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 members 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 adding Chronic Illness Rider coverage to your existing policy.*
Life insurance can cover an outstanding mortgage, education costs, or a comfortable retirement for your spouse.
Gain Added Protection with a Chronic Illness Rider
You and your spouse can add an extra layer of protection to your policy by applying for Chronic Illness Rider coverage.* The “living benefit” provides you with a financial peace of mind if your health takes an unforeseen turn. You can collect up to 50% of your benefit amount (up to $500,000) to alleviate financial hardship with no restrictions.
Common use of this money includes:
- Help with the cost of care
- Pay living expenses
- Replace lost income
- Compensate a family member who takes time off work to care for you
Coverage for Your Family
Eligible spouses of WAEPA members can join WAEPA as an Associate Member and apply for up to $1.5 million in coverage. Your dependent children can be covered for up to $25,000 until their 26th birthday as long as they’re unmarried and count on you for primary support.
Coverage Amounts for Dependents:
- Spouse, $10,000 to $500,000 of coverage
- Children, $1,000 to $25,000 of coverage
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.
*To be eligible for this product benefit, you must add Chronic Illness Rider to your Group Term Life Insurance coverage application.
*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