department of Public Welfare or the Social Security Administration Office) for more information.
Chronic illness means the permanent inability to perform 2 out of 6 activities of daily living (bathing, continence, dressing, eating, toileting and transferring); or a permanent severe cognitive impairment requiring substantial supervision.”
CIR is not currently available in: ID, LA, MN, NY, OH, UT, WA, all U.S. Territories.
****Consult a tax advisor for details around tax free disability benefits.
Benefits cannot exceed 60% of your average monthly income when combined with all other income benefits you receive from any other source. See other income benefits provision for more details. Consult a tax advisor for details around tax free disability benefits.
STDI is not currently available in: DE, MO, NV, OR, NH, VT, all US Territories including Puerto Rico, Guam, US Virgin Islands, etc.
*****Michigan Residents: I understand that I may use a producer/agent to assist me with the completion of this application at no cost to me.