Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance

Public Workers To Get Life Premium Refund

Your article was successfully shared with the contacts you provided.

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.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.