WAEPA Life Insurance Review & Ratings (2021)

This WAEPA Life Insurance Review & Ratings (2021) review will cover WAEPA Life Insurance Review & Ratings (2021) ratings by real users for overall satisfaction and claims, cost, billing, and service satisfaction. The WAEPA Life Insurance Review & Ratings (2021) A.M. Best rating is A++, and the WAEPA Life Insurance Review & Ratings (2021) S&P Rating is AA+. To compare insurance rates from the best companies in your locale, enter your ZIP code below.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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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...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Jun 1, 2021

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Company Details
Address: 433 Park Avenue
City: Falls Church
State: Virginia
ZIP Code: 22046
Phone Number: 1-888-353-1308
Year Founded: 1940
AM Best Rating: A++
S&P Global Ratings: AA+
Moody's Rating: Aaa
Fitch Rating: AAA
Company Rating 0 (0 reviews)

WAEPA is an organization that offers group term life insurance for federal employees. Only non-military, civilian federal employees and their spouses can get WAEPA life insurance.

If you fit into either one of those categories, you’re eligible for WAEPA life insurance quotes. But you may be wondering how much WAEPA life insurance rates cost.

Our guide has everything you need to know about the WAEPA life insurance company, WAEPA rates, and how it compares to other companies.

Read on to learn how to secure affordable WAEPA life insurance. Use our free online quote tool to compare multiple companies in your local area.

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.

WAEPA vs. FEGLI Coverage
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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High coverage limits and adding perks can drive up your WAEPA life insurance rates. Continue reading to learn more about WAEPA life insurance costs.

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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.

WAEPA vs. FEGLI Life Insurance Rates
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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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.

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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.

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