WAEPA Insurance Review & Ratings (2023)
Discover a thorough and detailed review of WAEPA Insurance, exploring various aspects such as ratings from real users, coverage options available, costs involved, and insightful comparisons with other insurance providers. Make informed decisions about your insurance needs with this comprehensive analysis.
Free Insurance Comparison
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Laura Walker
Former Licensed Agent
Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...
Former Licensed Agent
UPDATED: May 19, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
Explore our comprehensive review of WAEPA Insurance, where we delve into the key aspects of this reputable insurance provider. In this article, we will discuss important topics such as WAEPA insurance ratings, coverage options, and associated costs. Additionally, we will provide valuable comparisons with other insurance companies to help you make an informed decision.
Whether you’re a federal employee or a spouse seeking reliable life insurance coverage, we’ve got you covered. To find the best insurance rates in your area, simply enter your zip code below and compare quotes from top insurance providers. Take control of your insurance choices today!
WAEPA Life Insurance Policies
You won’t find permanent life insurance at WAEPA, but the nonprofit organization carries group term life insurance. WAEPA is one of the alternatives to choose from if FEGLI and other companies are too expensive.
Let’s examine a summary of WAEPA death benefits compared to FEGLI.
| Overview | WAEPA Coverage Limits | FEGLI Coverage Limits |
|---|---|---|
| Maximum Death Benefits | $1,500,000 | Based on Your Yearly Income |
| Maximum Spouse Life Insurance Coverage | $500,000 | $25,000 |
| Maximum Child Life Insurance Coverage | $25,000 | $12,500 |
| Return of Premium | Available | N/A |
| Accidental Death Benefits | Available | Available |
| Other Standard Benefits | Available | N/A |
High coverage limits and adding perks can drive up your WAEPA life insurance rates. Continue reading to learn more about WAEPA life insurance costs.
Compare The Best Insurance Quotes In The Country
Compare quotes from the top insurance companies and save!
Secured with SHA-256 Encryption
How much are WAEPA life insurance rates?
WAEPA life insurance quotes are mainly focused on coverage limits (death benefits) and add-ons. Salary is the most significant factor for FEGLI.
Before you buy WAEPA life insurance, let’s compare WAEPA and FEGLI life insurance.
| Policyholder Age Group | WAEPA Monthly Rates Based on National Average Yearly Income | FEGLI Monthly Rates Based on National Average Yearly Income | WAEPA Monthly Rates Based on National Median Income | FEGLI Monthly Rates Based on National Median Income | WAEPA Monthly Rates Based on Average Salary for Federal Employees | FEGLI 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 |
We calculated these rates based on $300,000 death benefits, the national average income, national median wage, and the average salary for a federal employee. Here’s a closer look at what these salaries look like:
- National Average Annual Salary – $33,706
- National Median Salary – $56,516
- Average Annual Salary for Federal Employees – $84,913
Regardless of income, WAEPA life insurance rates remained the same. However, the age and coverage limit increases your WAEPA rates.
Younger policyholders can secure more affordable WAEPA life insurance because they have a higher life expectancy. If senior WAEPA rates are too expensive, you can always cancel.
WAEPA Life Insurance vs. Other Companies
WAEPA is cheaper for policyholders between 18 and 84. After 85 years old, WAEPE will no longer be available for federal employees or their spouses. Therefore, you’ll need personal life insurance.
Even at 60, it may be cheaper to get a personal life insurance policy. We found that Protective Life Insurance Company is over $130 cheaper per month than WAEPA for 60-year-old male policyholders with $500,000 in death benefits.
Does WAEPA life insurance have any financial strength ratings?
Although WAEPA is a nonprofit organization, it shares its A.M. Best rating with New York Life. According to A.M. Best, New York Life has an “A++” – the best grade at the international rating agency.
What about other agencies? Let’s look at a list of WAEPA’s financial strengths and credit ratings from various rating agencies.
- A.M. Best – A++
- Moody’s – Aaa
- S&P – AA+
- Fitch – AAA
- Comdex Score – 100
These ratings show that WAEPA is financially stable and has low credit risk. WAEPA is well connected to the government and New York Life Insurance Company, so customer satisfaction and money management is a major focus.
Is WAEPA life insurance a better option than FEGLI?
It’s a matter of perspective. WAEPA is more affordable for younger federal employees who are high earners. However, your age will affect the overall cost of WAEPA life insurance.
Also, WAEPA’s pros outweigh the cons. However, your situation will vary based on specific factors.
Compare The Best Insurance Quotes In The Country
Compare quotes from the top insurance companies and save!
Secured with SHA-256 Encryption
WAEPA Company History
WAEPA was founded in 1943 by President Franklin D. Roosevelt and United States Secretary of the Treasury Henry Morgenthau Jr. It was originally called the “War Agencies Employees Protection Association.”
Former President Roosevelt and Secretary Morgenthau contacted life insurance companies and requested $10,000 in death benefits for government employees who served in the war.
It was a success, but the program began to change over the years. In 1961, WAEPA’s name changed to “Worldwide Assurance for Employees of Public Agencies.”
WAEPA is now designed to provide higher coverage limits for all federal employees and their immediate families.
WAEPA Life Insurance Review: What’s the bottom line?
WAEPA life insurance is an effective life insurance program for federal employees who want to skip life insurance shopping. Thanks to WAEPA’s connection to New York Life, they can get reliable coverage through a federal government employer.
But don’t rule out a better deal just yet. Now that you know more about WAEPA life insurance, enter your ZIP code in the free comparison tool below to compare the best companies near you.
Frequently Asked Questions
What is WAEPA Insurance?
WAEPA is a nonprofit organization that offers group term life insurance for federal employees and their spouses.
How much are WAEPA life insurance rates?
WAEPA life insurance quotes are mainly based on coverage limits (death benefits) and add-ons. Younger policyholders can secure more affordable WAEPA life insurance because they have a higher life expectancy. WAEPA is cheaper for policyholders between 18 and 84.
Does WAEPA life insurance have any financial strength ratings?
Although WAEPA is a nonprofit organization, it shares its A.M. Best rating with New York Life. According to A.M. Best, New York Life has an “A++” – the best grade at the international rating agency.
Is WAEPA life insurance a better option?
The decision to choose WAEPA or another insurance company depends on your needs, budget, and situation. WAEPA is one of the alternatives to choose from if FEGLI and other companies are too expensive.
What kind of life insurance does WAEPA offer?
WAEPA carries group term life insurance. You won’t find permanent life insurance at WAEPA.