Group Term Life Insurance for Federal Employees
When it comes to protecting those you love, few options are as dependable as life insurance. As a WAEPA member, you have access to exclusive coverage not available to the general public. Whether you’re looking for first time coverage or to supplement existing coverage, consider WAEPA Group Term Life Insurance underwritten by New York Life Insurance Company.*
*Federal employees in Louisiana are currently not eligible for WAEPA Group Term Life Insurance.
Your Coverage is portable.
Unlike insurance an employer provides, you won’t lose this coverage if you change jobs or retire. Life insurance coverage from WAEPA is yours to keep, even if you stop working for the federal government.
Take advantage of these benefits.
- from $25,000 to $1.5 million in coverage for eligible members
- affordable rates exclusively for WAEPA members
- coverage for you, your spouse, and children
- living benefits can give you access to your benefits, if you become terminally ill
- additional benefits for accidents
- education benefits for your children
- spouse retraining benefit
- 30-day free look period to examine your policy
- must be under age 70 at the time of application; coverage is available until age 85.
Apply to add the “living benefit” of a Chronic Illness Rider to your WAEPA Group Term Life Insurance, and you’ll have the ability to collect up to 50% of your benefit amount (up to $500,000) if you become permanently chronically ill.* It’s an easy and economical way to help protect yourself from the financial hardship a chronic illness can cause. Members and their spouses under age 65 are eligible to apply, and coverage can last until age 80.**
Here’s how benefits on a $500,000 on a Chronic Illness Rider benefit can be paid. †
† Benefits used for chronic care decrease the amount available to beneficiaries upon the insured’s death.
WAEPA members have two ways to purchase life insurance coverage for family members.
Dependents can be added to your insurance policy.
Cover your eligible spouse and your dependent children under your own insurance certificate.
Dependent Children under the age of 19, or up to age 26 if they are unmarried, and primarily supported by you are eligible for up to 50% of your coverage amount.
Spouse - $10,000 to $500,000 of coverage
Children - $1,000 to $25,000 of coverage
Chronic Illness Rider
An economical way to help protect yourself from the financial hardship a chronic illness may cause.
Spouses can join WAEPA – and get their own coverage.
Your eligible spouse can join WAEPA as an Associate Member and apply for up to $1.5 million in benefits, just like any other member of WAEPA.
Associate members must be age 18 or older, and less than age 70 at time of application, and must possess U.S. citizenship. Full-time members of the Armed Forces are not eligible for Associate Membership.
$25,000 to $1.5million of coverage
Find your affordable rate here.
Chronic Illness Rider (CIR)
This is a life insurance benefit that also gives you the option to accelerate some of the death benefit in the event that you are certified with a chronic illness as described in the certificate.
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.”
**The following states are not eligible for CIR: ID, LA, MN, NY, OH, UT, WA, all U.S. Territories
Limited-Time Underwriting Enhancements
This is a temporary offering valid through July 31, 2020, in light of the COVID-19 pandemic.
Civilian Federal Employees under age 50 are eligible to apply for up to $500,000 of Group Term Life Insurance with no medical exam required. Those over age 50 may be able to provide alternate documentation, including existing medical examination results from the past 12 to 24 months, depending on your circumstances.
New York Life Insurance Company
51 Madison Ave.
New York, NY 10010
On Policy Form GMR-FACE/G-30280-0
New York Life is domiciled in the state of New York and is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico and Canada.
Ready to Apply?
Apply now and start enjoying the benefits.