Sara Routhier, Managing Editor of Features and Outreach, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming worl...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Apr 7, 2021

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The Brief

  • WAEPA offers term life insurance for federal employees
  • They have three plans, with the most affordable starting at $7 per month
  • WAEPA also offers short-term disability coverage

If you are a federal employee looking for affordable life insurance to keep your family protected, WAEPA may be for you.

In this WAEPA life insurance review, we will go over the term life insurance coverage options provided by WAEPA, how much they cost, and what other services WAEPA provides to their members.

Interested in buying term life insurance? Keep reading to learn more about the WAEPA life insurance company and its coverage options.

Before jumping into our WAEPA life insurance review, enter your ZIP code above and we can help you start comparing life insurance providers in your area.

WAEPA Life Insurance Overview

WAEPA life insurance company was founded in 1947 to provide life insurance and other financial protections to federal employees and their spouses.

WAEPA partnered with New York Life as their underwriter for all their life insurance policies.

New York Life is one of the oldest insurance companies around, with one of the best reputations and the fourth largest underwriter in 2019, according to the Insurance Information Institute.

They were founded in 1845 and currently hold the highest available rating from A.M. Best of A++.

WAEPA writes term life insurance policies for federal employees and their spouses that they can keep until the age of 85, even if they choose to leave the federal sphere.

They also provide a plethora of other financial services, from scholarships to disability coverage, to ensure that their members have support at every stage of life.

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How affordable is WAEPA life insurance?

WAEPA provides term life insurance, which is known for being the most affordable type of life insurance available.

According to the rate calculation tool on the WAEPA website, WAEPA life insurance rates can start as low as $7 per month for a $200,00 policy.

The tool allows you to choose your age and how much coverage you would like so you can customize your WAEPA rate and compare the price of adding a rider or spousal policy.

However, it does not allow for you to choose gender, or add any other information, which does limit its accuracy.

What life insurance coverage does WAEPA offer?

WAEPA offers term life insurance options for its customers with benefits anywhere from $10,000 to $1.2 million.

According to our WAEPA life insurance review, WAEPA offers life insurance that you can carry until you are 85. This coverage will also stay with you even if move into the private sector for work.

WAEPA also offers a spousal policy. This allows your spouse to become a WAEPA member and purchase their own policy at a reduced rate.

One of the biggest benefits that WAEPA members have access to with their life insurance is a return of premium option.

While not available at all times, the return of premium benefit is something that some eligible customers may be able to take advantage of if they outlive their term.

WAEPA Life Insurance Riders

WAEPA offers a Chronic Illness Rider or living benefit that provides additional coverage throughout your lifetime. This rider provides additional coverage that can be taken out of your policy, up to $500,000.

If you are diagnosed with an approved chronic illness, this money can be used to support you, whether by providing in-home care or funding other types of medical assistance.

According to a study in the U.S., chronic illnesses already affect almost half the population, and that number is expected to grow.

If you become one of the millions of Americans suffering from a chronic illness that prevents you from working, this particular rider could be the difference between affording your medical care and going without.

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Additional Coverage Options

WAEPA life insurance offers short-term disability coverage for its members.

Short-term disability protects you in the event you suffer an injury that prevents you from working.

If you are injured, and your work does not provide any short-term disability protection, you can end up without a paycheck until your doctor clears you for duty again.

This can put any family in a difficult position, which is why short-term disability insurance is so popular.

WAEPA short-term disability coverage is available to members from age 18 to 69 and will provide income for up to six months at a rate of anywhere from $100 to $6,500 per month, depending on your income.

To qualify you must be working at least 30 hours per week.

WAEPA Membership Benefits

In addition to insurance and disability coverage, WAEPA also offers several premium benefits to its members. These include:

Financial Wellness Services

These services are designed in partnership with Ernst and Young to help you manage your money to protect and plan for your future.

WAEPA Scholarship Program

80 scholarships are offered to any WAEPA children or dependents under the age of 23. The scholarships are for both two and four-year accredited institutions.

Should I buy WAEPA life insurance?

Based on our WAEPA life insurance review, if you are a federal employee and interested in term life insurance, it is worth it to at least get a WAEPA life insurance quote.

The company’s backing by New York Life ensures your money will be well-protected. WAEPA offers more than just life insurance to provide support throughout your life.

Outside of their insurance, they also offer financial services and scholarships, making them a well-rounded company with many benefits to take advantage of and a solid option for any federal employee.

WAEPA offers life insurance that expires after age 85, so one consideration you may have if you outlive your policy is to look into life insurance for those over 85, as WAEPA will not provide any.

In addition, if you are not interested in term life insurance or you are not a federal employee, then this company is not going to be the right fit for you.

Do you need to look at more insurance providers before making your final decision? Now that you’ve finished this WAEPA life insurance review, enter your ZIP code below, and we will pull up local companies to help you match with your perfect provider.