WAEPA Insurance Review & Complaints

WAEPA life insurance is a cost-efficient option for federal employees who need life insurance. FEGLI is 89 percent more expensive than WAEPA life insurance quotes. However, federal employees pay more for WAEPA life insurance rates as they get older. Try moving your WAEPA insurance policy to a private life insurance company to get a better price. Compare and shop around to find the best life insurance.

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D. Gilson is a writer and author of essays, poetry, and scholarship that explore the relationship between popular culture, literature, sexuality, and memoir. His latest book is Jesus Freak, with Will Stockton, part of Bloomsbury’s 33 1/3 Series. His other books include I Will Say This Exactly One Time and Crush. His first chapbook, Catch & Release, won the 2012 Robin Becker Prize from Seve...

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Written by D. Gilson, PhD
Professor & Published Author D. Gilson, PhD

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 insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jun 1, 2022

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The Highlights

  • Policyholders under 35 can pay up to $11 per month for WAEPA
  • You can pay up to 20 percent more for FEGLI life insurance
  • The maximum WAEPA death benefit is $1,500,000
  • The New York Life Insurance Company underwrites WAEPA group term life insurance policies

Only civilian federal employees and their spouses qualify for WAEPA. But how much will you spend on WAEPA insurance per month?

Our WAEPA life insurance review explains how much WAEPA rates cost, how it compares to FEGLI, other companies, the death benefits, and the organization’s third-party ratings.

You won’t get accurate WAEPA quotes outside of the WAEPA organization, but you can enter your ZIP code in the free comparison to compare insurance companies’ quotes in your local area.

How much does WAEPA life insurance cost?

Worldwide Assurance for Employees of Public Agencies (WAEPA) policies are cheaper for policyholders under 35, and you can add riders to any life insurance product. Policyholders can choose their coverage limit like any private life insurance policy, but you could pay more for higher death benefits.

Unlike FEGLI, WAEPA life insurance quotes aren’t determined by your annual income or salary – it’s based on age and how much coverage you need. Any additional riders increase your monthly premium rates. Continue reading to learn the difference between WAEPA, FEGLI, and open market costs.


The best way we can show you how WAEPA and FEGLI vary is through annual incomes. WAEPA and FEGLI rates are determined by age. However, WAEPA rates are influenced more by coverage limits, but FEGLI coverage is based on salary.

For this section, we’ll use three different salaries as an example. Let’s examine the national average income, national median income, and the average salary for a federal employee.

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

Finally, let’s compare the coverage rates from WAEPA and FEGLI.

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
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The WAEPA insurance rates are based on a $300,000 death benefit. However, your FEGLI death benefits are based on salary. If you maintain the same wage during your federal service, you’re likely won’t see a significant increase in FEGLI.

Younger policyholders have a better chance at affordable WAEPA rates, but older policyholders will pay more. Compared to what you’re getting on your death benefit, it may appear to be worth the cost. However, some companies may be able to provide more protection for your financial future for the same price.

WAEPA vs. Other Life Insurance Companies

When middle-aged policyholders buy WAEPA life insurance, they can expect competitive rates close to private life insurance companies’ costs.

You’ve seen proof of that in the previous section, but let’s give you a more concrete example. Check out the comparison between WAEPA and Protective Life Insurance.

WAEPA vs. Protective Life Insurance Rates based on $500,000 Death Benefits for a Male Policyholder
Age of PolicyholdersWAEPA Life Insurance Company RatesProtective Life Insurance Company Rates
50-Year-Old Policyholder$92/month$40/month
60-Year-Old Policyholder$240/month$109/month
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We chose policyholders between 50 and 60 years old to show you how expensive life insurance can be for older policyholders. However, Protective Life insurance rates are $52 cheaper for 50-year-old policyholders and $131 cheaper for 60-year-old policyholders.

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What are WAEPA’s death benefits?

One of the benefits of WAEPA insurance is choosing how much you want on your death benefit. But what’s the highest death benefit you can buy from WAEPA? Let’s compare WAEPA’s coverage limits to FEGLI to give you an idea of how both programs vary.

WAEPA vs. FEGLI Death 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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FEGLI life insurance has fewer benefits, but you’ll likely pay less for life insurance per month. WAEPA, on the other hand, has all the benefits of a private company, along with additional benefits for their members. Keep reading to learn what the differences are in coverage options.

What are WAEPA’s financial strength and credit ratings?

Although WAEPA is a non-profit association, its policies are underwritten by New York Life Insurance Company. Therefore, WAEPA is connected to New York Life’s financial ratings.

What are financial strength and credit ratings? These third-party ratings measure an insurance company’s ability to manage money and its investment risk or credit risk.

Let’s look at the ratings from the most reliable financial strength and credit rating agencies.

WAEPA (New York Life Insurance Company) Financial Strength and Credit Ratings
Rating AgenciesFinancial Ratings
AM BestA++
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The AM Best score reflects the best rating possible, which means New York Life has a stable financial outlook and has a superior ability to meet expectations.

The Moody’s and S&P scores mean New York Life has low credit risk. Since New York Life writes WAEPA policies, it shares the same ratings with the nonprofit organization.

What are the pros and cons of WAEPA Life Insurance?

Is WAEPA a good program overall? Based on the financial strength and credit ratings, it appears to be a strong organization. So you may be looking for the advantages and disadvantages of having a WAEPA policy.

Comparing WAEPA Insurance Pros and Cons
Cheaper for younger policyholdersMore expensive for older policyholders
You can receive a refund from premiumsCost increases every five years
More coverage spouses and childrenWon't cover policyholders older than 85
You can choose your coverage limit
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There are more pros than cons if you have a WAEPA insurance policy. Ultimately, it depends on what you need. Federal employees have more options than most when it comes to shopping for life insurance. However, older federal employees should shop around for insurance with coverage that has high-quality benefits and personalized options that could be better for their overall financial well-being.

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What is WAEPA’s history?

WAEPA is a nonprofit organization that provides group term life insurance and short-term disability insurance. Federal employees may opt for WAEPA instead of Federal Employees’ Group Life Insurance (FEGLI).

President Franklin D. Roosevelt and United States Secretary of the Treasury Henry Morgenthau Jr. founded WAEPA in 1943. Back when it was first established, WAEPA was known as the “War Agencies Employees Protective Association.”

By 1961, WAEPA changed its name to “Worldwide Assurance for Employees of Public Agencies.”

Thanks to Roosevelt and Morgenthau’s efforts, life insurance companies across the United States responded to their requests 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 products.

Today, WAEPA is a reliable life insurance choice that was designed for all federal government employees and their eligible spouses. Even military veterans could apply, but they’ll have to be employed with a civilian agency within the federal government.

What’s the bottom line?

If you’re under 50, WAEPA may be a good solution if you’re looking for term life insurance. It’s easier to get life insurance for a child or dependent spouse under WAEPA, and you get to choose the amount of coverage you want.

Forty-dollar premiums may not be worth it for term life insurance. If you’re going to spend that much on life insurance, it may be better to shop around for life insurance options in the open market.

If you’re having second thoughts about WAEPA life insurance, start searching for affordable life insurance quotes in your area by entering your ZIP code in the free online quote tool below.

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

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