November, 23 2017

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WAEPA Life Insurance Review

WAEPA Life Insurance Review

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WAEPA Life Insurance Review

Pros: The possibility of not having to complete a physical exam, although an exam may be required for some. WAEPA’s rates may be less expensive than FEGLI, for some (see chart below). WAEPA also provides the option to add a spouse for up to $250k and children up to $25k for an additional premium. WAEPA does has an additional Accidental death and dismemberment coverage added into their policies.

Cons: Rates can be expensive compared to what is available on the open market, especially if you are in good health (see rates below). Also, the rates increase every 5 years (by age bracket). This is unlike the private market where the rate can be locked in for up to 30 years. With WAEPA, after the age of 60, the maximum amount of coverage available is $250,000 and all coverage terminates at age 85.

Bottom Line: WAEPA life insurance (Worldwide Assurance for Employees of Public Agencies) is not an actual life insurance company but a non-profit association formed during World War II by Federal Employees, for Federal Employees. They have over 42,000 members with $10 billion plus of life insurance inforce. WAEPA life insurance is group life insurance and may not require and exam for some. However, for those that are healthy it may be much less expensive to purchase a policy from a company on the open market (see rates below). Also, with WAEPA and FEGLI the rates increase every 5 years (by age bracket) which is unlike an individual policy where you can lock in a rate for a designated period of time 10 to 30 years. As with all the life insurance companies we review, we recommend that you receive a quote from WAEPA as well as from the other top companies and choose the best one for you.

 

About

Type: Non-profit

Underwritten by: Life Insurance Company of North America (A Cigna Company)

Founded: 1943

Website: http://www.waepa.org

Phone: (800) 368-3484

Address: 433 Park Avenue Falls Church, VA 22046

A.M Best Rating: A (Excellent) LINA-Cigna

BBB Rating: NA

 

Sample Rates for WAEPA

Coverage Amount $425,000 – $500,000 (Rates are for Quarterly Payment)

Level        17        18        19        20
Life Insurance $425,000 $450,000 $475,000 $500,000
AD & D* 85,000 90,000 95,000 100,000
Common Carrier 170,000 180,000 190,000 200,000
     Member’s Age
Under 25 44.63 47.25 49.88 52.50
25-29 44.63 47.25 49.88 52.50
30-34 44.63 47.25 49.88 52.50
35-39 63.75 67.50 71.25 75.00
40-44 119.00 126.00 133.00 140.00
45-49 170.00 180.00 190.00 200.00
50-54 259.25 274.50 289.75 305.00
55-59 395.25 418.50 441.75 465.00
60+

 

WAEPA vs. Open Market

Below are the annual rates for a $500,000 policy. Since WAEPA is a step rate plan, meaning the rates increase with each age bracket, we compared the rates to a 10 year level term.  This is based on a male at age: 35, 45 and 55 years who qualifies for the Preferred Plus rate class.  The rates for WAEPA, are from the quarterly rates in the table above multiplied by four. (Sometimes the there is a discount for annual payment so the numbers are an approximate.)

AgeWAEPAMetLifeProtective Mutual of Omaha
35$300$164$163.55$182.50
45$800$329$331.62$342.50
55$1860$834$821.47$897.50

 

WAEPA vs FEGLI

Biweekly Premiums per $1,000 of Life Insurance Coverage

Member / Associate Member Coverage (Basic Coverage)

Member’s
Age
WAEPA FEGLI
Basic
Basic
Coverage
Savings
Under 25 1.6¢ 15.0¢ 89%
25 1.6¢ 15.0¢ 89%
30 1.6¢ 15.0¢ 89%
35 2.3¢ 15.0¢ 85%
40 4.3¢ 15.0¢ 71%
45 6.2¢ 15.0¢ 59%
50 9.4¢ 15.0¢ 37%
55 14.3¢ 15.0¢ 5%
60 24.2¢ 15.0¢
65 58.6¢ 15.0¢
70 $1.36 15.0¢
75 $2.19 15.0¢
80 $3.81 15.0¢
85+ N/A 15.0¢

 

To view the rates for WAEPA use the link above to go to the WAEPA website and view the rate chats. To receive quotes from the other top companies instantly, click on the green button below.

 We want to hear from you and hear about your experience with WAEPA.  Please leave a comment and rating below.