WAEPA

WAEPA life insurance is a cheaper option for federal employees who need affordable life insurance. Life insurance under WAEPA is 89 percent less expensive than FEGLI life insurance. You'll pay more for WAEPA life insurance rates as you get older, but you can move your policy to a private life insurance policy to stop get a better rate. Compare and shop around to find the best life insurance rates.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Dec 29, 2020

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Quick Facts

  • WAEPA is a nonprofit organization that provides life insurance for federal employees.
  • FEGLI members can convert their current life insurance policy easily to WAEPA.
  • WAEPA was started in 1943.
  • Twenty-year-old policyholders can pay as low as 88¢ per month for a $25,000 life insurance policy at WAEPA.

WAEPA is another option for federal employees who want cost-efficient life insurance. To be eligible for a WAEPA membership and life insurance policy, you need to be a federal employee. Under WAEPA, you’ll be able to get term life insurance quotes and other insurance services.

Although WAEPA rates are cheaper than FEGLI, a life insurance plan under the federal government, they’ll increase as you get older and get more coverage. However, there’s more to WAEPA than life insurance.

Continue reading to learn about WAEPA open season, WAEPA long-term care insurance, and WAEPA retirement. Enter your ZIP code to compare WAEPA life insurance to other companies in your local area.

What is WAEPA?

WAEPA is a nonprofit organization that provides cheap life insurance for federal employees. Also, WAEPA offers long-term care insurance, retirement, and health insurance.

Federal employees can use WAEPA open season to enroll in a health insurance policy of their choice all year long.

However, FEGLI runs parallel to the Healthcare Marketplace deadline, which ends on December 15.

According to the Federal News Network, WAEPA insurance policies are underwritten by the New York Life Insurance Company.

What is the Company’s History?

The Worldwide Assurance for Employees of Public Agencies (WAEPA) was formed in 1943 by United States President Franklin D. Roosevelt and U.S. Secretary of the Treasury Henry Morgenthau Jr. WAEPA’s original name was War Agencies Employees Protective Association.

In 1961, WAEPA changed its name to Worldwide Assurance for Employees of Public Agencies.

They got together with life insurance companies across the United States and requested life insurance companies 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.

What are the member eligibility requirements to receive WAEPA?

First, you have to be a federal employee. Retired civilian federal employees are also eligible for WAEPA membership. Once you establish eligibility, you can get life insurance, health insurance, or retirement assistance.

If you’re a spouse of a federal employee, you’re eligible for WAEPA membership. However, active and full-time U.S. Armed Forces members do not qualify for WAEPA services.

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How are WAEPA rates determined?

WAEPA doesn’t determine life insurance policy on your salary like FEGLI. However, your term life insurance rates are determined by the death benefits you need. Let’s compare WAEPA life insurance versus FEGLI before we move on to the difference in costs.

Comparing WAEPA vs. FEGLI Benefits
OverviewWAEPA Coverage LimitsFEGLI Coverage Limits
Maximum Death Benefits$1,500,000Based on Your Yearly Income
Maximum Spouse Life Insurance Coverage$500,000$25,000
Maximum Child Life Insurance Coverage$25,000$12,500
Return of PremiumAvailableN/A
Accidental Death BenefitsAvailableAvailable
Other Standard BenefitsAvailableN/A
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There are more opportunities to get higher coverage amounts for life insurance with WAEPA. FEGLI, on the other hand, carries a lower coverage amount and more straightforward coverage.

How Do I Use the WAEPA Life Insurance Calculator to Estimate Greater Savings?

You can use your WAEPA life insurance login to peruse the site, and you can use WAEPA’s website calculator to see how much you’ll pay for WAEPA life insurance rates with your personalized options.

In addition to WAEPA rates, you can compare WAEPA rates to FEGLI. To fully understand what’s happening, you’ll need to know how we calculated the average.

WAEPA’s life insurance rates are strongly influenced by the amount of coverage needed, but FEGLI focuses more on your salary. What we’ve done is use the national average yearly income, national median income, and the U.S. Office of Personnel Management’s average salary for federal employees. The annual incomes are as follows:

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

Here are a few sample WAEPA life insurance rates compared to FEGLI rates per month.

Comparing WAEPA vs. FEGLI Life Insurance Rates by Income
Policyholder Age GroupWAEPA Monthly Rates Based on National Average Yearly IncomeFEGLI Monthly Rates Based on National Average Yearly IncomeWAEPA Monthly Rates Based on National Median IncomeFEGLI Monthly Rates Based on National Median IncomeWAEPA Monthly Rates Based on Average Salary for Federal EmployeesFEGLI Monthly Rates Based on Average Salary for Federal Employees
20-24$9.50$11.70$9.50$19.18$9.50$28.28
25-29$10.33$11.70$10.33$19.18$10.33$28.28
30-34$10.75$11.70$10.75$19.18$10.75$28.28
35-39$15.00$11.70$15.00$19.18$15.00$28.28
40-44$20.67$11.70$20.67$19.18$20.67$28.28
45-49$33.17$11.70$33.17$19.18$33.17$28.28
50-54$50.00$11.70$50.00$19.18$50.00$28.28
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FEGLI’s rates don’t increase as you get older, but WAEPA’s rates do. Also, FEGLI’s coverage amount is based on your income. WAEPA gives you the coverage amount you want from the start regardless of your annual salary.

WAEPA appears to be more flexible by giving more benefits. However, the money you spend as you get older would be better spent on a permanent life insurance policy.

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What’s the Bottom Line?

Now that you’ve read this WAEPA life insurance review, you should be more informed to make a decision.

You may want to use WAEPA if you want to maximize savings. If you’re about to retire, you should consider converting your WAEPA policy to a whole life insurance policy with a private company. You’ll be making a better investment.

Now that you’ve seen what WAEPA life insurance has to offer, compare life insurance companies in your area by entering your ZIP code in the FREE comparison tool below before you buy life insurance.

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