Associate Membership or Dependent Coverage: Determining What’s Best For You
Married couples need to evaluate all their options when deciding what life insurance to purchase. WAEPA offers two different options for spousal coverage: Associate Membership and Dependent Coverage. Here are a few details to keep in mind when deciding which of these options will best protect your family’s financial future.
Costs
Use our WAEPA calculator to determine whether applying for an Associate Membership* will cost less than dependent coverage, The cost of dependent coverage is based on your partner’s age, so you will be billed at the same rate as your spouse (the current WAEPA member). This is important to consider if you have a large age gap, so your rates may vary.
Coverage Amounts
For Dependent Coverage, spouses are eligible for $10,000 to $500,000 of coverage while children are eligible for $1,000 to $25,000 of coverage. You are limited to 50% of the member’s coverage, and the dependent coverage premium is billed at a group rate. No matter how many dependents are listed, one rate covers all. For Associate Memberships, spouses can apply for up to $1.5 million in coverage just like their partner, but only one of you will be able to cover dependent children.
Additional Benefits
When applying for Associate Membership, you will be eligible for all the same benefits as your spouse. This includes the ability to add a Chronic Illness Rider** to your plan and apply for Group Short-Term Disability*** coverage. You also become eligible for premium refunds, free financial planning, and more.
The Benefits of Dependent Coverage
Dependent Coverage is beneficial when the WAEPA member is younger than their spouse, because it allows you to receive coverage at a lower rate. In addition, the premium rates to cover your spouse would be the same as the rates to cover your children.
The Benefits of Associate Membership
Associate Membership allows you to apply for almost double the coverage. If your spouse (the current WAEPA member) is significantly older than you, applying for a separate policy can provide more coverage at a lower price. It is also a good option to consider if you don’t have any dependent children.
Join WAEPA today
WAEPA’s got you covered regardless of which option you choose, and our online calculators will determine your coverage and rates. Visit waepa.org and read our FAQs if you have any questions. If you want to speak with our members services team, call (800) 368 3484 or email us at info@waepa.org. After more than 75 years, WAEPA is the life insurance choice of over 46,000 Civilian Feds and their families. Apply today!
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Policy Form GMR
*Including features, costs, eligibility, renewability, limitations and exclusions.
** NOTE: The Chronic Illness Rider is not a standalone policy; it can only be added to an existing or new Group Term Life Insurance policy as a rider.
IMPORTANT NOTICE: This rider is not intended to be a federally tax-qualified long-term care insurance contract under Internal Revenue Code (IRC) Section 7702B. Therefore, the premiums payable for this rider do not qualify as long-term care insurance premiums and are not deductible from gross income for federal income tax purposes. This rider, however, is subject to the federal per diem limits set forth in IRC Section 7702B. Under this rider, New York Life will not pay claimants more than the federal per diem limits. Assuming the amount you receive in the aggregate from all applicable policies does not exceed the federal per diem limits set forth in IRC Section 7702B, the benefits provided by the Chronic Illness Rider are intended to be excludable from federal gross income under Section 101 (g) of the IRC. Receipt of an accelerated death benefit may affect eligibility for Medicaid or other government benefits or entitlements and may have income tax consequences. Accelerating benefits before applying for these programs, or while you are receiving government benefits, may affect your initial or continued eligibility. Clients can contact the appropriate social service agency (e.g., the Medicaid Unit of your local Department of Public Welfare or the Social Security Administration Office) for more information.
Chronic illness means the permanent inability to perform 2 out of 6 activities of daily living (bathing, continence, dressing, eating, toileting and transferring); or a permanent severe cognitive impairment requiring substantial supervision.
CIR is not currently available in: ID, LA, MN, NY, OH, UT, WA, all U.S. Territories.
***Consult a tax advisor for details around tax free disability benefits.
Benefits cannot exceed 60% of your average monthly income when combined with all other income benefits you receive from any other source. See other income benefits provision for more details. Consult a tax advisor for details around tax free disability benefits.
STDI is not currently available in: NV, OR, NH, VT, all US Territories including Puerto Rico, Guam, US Virgin Islands, etc.
Louisiana residents please contact WAEPA Member Services at (800) 368-3484 for more information on applying for coverage.
Michigan Residents: I understand that I may use a producer/agent to assist me with the completion of this application at no cost to me.