Action Plan: Life Insurance Awareness MonthLife Insurance
WAEPA offers more than just Group Term Life Insurance.1 After more than 75 years serving Civilian Federal Employees, our objective remains the same: providing access to products and services that promote the health, welfare and financial well-being of our members. In honor of September’s Life Insurance Awareness Month (also known as LIAM), we’re giving you the tools to properly review your policy.
Is Your Policy Information up to date?
Keeping correct information on file is an important part of serving you. Whether your phone number has changed, and we can’t reach you about a billing question, or your address has changed and your premium refund check is delayed, it’s important to regularly review your information on file. Items to review include:
- Phone number
- Email address
- Mailing address
Are Your Beneficiaries Correctly Designated?
As your life changes, you may need to update your beneficiaries. Perhaps your children are older and won’t need support if you pass, maybe you’ve divorced and remarried. Any change in circumstances – regularly review who is designated, how they are designated (primary or contingent), the percentages they’re allotted, and the contact information we have on file for them.
Call our Member Services team to do a policy review at (800) 368-3484, Mon. – Thurs. between 8:30am – 6:30pm ET and Fri. between 8:30am – 5:00pm ET.
Ensure that your beneficiaries are designated properly, and that we have all their contact information on file so that if a claim is filed, we can serve them efficiently.
Do You Have Enough Coverage?
If your circumstances have changed since you initiated your policy, you should conduct a needs analysis. Common triggers for conducting a needs analysis include marriage, the birth of a child, and the purchase of a home. You must consider your family’s immediate, ongoing, and future expenses to ensure you have enough coverage.
Should You Consider Applying for the Chronic Illness Rider?
WAEPA offers the “living benefit” of a Chronic Illness Rider2 as part of our Group Term Life Insurance coverage. This optional addition would give you the ability to access up to 50% of your benefit amount (up to $500,000) if you were to become permanently, chronically ill.
Learn more about our Chronic Illness Rider option to see if it could help protect your family’s peace of mind.
Are You Taking Full Advantage of Your Membership?
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