WAEPA Insurance Review & Complaints: Life Insurance (2024)

Only civilian federal employees and their spouses qualify for WAEPA. But how much will you spend on WAEPA insurance per month?

Our WAEPA life insurance review explains how much WAEPA rates cost, how it compares to FEGLI, other companies, the death benefits, and the organization’s third-party ratings.

You won’t get accurate WAEPA quotes outside of the WAEPA organization, but you can enter your ZIP code in the free comparison to compare insurance companies’ quotes in your local area.

How much does WAEPA life insurance cost?

Worldwide Assurance for Employees of Public Agencies (WAEPA) policies are cheaper for policyholders under 35, and you can add riders to any life insurance product. Policyholders can choose their coverage limit like any private life insurance policy, but you could pay more for higher death benefits.

Unlike FEGLI, WAEPA life insurance quotes aren’t determined by your annual income or salary – it’s based on age and how much coverage you need. Any additional riders increase your monthly premium rates. Continue reading to learn the difference between WAEPA, FEGLI, and open market costs.

WAEPA vs. FEGLI

The best way we can show you how WAEPA and FEGLI vary is through annual incomes. WAEPA and FEGLI rates are determined by age. However, WAEPA rates are influenced more by coverage limits, but FEGLI coverage is based on salary.

For this section, we’ll use three different salaries as an example. Let’s examine the national average income, national median income, and the average salary for a federal employee.

• National Average Income – $33,706
• National Median Income – $56,516
• Average Salary for Federal Employees – $84,913

Finally, let’s compare the coverage rates from WAEPA and FEGLI.

Comparing WAEPA vs. FEGLI Life Insurance Rates by Income

The WAEPA insurance rates are based on a $300,000 death benefit. However, your FEGLI death benefits are based on salary. If you maintain the same wage during your federal service, you’re likely won’t see a significant increase in FEGLI.

Younger policyholders have a better chance at affordable WAEPA rates, but older policyholders will pay more. Compared to what you’re getting on your death benefit, it may appear to be worth the cost. However, some companies may be able to provide more protection for your financial future for the same price.

WAEPA vs. Other Life Insurance Companies

When middle-aged policyholders buy WAEPA life insurance, they can expect competitive rates close to private life insurance companies’ costs.

You’ve seen proof of that in the previous section, but let’s give you a more concrete example. Check out the comparison between WAEPA and Protective Life Insurance.

WAEPA vs. Protective Life Insurance Rates based on $500,000 Death Benefits for a Male Policyholder

We chose policyholders between 50 and 60 years old to show you how expensive life insurance can be for older policyholders. Life insurance for Alzheimer’s patients can be even more expensive. However, Protective Life insurance rates are $52 cheaper for 50-year-old policyholders and $131 cheaper for 60-year-old policyholders.

What are WAEPA’s death benefits?

One of the benefits of WAEPA insurance is choosing how much you want on your death benefit. But what’s the highest death benefit you can buy from WAEPA? Let’s compare WAEPA’s coverage limits to FEGLI to give you an idea of how both programs vary.

WAEPA vs. FEGLI Death Benefits

FEGLI life insurance has fewer benefits, but you’ll likely pay less for life insurance per month. WAEPA, on the other hand, has all the benefits of a private company, along with additional benefits for their members. Keep reading to learn what the differences are in coverage options.

What are WAEPA’s financial strength and credit ratings?

Although WAEPA is a non-profit association, its policies are underwritten by New York Life Insurance Company. Therefore, WAEPA is connected to New York Life’s financial ratings. Read our AARP (New York Life) insurance review for more information.

What are financial strength and credit ratings? These third-party ratings measure an insurance company’s ability to manage money and its investment risk or credit risk.

Let’s look at the ratings from the most reliable financial strength and credit rating agencies.

WAEPA (New York Life Insurance Company) Financial Strength and Credit Ratings

The AM Best score reflects the best rating possible, which means New York Life has a stable financial outlook and has a superior ability to meet expectations.

The Moody’s and S&P scores mean New York Life has low credit risk. Since New York Life writes WAEPA policies, it shares the same ratings with the nonprofit organization.

What are the pros and cons of WAEPA Life Insurance?

Is WAEPA a good program overall? Based on the financial strength and credit ratings, it appears to be a strong organization. So you may be looking for the advantages and disadvantages of having a WAEPA policy.

Comparing WAEPA Insurance Pros and Cons

There are more pros than cons if you have a WAEPA insurance policy. Ultimately, it depends on what you need. Federal employees have more options than most when it comes to shopping for life insurance. However, older federal employees should shop around for insurance with coverage that has high-quality benefits and personalized options that could be better for their overall financial well-being.

What is WAEPA’s history?

WAEPA is a nonprofit organization that provides group term life insurance and short-term disability insurance. Federal employees may opt for WAEPA instead of Federal Employees’ Group Life Insurance (FEGLI).

President Franklin D. Roosevelt and United States Secretary of the Treasury Henry Morgenthau Jr. founded WAEPA in 1943. Back when it was first established, WAEPA was known as the “War Agencies Employees Protective Association.”

By 1961, WAEPA changed its name to “Worldwide Assurance for Employees of Public Agencies.”

Thanks to Roosevelt and Morgenthau’s efforts, life insurance companies across the United States responded to their requests to give a $10,000 death benefit to government employees that served in the war. Before the WAEPA, military veterans in war zones weren’t covered by life insurance products.

Today, WAEPA is a reliable life insurance choice that was designed for all federal government employees and their eligible spouses. Even military veterans could apply, but they’ll have to be employed with a civilian agency within the federal government.

WAEPA Insurance Claims Process

Ease of Filing a Claim

WAEPA offers a straightforward process for filing insurance claims. Policyholders can conveniently file their claims through various channels, including online submissions, over the phone, or mobile apps. This flexibility ensures that individuals can choose the method that suits their preferences and needs, making it easier for them to initiate a claim when necessary.

Average Claim Processing Time

One crucial aspect of any insurance provider is the speed at which they process claims. WAEPA strives to provide efficient claim processing to its policyholders. While the exact processing time may vary depending on the nature of the claim and specific circumstances, the company is committed to resolving claims as promptly as possible, minimizing the waiting period for its customers.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback can provide valuable insights into an insurance company’s claim resolution and payout processes. WAEPA has garnered feedback from policyholders regarding their experiences with claim resolutions and payouts.

This feedback can shed light on the company’s track record in delivering on its promises and ensuring that beneficiaries receive their entitled benefits in a timely manner.

WAEPA Insurance Digital and Technological Features

Mobile App Features and Functionality

WAEPA offers a mobile app that comes equipped with a range of features and functionalities to enhance the overall customer experience. Policyholders can use the app to manage their insurance policies, access important documents, and even file claims conveniently from their mobile devices.

Exploring the capabilities of the mobile app can help customers make the most of their insurance coverage.

Online Account Management Capabilities

Online account management is a crucial aspect of modern insurance services. WAEPA provides its policyholders with robust online account management capabilities, allowing them to access policy information, make payments, update personal details, and track their claims’ progress.

This digital convenience ensures that customers have easy access to their insurance information whenever they need it.

Digital Tools and Resources

In addition to mobile apps and online account management, WAEPA offers a suite of digital tools and resources to support its policyholders. These resources may include educational materials, calculators to assess coverage needs and informational guides on various insurance topics.

Utilizing these digital resources can empower customers to make informed decisions about their insurance coverage.

What’s the bottom line?

If you’re under 50, WAEPA may be a good solution if you’re looking for term life insurance. It’s easier to get life insurance for a child or dependent spouse under WAEPA, and you get to choose the amount of coverage you want.

Forty-dollar premiums may not be worth it for term life insurance. If you’re going to spend that much on life insurance, it may be better to shop around for life insurance options in the open market.

If you’re having second thoughts about WAEPA life insurance, start searching for affordable life insurance quotes in your area by entering your ZIP code in the free online quote tool below.