Do you know about Federal Deposit Insurance Corporation which is known as FDIC? They are responsible for insuring all the deposits made in the USA against any bank failures. To maintain confidence of the public in banking system, in 1933 this FDIC was created.
Therefore, all the employees of FDIC understand very well how the life insurance is able to provide not only a peace of mind but can also offer FDIC retirement benefits too.
Ever since the time of World War II, another organization called WAEPA was responsible for providing life insurance for all employees of FDIC.
What are the various plans?
Since all employees of FDIC are supported by Worldwide Assurance for Employees of Public Agencies, which is known as WAEPA who will also provide following benefits to all employees of FDIC.
- Group term life insurance
WAEPA will provide group term life insurance plan that will provide the coverage of maximum $1.5 million for all eligible members.
This coverage will still remain even if the employee decides to change his job or even after retirement and also after leaving from federal government jobs.
All the coverages of eligible member will also be extended to their children and spouse too.
- Guaranteed issue life insurance
Due to this guaranteed issue of life insurance to all federal employees which also includes FDIC Employees, they will be eligible for coverage up to $100,000 during first year of their hiring too.
To access this benefit there is no need of submitting medical documentations or other papers if the employee is qualified for this offer.
All that is needed is that the applicant must be U.S. citizen and below 70 years old
- Financial wellness planning fully aligned with needs of federal employees
WAEPA will collect all the personalized info about your need in very clear form so that you can also use it in future and Ernst & Young will offer financial advice.
Hence all employees can hope for solid savings for their future and good retirement strategies which will really work.
WAEPA resources and benefits can make real difference to you
WAEPA will be fully dedicated to all their members and will never stop building various new kind of benefits and resources.
WARPA also has collaboration with the National Institute of Transition Planning, Inc. Hence, all the members will have access to exclusive webinar series which will deal with all kinds of topics related to key retirement benefit planning.