WAEPA insurance

Life Insurance: Term versus Whole

Written by Worldwide Assurance for Employees of Public Agencies (WAEPA) – A non-profit association formed in 1943 and governed by Federal Employees. on .

Life insurance exists to help protect your loved ones in case you pass. These policies are usually created as part of an overall estate plan. Two of the most common types of life insurance available are Term and Whole. Each has their own benefits. Review how the two compare:

waepa august 19

Regardless of which type of program you choose, life insurance is a vital tool in helping to protect your family in case you pass. WAEPA’s coverage is Group Term Life Insurance2, meaning that a single contract covers an entire group of individuals (in WAEPA’s case, those individuals are exclusively Civilian Federal Employees). Typically, the contract extends to employees or members of a larger group, and the rates are calculated for the group rather than for individuals, so rates generally cost less compared to what someone would pay for their own life insurance product.

Also important to note: WAEPA’s coverage is Group Life Term Insurance. Like FEGLI, WAEPA’s coverage does not have a cash value. If you switch from FEGLI to WAEPA, you don’t “lose” premiums paid into your FEGLI program, since there was not a cash value built into them to begin with.

WAEPA’s coverage is similar to FEGLI’s in other ways, too:

While WAEPA’s coverage is structured similarly to FEGLI, many Civilian Federal Employees find greater value in our offerings:

Now that you understand more about your life insurance options as a Civilian Federal Employee, see how much you could save and if WAEPA is the right choice for you. If you still have questions about WAEPA Group Term Life Insurance, call our Member Services team between 8:30am – 5pm ET, M-F (800) 368-3484.

1) Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includable in gross income and you don't have to report them to the IRS. Learn more.

2) Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Policy Form GMR

3) Premium refunds not guaranteed


Worldwide Assurance for Employees of Public Agencies (WAEPA), is a nonprofit association (not an insurance company) formed For Feds, By Feds. The goal of WAEPA is to provide access to products and services that promote the health, welfare and financial well-being of its members. After more than 75 years in business, WAEPA has over 46,000 members. For more information, visit waepa.org, or call (800) 368-3484.

Posted in Hear it from WAEPA

Tags: retirement, WAEPA

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