Offering Life Insurance Protection in Uncertain TimesLife Insurance
WAEPA remains ready to provide the protections we promised to Civilian Federal Employees and their families
By M. Shane Canfield, CEO, WAEPA
Life insurance protects your family from the uncertainty of what the future holds. Your policy with WAEPA is a safeguard you put in place to help provide you and your loved ones with peace of mind. This protection is both a precaution, and a crucial component of your overall financial security.
As we have seen this year, however, much of our daily lives and societal norms have been shaken by unprecedented events. You, like so many Americans, may be currently evaluating all your expenses, your savings, your investments, and the financial protections you have in place for the future. You may also be wondering whether your life insurance plan is also protected during the global health crisis and the financial downturn we face.
WAEPA members can rest assured knowing the WAEPA Group Term Life Insurance* we offer is protected. Backed by our over 75 years of serving Feds, WAEPA’s life insurance products are underwritten by New York Life Insurance Company, a recognized leader in the life insurance industry.
At WAEPA, we are fully committed to helping protect your peace of mind. Right now, you still may have additional questions regarding WAEPA and your life insurance plan.
Recent Q&A Inquiries
Does my WAEPA Group Term Life Insurance policy cover death caused by COVID-19 or a pandemic?
Your WAEPA Group Term Life Insurance policy does not exclude coverage of COVID-19 or any pandemic.
Is WAEPA’s financial situation secure? Can WAEPA withstand extreme scenarios that may impact its assets and liabilities?
You might be wondering whether WAEPA could meet its promise to you if a pandemic, like the one we are facing, causes thousands of policyholders to make claims at the same time. Our analysis shows that WAEPA has a secure financial position, and remains ready to weather such shocks, and provide the protection we promised to Civilian Federal Employees and their families.
We have “stress-tested” our financial position and assessed how our assets might perform in a variety of high claim scenarios and how this could affect our ability to meet their commitments to policy owners.
Both WAEPA, and our underwriter New York Life, have tested our reserves and liquidity against potential catastrophic scenarios including a major pandemic like the influenza epidemic of 1918.
Beyond WAEPA’s own reserves, our underwriter New York Life had a company record surplus of nearly $27 billion at the end of 2019.** Additionally, NYL has the highest ratings currently awarded to any life insurer for financial strength from all four of the major third-party rating services.***
The combination of WAEPA and NYL provides a strong financial position in the group life insurance industry and we are well prepared for any worst-case claims scenario.
Has WAEPA weathered events like this in the past?
In our more than 75-year history, WAEPA has withstood stock market crashes, economic recessions, terrorist attacks targeted at Federal Employees, and more. Our coverage is built For Feds, By Feds, and we practice fiscal responsibility to be ready for catastrophic events small and large—and we are.
Gain Peace Of Mind Beyond the Pandemic
In closing, while the COVID-19 pandemic has disrupted the world as we know it, rest assured that WAEPA Life Insurance can provide security and reassurance for you and your family in these times. Along with providing life insurance to eligible Federal Civilian Employees, we are committed to helping to ensure the health and safety of our members, employees, and local communities we serve.
No matter how expansive any pandemic gets, our team will be right here for you and your family, ready to pay your claim the moment you may need it. Rest assured that with WAEPA life insurance, you and your family are covered.