WAEPA, a non-profit provider of Group Term Life Insurance to Civilian Federal Employees, announced it is now providing a Chronic Illness Rider benefit to help members pay the potentially high costs associated with a chronic illness.
The new “living benefit” is underwritten by New York Life Insurance Company and is available to WAEPA members and their spouses under the age of 65. A Chronic Illness Rider will allow policyholders to collect up to 50% of the policy face amount up to $500,000 if diagnosed with a permanent chronic illness*, and can be paid out over four years in tax-free annual installments.
“If you know anyone who’s suffered from a long-term illness, you know how difficult it can be. This new coverage option allows you to access part of your life insurance benefits to help with the expense,” explained Shane Canfield, CEO of WAEPA.
Following the recent increase in coverage from $750,000 to $1.5 million for members and $500,00 for spouses, a WAEPA Group Term Life Insurance policy gives members new flexibility, which means more protection.
“This money can be used as you see fit. It can help with the cost of care, pay living expenses, replace lost income, even compensate a family member who takes time off work to help you. There are no restrictions on how benefits can be used,” added Canfield.
“You can collect part of your insurance while you’re living, and the balance will be paid to your beneficiaries when you pass away. If you don’t take advantage of this “living benefit”, your beneficiaries will receive the full benefit amount from your Group Term Life Insurance policy.”
This option is available exclusively for WAEPA members. Learn more about Group Term Life Insurance provided by WAEPA today.
Questions? Call 800-368-3484 from Monday through Friday between 9 a.m. and 8 p.m. EST
Headquartered in Falls Church, VA, WAEPA is a nonprofit association formed in 1943 to serve those who serve the nation. Open to federal civilian employees, WAEPA provides products and services that promote health, welfare, and financial well-being. Today, WAEPA has over 44,000 members, many who protect their families with WAEPA sponsored life insurance. The in-force life insurance purchased through WAEPA exceeds $10 billion. For more information, please visit www.waepa.org. Phone: 1-888-353-1308.
About New York Life Insurance Company
New York Life Insurance Company, a Fortune 100 company founded in 1845, is one of the largest mutual life insurance company in the United States and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+)**. Headquartered in New York City, New York Life’s family of companies provides life insurance, retirement income, investments and long-term care insurance. Please visit New York Life’s website at www.newyorklife.com for more information.
*Chronic illness means an illness in which the insured member or insured spouse is either 1) permanently unable to perform any two of the following activities of daily living (bathing, continence, dressing, eating, toileting, and transferring); or 2) requiring substantial supervision to protect the insured member or insured spouse from threats to health and safety due to a permanent severe cognitive impairment.
**Individual independent rating agency commentary as of 8/1/17.