WAEPA Launches Automatic Benefit Increase Rider as Add-on to Group Term Life Insurance
Group Term Life Insurance from WAEPA is exclusive to current and former Civilian Federal Employees and their families.
Falls Church, VA., October 16, 2023: WAEPA (Worldwide Assurance for Employees Public Agencies, Inc.) has announced the addition of an Automatic Benefit Increase Rider to its Group Term Life Insurance coverage options.
This new rider is available to applicants under age 50 and, if approved, offers an automatic annual increase of $25,000 in coverage, with no additional medical underwriting required. The rider can remain in effect for up to 10 years, adding a maximum of $250,000 to a policy.
Founded in 1943, WAEPA has offered Group Term Life Insurance to Civilian Federal Employees for 80 years. Since then, WAEPA has expanded its product offerings; WAEPA added a Chronic Illness Rider in 2018 and Short-Term Disability Insurance in 2021. The Automatic Benefit Increase Rider provides another option for members to enhance their coverage.
“The needs of the Federal workforce are unique and evolving,” said WAEPA CEO, M. Shane Canfield. “This new rider is a valuable addition to our Group Term Life Insurance coverage, providing further protection for our members and their families.”
The Automatic Benefit Increase Rider is now available for new applicants, as of October 2023. Existing WAEPA members can add this rider to their existing policy when applying for an increase in coverage.
About WAEPA
Worldwide Assurance for Employees of Public Agencies (WAEPA), is a nonprofit association (not an insurance company) formed For Feds, By Feds. The goal of WAEPA is to provide access to products and services that promote the health, welfare, and financial well-being of its members. After 80 years in business, WAEPA has more than 50,000 members.
Media Contact
Lindsey Shindler, Public Relations & Outreach Manager
Phone: (571) 800-2323
Email: lshindler@waepa.org