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FAQ: General


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How is WAEPA rated for financial soundness?

WAEPA itself, as a nonprofit associate, is not rated. New York Life Insurance Company underwrites WAEPA’s insurance program.

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How long has WAEPA been in existence?

Formed in 1943, WAEPA celebrates its 74th year of existence in 2017.

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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 organization is administered by a professional staff.

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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.

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What is group term life insurance?

Group Term life insurance is one-year renewable term insurance.  Coverage is issued by an insurance carrier (New York Life Insurance Company) to a policy holder (WAEPA) for the purpose of insuring the policyholder’s members.  The Economies of scale provide for competitive premiums.

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As long as the premiums are paid on time, can WAEPA cancel the policy for any reason?

No. Other then non payment, or the cancellation of WAEPA’s group master policy, the only other possible way for your coverage to be cancelled is by you officially requesting termination or by you reaching the age of 85; end of the coverage term.

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Once initially accepted by the plan, can WAEPA at any time require a physical examination to either continue to the plan to keep current benefits?

Basically, no. As long as you maintain your premium payments and don’t become terminated due to non payment, there would be no need for a new physical exam. The only other exception would be if you submit a completed application for more coverage then you already have with WAEPA.

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How do I cancel my WAEPA policy?

We just need a signed and dated request, so that we have your authorization to terminate your coverage. Please include your Certificate number and specify that you wish to cancel your coverage outright. Upon completion you need to mail this to:

WAEPA
Membership Services
433 Park Avenue
Falls Church, VA  22046

 

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What type of insurance does WAEPA offer? And for what period?

WAEPA member coverage is group term insurance, the term being to the age of 85.  Premium amounts are based on age and are structured in 5-year age bands. The amount of coverage available begins to reduce starting at age 60; however, the premiums may not reduce.

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Are government contractors eligible to purchase life insurance from WAEPA?

Only civilian federal employees/retires and their dependents can purchase WAEPA coverage.

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What is the maximum amount of coverage WAEPA offers?

If you are less than age 60, you may apply for up to $1,500,000 of group life insurance for yourself and up to $500,000 of dependent group life insurance for your spouse. The maximum amount of coverage available begins to reduce at age 60 and above.

Please view our complete list of rates for all ages and amounts of coverage available.

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Your website indicates that premiums are lower than FEGLI. What happens after age 60? Are your rates higher? How does this work in conjunction with coverage reductions based upon age?

Our rates change in 5 year increments and the maximum amount of coverage available begins to reduce starting at age 60. The rates are different because the coverages under the two plans is different. To view our complete list of rates for all ages and amounts of coverage available:Plan Description

The rate comparisons vary drastically based on the options you have with FEGLI. The best way to compare is to use the savings calculator. This will give you the tailor fit answer for your exact needs.

Compare the complete WAEPA vs. FEGLI policy comparison.

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How do I file a claim?

To begin the claims process for a death in 2017, download the claim from here. For a death in 2016 or earlier, please contact our office at 1-800-368-3484 or at waepa@waepa.org.

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Is there a “waiting period” for benefits to be payable?

There is no “waiting period” for benefits to be payable. If an insured dies within the first two years of coverage, the full benefit is paid, provided death is not a result of suicide or the application does not contain incorrect medical/health information (misstatements).

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