WAEPA Insurance Review & Ratings (2024)
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.
Michelle Robbins
Licensed Insurance Agent
Michelle Robbins has been a licensed insurance agent for over 13 years. Her career began in the real estate industry, supporting local realtors with Title Insurance. After several years, Michelle shifted to real estate home warranty insurance, where she managed a territory of over 100 miles of real estate professionals. Later, Agent Robbins obtained more licensing and experience serving families a...
Licensed Insurance Agent
UPDATED: Sep 26, 2024
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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.
UPDATED: Sep 26, 2024
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.
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WAEPA Life Insurance
Average Monthly Rate For Good Drivers
N/AA.M. Best Rating:
A+ (Superior)Complaint Level:
LowPros
- Competitive rates for younger federal employees.
- Strong financial stability and credit ratings.
Cons
- Limited to group term life insurance.
- Availability ends for federal employees and spouses after age 85.
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.
What You Should Know About WAEPA Life Insurance
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!
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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 Coverage Options
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
| 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.
WAEPA Life Insurance Rates Breakdown
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 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.
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WAEPA Life Insurance Discounts Available
These discounts are not just about savings – they’re a testament to WAEPA’s commitment to providing value beyond coverage.
Discounts:
- Secure Quote Discount: Enjoy a special discount when you secure a quote through our secure SHA-256 encrypted platform. Your information is protected, ensuring a safe and reliable quoting process.
- Early Quote Discount: Get a head start on your insurance needs and benefit from our early quote discount. By obtaining a quote promptly, you demonstrate your commitment to responsible planning, and we reward you with additional savings.
- Digital Convenience Discount: Embrace the convenience of our digital tools and resources, including our feature-rich mobile app and online account management. Policyholders who leverage our digital services receive an exclusive discount for choosing a streamlined and efficient insurance experience.
- Claims Efficiency Discount: Experience our commitment to swift and efficient claims processing. Policyholders who file claims through our user-friendly online platform, over the phone, or via our mobile app enjoy a discount as a token of appreciation for their trust in our claims handling capabilities.
- Multi-Policy Discount: Bundle your insurance needs with us and save. Combine your life insurance with other policies, such as auto or home insurance, to benefit from our multi-policy discount.
- Customer Loyalty Discount: We value your long-term commitment. Policyholders who renew their coverage with us enjoy a loyalty discount as a gesture of gratitude for choosing WAEPA for their insurance needs.
- Educational Resources Discount: Take advantage of our comprehensive educational resources, including articles, tools, and guides. Policyholders who engage with and utilize our educational materials receive an additional discount as a reward for their commitment to informed decision-making.
WAEPA stands out not just for coverage but for the added benefits that make a difference. For a third-party perspective on maximizing your insurance experience, reach out to WAEPA and discover a realm where savings and security coexist seamlessly.
WAEPA Insurance – Streamlined Claims Process
Ease of Filing a Claim
When it comes to filing a claim with WAEPA Insurance, policyholders have multiple convenient options at their disposal. Whether you prefer an online, over-the-phone, or mobile app-based approach, WAEPA caters to your needs. The company offers a user-friendly online platform where you can initiate your claim submission with ease.
Alternatively, you can contact their dedicated customer support team over the phone to guide you through the process. For those who prefer the flexibility of mobile apps, WAEPA provides a mobile application that simplifies claim submissions, allowing you to manage your insurance needs conveniently.
Average Claim Processing Time
WAEPA Insurance is committed to a swift claims processing procedure. They understand the importance of providing timely assistance to their policyholders during challenging times. While specific processing times may vary depending on the nature and complexity of the claim, WAEPA strives to process claims efficiently to ensure policyholders receive their benefits promptly.
The company’s commitment to a streamlined claims process helps alleviate the financial burdens that often accompany unexpected events.
Customer Feedback on Claim Resolutions and Payouts
Customer feedback is a crucial aspect of assessing an insurance company’s performance. WAEPA Insurance places a strong emphasis on customer satisfaction and fair claim resolutions.
Policyholders have expressed positive feedback regarding the company’s responsiveness and fairness in handling claims. Customer testimonials and reviews highlight WAEPA’s dedication to delivering on their promises and providing policyholders with the support they need during difficult times.
Unleashing Innovation With WAEPA Digital and Technological Features
Mobile App Features and Functionality
WAEPA Insurance offers a feature-rich mobile application designed to enhance the overall insurance experience for their policyholders. The app provides convenient access to policy information, allowing users to view coverage details, update personal information, and even initiate claim submissions from the palm of their hand.
With user-friendly navigation and a range of helpful tools, the mobile app is a valuable resource for managing insurance needs on the go.
Online Account Management Capabilities
Policyholders can take advantage of WAEPA’s robust online account management capabilities. Through the company’s website, users can create and access their online accounts, enabling them to monitor policy information, make premium payments, and review important documents effortlessly.
This online convenience ensures that policyholders have full control over their insurance policies and can make informed decisions regarding their coverage.
Digital Tools and Resources
WAEPA Insurance provides a wealth of digital tools and resources to empower their policyholders. From educational materials on insurance topics to interactive calculators that help users assess their coverage needs, WAEPA’s digital offerings go beyond the traditional insurance experience.
These resources are designed to assist policyholders in making informed decisions about their insurance coverage, ultimately providing peace of mind and financial security.
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How WAEPA Life Insurance Ranks Among Providers
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.
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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.
Compare The Best Insurance Quotes In The Country
Compare quotes from the top insurance companies and save!
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Michelle Robbins
Licensed Insurance Agent
Michelle Robbins has been a licensed insurance agent for over 13 years. Her career began in the real estate industry, supporting local realtors with Title Insurance. After several years, Michelle shifted to real estate home warranty insurance, where she managed a territory of over 100 miles of real estate professionals. Later, Agent Robbins obtained more licensing and experience serving families a...
Licensed Insurance Agent
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.