Worldwide Assurance for Employees of Public Agencies says it will refund 25% of annualized life insurance premiums paid to it by eligible public employees as of March 31.
WAEPA, Falls Church, Va., says it has refunded more than $5 million in premiums this year. It has granted 11 refunds since 1996, for a total of $33 million.
Most federal employees receive life insurance coverage through the Federal Employees’ Group Life Insurance program, which is government-sponsored.
WAEPA, which is a nonprofit association, not an insurance company, says that its rates are up to 85% lower than FEGLI rates and that it extends benefits to family members not covered by the government program.
WAEPA provides $8.3 billion of life insurance coverage for more than 40,000 federal employees and their families.