I'm a kidney transplant recipient x2 and was able to get life insurance through an independent company, separate from my job. I checked with NKF and they pointed me in the right direction. You might want to reach out to any foundation or group that deals with your condition and see if they can help you out.
WAEPA is not in the habit of life insurance for people who have chronic and/or life threatening conditions. I don't know what your illness is, but reach out to whatever group or foundation is associated with it, if there is one, and see if they can point you in the right direction. For me, the National Kidney Foundation was a great resource to get me started and I did the legwork from the info they provided.
Waepa or really any private insurance will be cheaper and offer better coverage. The biggest thing waepa has is that as a new fed no medical exam is necessary.
>The biggest thing waepa has is that as a new fed no medical exam is necessary
That's only for a limited amount of coverage. If you want higher amounts, they're picky about preexisting conditions.
Waepa goes up dramatically every 5 years and once you hit close to 50 - 60 years old, your coverages decreases to the point it’s not even worth having anymore… and you’d be paying triple, quadruple what you’re paying now.
Just from the looks of their website, it is only term. Under their insurance products I do not see whole life.
That would explain why it's only $30/month.
Somewhat correct, WAEPA increases in 5 year blocks. I think it’s like age 30-35 pay the same rate. Then the rate goes up at age 36 and stays the same until 40.
I guess it probably comes out about the same in the end. Much cheaper on the lower end and then eventually becomes more expensive, compared to a standard rate that stays the same forever.
But it's still always funny to me that people online act like the only options in the world are fegli and WAEPA as opposed to the million companies that exist.
Waepa is group life and easy to obtain with no medical exams. It’s cheaper than FEGLI with basically the same requirements. It’s not really competing with private term life.
Well that explains why it would be more expensive if no medical exam needed. Although they probably assume feds are healthier than general public which helps
I'm talking about waepa...
"Find your current rate for any coverage amount up to $1.5 million. Simply select your age and payment frequency above.
Our premiums automatically increase every five years. "
https://www.waepa.org/products/group-term-life-insurance-rates/?utm_medium=cpc&utm_source=google&utm_content=various&campaign=2200019&gad_source=1&gclid=CjwKCAjwp4m0BhBAEiwAsdc4aNbQDxsvDY5ozPWIUjfSKWgV7ZHeCgD4dN-_WYEBgDPf2AoZs-O0nhoCFGYQAvD_BwE
Yeah and I’m telling you my fegli goes up. That’s typical how they work. Closer to your expiration date, you pay more.
Also don’t run with scissors and look both way before crossing the street.
The base does not go up only the multiplier.
The entire reason why the base makes no financial sense for a young person is because it's average to account for all health situations and all ages.
If you are like me and are late 30s without a kid yet and at the upper end of the GS scale then it might make sense to get the base where it gives you your salary in coverage for a price that would have been crazy expensive 10 years ago but is pretty reasonable for age 40+.
Also why are you talking about fegli. I wasn't advocating for people to get fegli. As I said in my other comment why do federal employees seem to think private term life insurance does not exist?
This, /u/MisterSnrub1. FEGLI is crazy overpriced when you get old enough to actually start to need it. Get WAEPA instead and put the savings into your TSP.
Yea, I don’t have any illnesses now. Great bloodwork and my pcp would sign off on anything.
I’m currently on 5x FEGLI. Rethinking it now.
I see Waepo and Lincoln are good choices for feds?
Listen to the other guy. I went with Waepa and regret it because I’m over 40 and 15 pounds heavier with a few minor conditions popping up; also, waepa goes up every five years. I should’ve gotten regular term when i made the switch.
I don’t know about them but shop around for a cheap 20 year policy. I saved about $60 a month just by going to waepa. Although i did decrease coverage to 500,000 due to my divorce (she ain’t getting shit).
Open season means that you can sign up without proving that you're healthy. Most employers don't do a Guaranteed Issue open season for life insurance.
However, you can also apply for FEGLI at any time by proving that you're insurable by going through a physical.
Getting a 30-year level term policy is the way to go. It covers you until retirement. Just be sure to get more than you need at the start because inflation will erode the value. The $1M policy I got in 2005 would be $2M or $2.5M today.
What do you need life insurance for now? Did you get dependents? Because that’s a qualifying life event and means you don’t have to wait until open season.
Baloney, twice.
Life insurance isn't for wealth building, it's to take care of dependents if you die early.
Paying premiums through your elder years is poor people thinking.
I understand what it "is." However, to many, they're scared into it because they stretched themselves too thin. Saving your money is the real key to taking care of your family.
I'm always amazed at the folks who barely contribute to their retirement accounts but will max out their life insurance.
And it's so disheartening when they go to retire, realize that all that money they paid towards term life insurance just goes away (since they're still living) and they have pennies to live on into retirement.
I’ve had FEGLI for 38 years. The only good thing about it is no medical exam. The benefit it provides is not worth the cost. If I had to write a monthly check for it, I would have cancelled decades ago. I’ve literally been too lazy to cancel it because it comes out of my check and I never check the statements unless the amount of the direct deposit changes. I’ll cancel when I retire next year, by not picking up the option to keep it when I leave.
Get married or have a kid. It’s a life changing event that gives you your own open season for 60 days.
https://www.opm.gov/healthcare-insurance/life-events/
99% of life insurance plans go unused. You outlive it, your event isn't qualified. Take care of your health. Invest your money. Statistically, you are much much better off.
As part of your onboarding, you are invited to sign up for FEGLI. I was practically forced into the basic plus family plan. That was, in 2011, the default, you had to specify opt out or request a larger plan. If you weren't given these options, your agency violated federal law, and you need to report this to the OIG for your department. I 'd be willing to bet that if you are FT, young and single, they defaulted you to the basic plan. Check your pay stubs.
Instead of paying for life insurance, I’ve been putting money I save into CDs and making my girlfriend the beneficiary. Right now there’s enough money in there to cover the mortgage for 26 months if I die.
When the total is higher than the outstanding balance on the mortgage, I’ll use it to pay down the mortgage.
When I onboarded in March of this year, I was auto-enrolled and it came out of my first check. I quickly declined after that (I don't have dependents so I don't need life insurance and if I did, I would prefer a good term plan over group whole life).
Not a single one of the responses to this thread has bothered to actually answer the question. Why is FEGLI open season so rare? Why can’t they just offer it every year like healthcare open season? Yes, I know I can have a kid to experience a qualifying life event, yes I know there are other life insurance choices out there, that’s not the point.
they're giving you the answers you need, not the answers you think you want.
the answer to your question serves no practical purpose -- once you know why, you're still faced with the same decisions.
but if you want to understand, it's because life insurance is a bet placed on when you'll die -- your premium costs reflect the odds of your death.
actuaries are really good at running the numbers to make sure their employers win the bets in aggregate, so long as the players aren't allowed to game the system.
since you have information about your health that they don't, if you can join whenever you want, you can game the system and destroy their profits. you either need to have no control on when you can start paying into the system or be forced to prove your health, otherwise, they can't properly determine the odds of your death. the lower confidence in their calculation results means they need to increase the rates to cover for more likely errors.
So that you don't wait till you're going to die to buy it.
So go buy some. There are tons of life insurance companies out there, and tons of different (and better) insurance options than FEGLI.
If you are like me and have certain pre-existing conditions FEGLI is the only way you're getting life insurance.
I'm a kidney transplant recipient x2 and was able to get life insurance through an independent company, separate from my job. I checked with NKF and they pointed me in the right direction. You might want to reach out to any foundation or group that deals with your condition and see if they can help you out.
I’m interested in learning more bc waepa rejected me
WAEPA is not in the habit of life insurance for people who have chronic and/or life threatening conditions. I don't know what your illness is, but reach out to whatever group or foundation is associated with it, if there is one, and see if they can point you in the right direction. For me, the National Kidney Foundation was a great resource to get me started and I did the legwork from the info they provided.
WAEPA is the way to go. Got $1m of coverage for $30 a month, can’t beat it. FEGLI is ridiculously expensive.
Waepa or really any private insurance will be cheaper and offer better coverage. The biggest thing waepa has is that as a new fed no medical exam is necessary.
>The biggest thing waepa has is that as a new fed no medical exam is necessary That's only for a limited amount of coverage. If you want higher amounts, they're picky about preexisting conditions.
I got $1.75 million with Lincoln for $48/month Private is the way to go
How? The WAEPA site tells me it would be $111 for me (35-39), and it goes up every 5 years.
Waepa goes up dramatically every 5 years and once you hit close to 50 - 60 years old, your coverages decreases to the point it’s not even worth having anymore… and you’d be paying triple, quadruple what you’re paying now.
Except it goes up every year...
But, it doesn’t? $30 a month for 30 years. Term life insurance is great.
Waepa isn’t term though. They have groups. So it doesn’t go up every year just when you move onto the next group.
Just from the looks of their website, it is only term. Under their insurance products I do not see whole life. That would explain why it's only $30/month.
Huh? How. I looked at their rates and they definitely increase every year. It seemed like a much worse deal than other companies
Somewhat correct, WAEPA increases in 5 year blocks. I think it’s like age 30-35 pay the same rate. Then the rate goes up at age 36 and stays the same until 40.
This. I just turned 40 and it increased.
I guess it probably comes out about the same in the end. Much cheaper on the lower end and then eventually becomes more expensive, compared to a standard rate that stays the same forever. But it's still always funny to me that people online act like the only options in the world are fegli and WAEPA as opposed to the million companies that exist.
Waepa is group life and easy to obtain with no medical exams. It’s cheaper than FEGLI with basically the same requirements. It’s not really competing with private term life.
Well that explains why it would be more expensive if no medical exam needed. Although they probably assume feds are healthier than general public which helps
The federal one does it’s been going up for me.
I'm talking about waepa... "Find your current rate for any coverage amount up to $1.5 million. Simply select your age and payment frequency above. Our premiums automatically increase every five years. " https://www.waepa.org/products/group-term-life-insurance-rates/?utm_medium=cpc&utm_source=google&utm_content=various&campaign=2200019&gad_source=1&gclid=CjwKCAjwp4m0BhBAEiwAsdc4aNbQDxsvDY5ozPWIUjfSKWgV7ZHeCgD4dN-_WYEBgDPf2AoZs-O0nhoCFGYQAvD_BwE
Yeah and I’m telling you my fegli goes up. That’s typical how they work. Closer to your expiration date, you pay more. Also don’t run with scissors and look both way before crossing the street.
The base does not go up only the multiplier. The entire reason why the base makes no financial sense for a young person is because it's average to account for all health situations and all ages. If you are like me and are late 30s without a kid yet and at the upper end of the GS scale then it might make sense to get the base where it gives you your salary in coverage for a price that would have been crazy expensive 10 years ago but is pretty reasonable for age 40+. Also why are you talking about fegli. I wasn't advocating for people to get fegli. As I said in my other comment why do federal employees seem to think private term life insurance does not exist?
Because I can talk about whatever I want. Not only that but it’s relevant.
They denied me because I have OCD. Which makes no sense to me.
Lmfao! I'd think with OCD you would live longer due to constantly having things in place
I also got denied for stuff that makes my life suck but doesn’t kill me, like fibromyalgia
My wife was denied because of fibromyalgia too. That’s what we get for being honest, I suppose.
Seriously :(
Were you not able to sign up at the commencement of federal employment? Not a gotcha, just an honest question
For me, I was a single mom and didn't earn as much and couldn't afford as much as I would like to get now.
Get WAEPA, much better rates.
This, /u/MisterSnrub1. FEGLI is crazy overpriced when you get old enough to actually start to need it. Get WAEPA instead and put the savings into your TSP.
Wow the comments are really making me rethink Fegli and going for another company.
Unless you have chronic illnesses and can’t get term life somewhere else, FEGLI is trash.
Yea, I don’t have any illnesses now. Great bloodwork and my pcp would sign off on anything. I’m currently on 5x FEGLI. Rethinking it now. I see Waepo and Lincoln are good choices for feds?
WAEPA is cheaper than FEGLI but if you are in good health and can pass the screens for term Life, do that. It will save you thousands.
Listen to the other guy. I went with Waepa and regret it because I’m over 40 and 15 pounds heavier with a few minor conditions popping up; also, waepa goes up every five years. I should’ve gotten regular term when i made the switch.
So Lincoln?
I don’t know about them but shop around for a cheap 20 year policy. I saved about $60 a month just by going to waepa. Although i did decrease coverage to 500,000 due to my divorce (she ain’t getting shit).
Open season means that you can sign up without proving that you're healthy. Most employers don't do a Guaranteed Issue open season for life insurance. However, you can also apply for FEGLI at any time by proving that you're insurable by going through a physical.
Getting a 30-year level term policy is the way to go. It covers you until retirement. Just be sure to get more than you need at the start because inflation will erode the value. The $1M policy I got in 2005 would be $2M or $2.5M today.
What do you need life insurance for now? Did you get dependents? Because that’s a qualifying life event and means you don’t have to wait until open season.
Unfortunately. this is the only wealth and succession planning most people have these days.
Baloney, twice. Life insurance isn't for wealth building, it's to take care of dependents if you die early. Paying premiums through your elder years is poor people thinking.
I understand what it "is." However, to many, they're scared into it because they stretched themselves too thin. Saving your money is the real key to taking care of your family.
I'm always amazed at the folks who barely contribute to their retirement accounts but will max out their life insurance. And it's so disheartening when they go to retire, realize that all that money they paid towards term life insurance just goes away (since they're still living) and they have pennies to live on into retirement.
You get it. Planning to live isn't popular. Fear is popular.
I’ve had FEGLI for 38 years. The only good thing about it is no medical exam. The benefit it provides is not worth the cost. If I had to write a monthly check for it, I would have cancelled decades ago. I’ve literally been too lazy to cancel it because it comes out of my check and I never check the statements unless the amount of the direct deposit changes. I’ll cancel when I retire next year, by not picking up the option to keep it when I leave.
Certain FEGLI coverage is free after 65. Might be worth keeping, depending on how close you are.
I'm retiring at 57. Between my pension and TSP, my wife will be well taken care of if I die before her.
Get married or have a kid. It’s a life changing event that gives you your own open season for 60 days. https://www.opm.gov/healthcare-insurance/life-events/
How do you cancel the fegli?
99% of life insurance plans go unused. You outlive it, your event isn't qualified. Take care of your health. Invest your money. Statistically, you are much much better off.
You can have your Dr fill out a form and can get life insurance anytime.
There are plenty of “qualifying events” (marriage, having a kid) that will give you your own, personal, open season
As part of your onboarding, you are invited to sign up for FEGLI. I was practically forced into the basic plus family plan. That was, in 2011, the default, you had to specify opt out or request a larger plan. If you weren't given these options, your agency violated federal law, and you need to report this to the OIG for your department. I 'd be willing to bet that if you are FT, young and single, they defaulted you to the basic plan. Check your pay stubs.
https://www.waepa.org
Instead of paying for life insurance, I’ve been putting money I save into CDs and making my girlfriend the beneficiary. Right now there’s enough money in there to cover the mortgage for 26 months if I die. When the total is higher than the outstanding balance on the mortgage, I’ll use it to pay down the mortgage.
What’s CDs
Certificates of Deposit. 👀
Have a kid
How do I check if I signed up for it again? Will it show up as “Fegli” on my paystub?
When I onboarded in March of this year, I was auto-enrolled and it came out of my first check. I quickly declined after that (I don't have dependents so I don't need life insurance and if I did, I would prefer a good term plan over group whole life).
It's also a code on your SF 50
Not a single one of the responses to this thread has bothered to actually answer the question. Why is FEGLI open season so rare? Why can’t they just offer it every year like healthcare open season? Yes, I know I can have a kid to experience a qualifying life event, yes I know there are other life insurance choices out there, that’s not the point.
they're giving you the answers you need, not the answers you think you want. the answer to your question serves no practical purpose -- once you know why, you're still faced with the same decisions. but if you want to understand, it's because life insurance is a bet placed on when you'll die -- your premium costs reflect the odds of your death. actuaries are really good at running the numbers to make sure their employers win the bets in aggregate, so long as the players aren't allowed to game the system. since you have information about your health that they don't, if you can join whenever you want, you can game the system and destroy their profits. you either need to have no control on when you can start paying into the system or be forced to prove your health, otherwise, they can't properly determine the odds of your death. the lower confidence in their calculation results means they need to increase the rates to cover for more likely errors.