Group Term Life Insurance for Federal Employees
Group Term Life Insurance* is a smart option if you’re looking for coverage that’ll help meet your changing needs throughout life. Our Group Term Life Insurance is underwritten by New York Life Insurance Company, which has a respected 175-year history. See how WAEPA’s portable Group Term Life Insurance can help protect you and your loved ones for years to come.
Understanding Group Term Life Insurance
A Place for Feds
At WAEPA, Civilian Federal Employees are our group of people. Eligible employees under age 70 can apply for up to $1.5 million in coverage, regardless of their salary. We’re confident that you’ll be satisfied with your coverage.
Coverage You Can Count On
That’s why we offer 30-days to decide if the policy lives up to your expectations. If you’re not completely satisfied, simply return it, without claim, for a full refund of any premium paid.
Exclusive Product Benefits
WAEPA life insurance coverage is yours to keep until age 85, even if you leave the federal government, switch jobs, or retire.
Approach the uncertainty of future health conditions with care by applying to add the Chronic Illness Rider coverage to your existing policy.**
Life insurance can help cover an outstanding mortgage, education costs, or a comfortable retirement for your spouse.
Maximize Your Coverage
Chronic Illness Rider
We can’t always predict our futures, but we can protect them. Apply for 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. To be eligible for this product benefit, you must add Chronic Illness Rider to your Group Term Life Insurance coverage application.
Your Personalized Coverage Costs
Complete each field to receive your total WAEPA coverage plus rates based on your ideal payment frequency. To calculate your rates with additional Chronic Illness Rider coverage, simply check the box for a total coverage picture. Call our Member Services team at (800) 368-3484 to talk through your personalized options.
If so, you’re eligible for our exclusive Guaranteed Issue Group Term Life Insurance. Newly hired federal employees can apply for up to $100,000 in coverage on a Guaranteed Issue basis within 365 days of their hire date — no open season required.
Underwritten by New York Life Insurance Company, 51 Madison Ave., New York, NY 10010 on Policy Form GMR-FACE/G-30280-0
*Group Term Life Insurance is not available in the following US Territories: American Samoa, Northern Mariana Islands, U.S. Minor Outlying Islands, Micronesia, Marshall Islands, and Palau.
**Louisiana residents please contact WAEPA Member Services at (800) 368-3484 for more information on applying for coverage.
**Chronic Illness Rider (CIR)
NOTE: The Chronic Illness Rider is not a standalone policy; it can only be added to an existing or new Group Term Life Insurance policy as a rider.
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.”
***CIR is not currently available in: ID, LA, MN, NY, OH, UT, WA, all U.S. Territories.