When you are talking about an enterprise that has been serving the nation for more than 75 years, you hardly need to question its reliability. Perhaps, this is right where the real feat of WAEPA or Worldwide Assurance for Employees of Public Agencies lies. It sets up to protect the financial interests of the federal employees continues to take care of more than 44,000 clients. Whoever registers with this non-profit organisation enjoy certain facilities that very few insurance companies would offer.
What You Get After Registering
After registering with this service, you get ready access to some critical guides that eases your financial planning. For example, you enjoy an exceptional consumer assistance guide. It is designed to help the U.S consumers identify scams, thus avoiding fraudulent buys. The health insurance guide that you get is another critical aspect of your overall Financial Wellness Planning. Plus, you gain access to the all-new 2018 version of new federal employees guide. Here you will get all the information that you need to learn about the pay structure, leave policies, alternative job schedules, and life insurance and health benefits. Also, you get a college funding guide. There are many more guidelines to enjoy once you register with this service.
On Planning Your Finance
Lately, the WAEPA has teamed up with Ernst & Young (EY) to give free pieces of advice to its members for monetary planning. And perhaps, the best thing is that you get the opportunity to customise the schemes as per your unique needs. You can take the assistance of this service while paying down debt or make plans for the future. Also, with EY’s aid, you would enjoy unlimited access to informative articles and videos on finances and use smart calculators that help you access various financial scenarios. Moreover, you will be able to attend the live, interactive webinars on economic matters. This service is available on a monthly basis.
FEGLI vs WAEPA
Now that you have learned about the fundamentals of WAEPA services, you might wonder if it is any different from that of the FEGLI. Well, to begin with, both FEGLI and WAEPA insurance policies are meant for the civilians of the federal government. As a WAEPA member, you can register with both the services simultaneously. However, WAEPA, which was launched in 1943, does not have the affiliation if the federal government, while FEGLI is was started by the federal government in 1954. WAEPA as a tool for Financial Wellness Planning members can apply for no more than $1.5 million in Group Term Life Insurance. His or spouse can use up to $500,000 of coverage. Also, the dependent children of the applicants can request for up to $25,000 in coverage. The group insurance auto-renews every year. So you need not re-apply to continue with your insurance. This is something that the FEGLI would not offer. Also, with WAEPA, you remain eligible for the coverage even after retiring from the service. But as a FEGLI subscriber, you would need to follow various procedures to stay covered post insurance.