WAEPA Federal Employee Group Term Life Insurance Rates
Use this handy rate chart to find the current rate for any coverage amount – and any age.
Displayed rates are as of 1.1.2017. Reductions begin at age 60, and premiums do not reduce. Premium contributions may be changed by New York Life on any premium due date, or on any date on which benefits are changed. However, your rates may change only if they are changed for an entire class of insureds. For example, a “class” is a group of people all with the same issue age.
Chronic Illness Rider (CIR)
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 7702B. Under this rider, New York Life will not pay clients more than the federal per diem limits. If the benefit option elected exceeds the current IRC per diem limits, the benefit period will be extended accordingly. Clients should consult with their tax advisors to determine the impact of accelerating more than the maximum per diem benefit under IRC 7702B.
Receipt of an accelerated death benefit may affect client 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 you local Department of Public Welfare or the Social Security Administration Office) for more information.
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