Premium Refund Program
Since 1996, WAEPA has proudly refunded over $100 Million to its members. When was the last time FEGLI gave you money back?
2023 Premium Refund
- Your refund is 10% of your annualized premium as of December 31, 2022
- To calculate your annualized premium:
- Take the cost of your premium as of December 31, 2022.
- Multiply that cost by your payment frequency:
- if you’re billed monthly, multiply by 12;
- If you’re billed quarterly, multiply by 4;
- If you’re billed annually, multiply by 1;
- To calculate your annualized premium:
- Then, take 10% of that number.
For Example:
As of 12/31/22, a 50-year-old member who pays premiums quarterly in the amount of $544.00 for $1,000,000 of coverage.
$544.00 x 4 = $2,176.00
Total Premium of $2,176.00 x 10% premium refund = $217.60.
This 50-year-old member will receive a check in the amount of $217.60.
- Checks will be mailed no later than Wednesday, September 27, 2023
- Checks may take up to three weeks to arrive
- If you do not receive your check, the amount will be automatically credited to your WAEPA account on January 3, 2024
- To be eligible for a 2023 premium refund, your WAEPA insurance must have been in-force by December 31, 2022 and have continued through August 31, 2023
About WAEPA’s Premium Refund Program
Based on WAEPA’s fiscal performance in the previous year and the outlook for upcoming years, our Board of Directors evaluates our earnings and determines if a refund is possible. They are based solely on your Group Term Life Insurance and Chronic Illness Rider (if applicable), not on your Group Short-Term Disability Insurance.
When a refund is awarded, members receive their payment in the form of a check.
While a premium refund is not guaranteed each year, WAEPA has awarded a refund 27 of the past 28 years. Visit our Premium Refund FAQs page to learn more.
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