5 Frequently Asked Questions About Group Term Life Insurance for Federal EmployeesLife Insurance
Group Term Life Insurance is used to replace part of the entire economic value of your life for a limited amount time or a specific “term.” In exchange for premium payments, your family will receive a death benefit when you die. If you work for the federal government, you may be eligible for Group Term Life Insurance for Federal Employees provided by WAEPA. In this article, we give you answers to 5 frequently asked questions about this offering.
1. Can I Keep This Insurance If I Retire or Cease Working for the Federal Government?
Once insured, you won’t lose the coverage if you resign or retire from your federal civil service position. There’s no minimum amount of years required for the coverage, and your coverage can continue to age 85 as long as you keep paying your premiums. Age is the only factor considered when determining rate changes or automatic coverage.
2. I’m Retired, Am I Eligible to Apply for Coverage?
Group term life insurance for federal employees is available for individuals who are below 70 years of age. This means that you can apply for insurance coverage at any time before your 70th birthday.
3. Can I Carry Both FEGLI and WAEPA Coverage?
4. What Are the Rates? Are They Subject to Change?
Our rates are calculated per thousand dollars and increase when you reach a new age band, just like FEGLI. Coverage automatically renews yearly. Similar to the FEGLI options A, B, and C, the premium rates automatically increase every five years. Also, the maximum amount of coverage begins to decrease at age 60, but the price of premiums may not be affected. Your coverage ends on your 85th birthday.
5. Can I Pay Premiums Directly from My Federal Paycheck?
Yes, your payroll office can deduct an allotment directly from your paycheck. At this time, group term life insurance premiums are only deducted on a post-tax basis. In addition to this payment option, you can also make an automatic monthly payment from your checking account or paper invoice on a quarterly, semi-annual or annual basis.
Become a WAEPA Member
More than 46,000 members trust in WAEPA to protect their futures. If you’re a current or retired federal employee, become a WAEPA member today and enjoy our affordable monthly rates and exclusive member benefits.
This plan can be your dedicated life insurance policy or a supplement to your existing coverage with FEGLI. We’re here to answer any questions you may have. Simply get in touch with our team.
*Underwritten by New York Life Insurance Company on Policy Form GMR