Va Employees: Are They Covered By Life Insurance?

Life insurance is a crucial aspect of financial planning, providing security for individuals and their loved ones in the event of unforeseen circumstances. For employees of the Department of Veterans Affairs (VA), understanding the insurance options available to them is essential. VA employees play a vital role in serving America's veterans, and it is important that their own financial well-being is also protected. The VA offers various insurance programs tailored to meet the diverse needs of its workforce, ensuring that they can have peace of mind when it comes to their future and that of their families.

One notable option for VA employees is Group Term Life Insurance provided by WAEPA (World Assurance for Employees of Public Agencies, Inc.), which offers up to $1.5 million in coverage. This insurance is designed to be portable, meaning that employees can retain their coverage even if they change jobs or retire, demonstrating the VA's commitment to long-term financial security for its staff.

VA employees can get Group Term Life Insurance through WAEPA (World Assurance for Employees of Public Agencies, Inc.)

Group Term Life Insurance from WAEPA offers up to $1.5 million in coverage for eligible members, which will not be lost if the policyholder changes jobs or retires – even after leaving the federal government. An eligible member's coverage also extends to their spouse and children. Additionally, qualifying civilian federal employees, including VA employees, are guaranteed issue life insurance coverage of up to $100,000 within their first year of hire, without the need for medical underwriting.

WAEPA also offers Group Short-Term Disability Insurance, which can provide up to $6,500 per month to replace lost income if the policyholder is unable to work due to a covered illness or injury. This coverage is available to eligible VA employees.

VA employees can benefit from WAEPA's exclusive rates and coverage options. WAEPA also offers scholarships, premium refunds, free financial planning, and other member benefits. With WAEPA, VA employees can access helpful tools, resources, and financial planning services. On average, members who switch from FEGLI to WAEPA save over $300 per year.

In summary, VA employees can obtain Group Term Life Insurance through WAEPA, a nonprofit organization serving federal civilian employees since 1943. WAEPA offers competitive premiums, exclusive member benefits, and financial security for VA employees and their families.

VA employees are eligible for guaranteed acceptance whole life insurance if they have a service-connected disability

The Department of Veteran Affairs offers life insurance to its employees through the World Assurance for Employees of Public Agencies, Inc. (WAEPA). WAEPA has been providing life insurance and related services to federal workers and their dependents since 1943. VA employees are eligible for group term life insurance of up to $1.5 million in coverage, which will not be lost if they change jobs or retire. This coverage also extends to spouses and children.

Additionally, VA employees with service-connected disabilities are eligible for guaranteed acceptance whole life insurance through the VALife program. VALife is a new program that became available on January 1, 2023, and offers guaranteed acceptance whole life coverage of up to $40,000 to Veterans with service-connected disabilities. There is no time limit to apply after receiving a disability rating, and coverage can be obtained at any age under 81. The coverage amount can be chosen in increments of $10,000, with the monthly premium depending on the age of the applicant and the desired coverage amount. The premium rate is locked in and will never increase for as long as the policy is maintained.

VALife is a guaranteed acceptance policy, meaning that applicants will be automatically approved if they meet the eligibility requirements and will not need to provide proof of good health. Furthermore, VALife allows Veterans to maintain their coverage for life. If the insured passes away during the 2-year waiting period, their beneficiaries will receive the total amount of premiums paid plus interest. After the 2-year waiting period, beneficiaries will receive the full coverage amount.

VA employees can get up to $1.5 million in coverage through WAEPA

Life insurance is a way to safeguard your family's future. It is a smart option to plan for your financial future. WAEPA (World Assurance for Employees of Public Agencies, Inc.) has been providing life insurance and related services since 1943. It offers current and former Civilian Federal Employees up to $1.5 million in Group Term Life Insurance.

Group Term Life Insurance is a type of life insurance where one contract covers multiple people or a group of people. This allows for group rates for each policy issued under a single contract. WAEPA's Group Term Life Insurance is underwritten by New York Life Insurance Company.

The rates are calculated across the entire group of you and your colleagues rather than for individuals, so the rates are exclusively priced. WAEPA members who switched from FEGLI save over $300 a year.

You can apply for up to $1.5 million in coverage, regardless of your salary. Your coverage can continue until your 85th birthday as long as premiums continue to be paid and the group policy remains in force. You can also keep your coverage if you retire or leave the Federal government.

You can apply for Group Term Life Insurance coverage on yourself, your spouse, and dependent children through WAEPA. Spouses and children are also eligible for dependent coverage up to $500,000 and $25,000 respectively.

If you are an applicant under 50, you can apply online and get a decision in less than 30 minutes. If you are unsatisfied with your coverage, you can request a refund of all premiums paid within 30 days of receiving your new member packet.

VA employees can get Group Short-Term Disability Insurance through WAEPA

Group Short-Term Disability Insurance helps protect your income when you can't work due to eligible illnesses or injuries. With WAEPA's Group Short-Term Disability Insurance, you can continue to receive a paycheck for up to six months during recovery from a covered temporary illness or injury.

As a WAEPA member, you can apply for benefits of up to $6,500 a month to help replace your income while recovering from a short-term disability. This is limited to up to 60% of your average monthly income. The supplemental income will help create a safety net for you and your family.

This protection is reserved for current and former civilian Federal employees between the ages of 18 and 65 who are actively working at least 30 hours a week. Eligible spouses of current and former civilian Federal employees may also apply for coverage as a WAEPA Associate Member.

You can choose a monthly benefit amount from $100 to $6,500 a month in increments of $100. This amount can't be more than 60% of your average monthly income when combined with the benefits you receive from any other source.

Benefits can begin after either 14 or 30 days. You decide the elimination period that's right for you. Benefits are paid directly to you and are usable as you see fit. And, as long as you pay the monthly premiums yourself, benefits are tax-free.

In addition to Group Short-Term Disability Insurance, WAEPA also offers exclusive Group Term Life Insurance coverage exclusively for current and former civilian Federal employees. You can enhance your coverage with a Chronic Illness Rider or an Automatic Benefit Increase Rider. On average, members who switch from FEGLI to WAEPA save over $300 a year.

VA employees can get Guaranteed Issue Life Insurance through WAEPA

The Department of Veteran Affairs (VA) serves the community of American heroes. World Assurance for Employees of Public Agencies, Inc. (WAEPA) is proud to give back to those who help veterans. WAEPA has been providing life insurance and related services since 1943.

Group Term Life Insurance for VA employees is now available. WAEPA offers exclusive Group Term Life Insurance coverage exclusively for current and former Civilian Federal Employees. Qualifying Civilian Federal Employees, including VA employees, cannot be turned down coverage for up to $100,000 within their first year of hire. If you qualify for this offer, you will not need to go through medical underwriting to receive coverage.

To be eligible for WAEPA's Guaranteed Issue Group Term Life Insurance, Civilian Federal Employees must:

• Be a United States citizen
• Be less than 70 years of age
• Apply within one year of a first-time, non-military, government hire

Those who meet the membership conditions qualify for $25,000 to $100,000 in life insurance coverage. You are not eligible for coverage if you moved from one federal government position to another or if you are an active member of the United States military.

On average, members who switch from FEGLI to WAEPA save more than $300 a year. WAEPA is backed by New York Life Insurance Company, which has received the highest financial strength ratings currently awarded to any U.S. life insurer.

Frequently asked questions