Communications to policyholders about this change will be going out over the coming weeks.
It has been an honor to offer Group Term Life Insurance to our members for 75 years. As part of our dedication to our members, we often explore the marketplace to ensure we are offering the best value for the product. Over the past decade, Compass Rose Group Term Life Insurance has become less competitive and because of this, we are converting Group Term Life Insurance policies G-29297-0 and G-29297-1 to Worldwide Assurance for Employees of Public Agencies (WAEPA).
Who is WAEPA?
WAEPA is a non-profit 501(c)9 association that has insured more than 120,000 Civilian Federal Employees and their families since 1943. Their mission is to promote their members' health, welfare, and financial well-being which aligns with our values. Plus, WAEPA is underwritten by New York Life Insurance Company, the same underwriter as Compass Rose. WAEPA offers:
- Higher coverage levels, offering up to $1.5 million in coverage
- Coverage for your family, with up to $500,000 for spouses and $25,000 for children
- No salary limitations
- Portable coverage
- Living benefits
- A free Financial Wellness Planning program through Ernst and Young
What do Policyholder Need to do to Maintain Their Life Insurance Coverage?
To continue coverage, policyholders will be asked to set up their preferred premium payment method with WAEPA. Instructions can be found in the letter and/or email that you receive from Compass Rose Benefits Group. A payment method must be selected by June 1.
What About the Retiree Benefit?
Under Compass Rose Group Term Life Insurance policy G-29297-0, policyholders were eligible to receive a free Retiree Benefit, as authorized by the Compass Rose Board of Directors more than 50 years ago. CRBG plans to honor that commitment and is mailing certificates to existing policyholders. Upon your death, your beneficiary(ies) will need to file a claim with Compass Rose using this certificate. To make beneficiary changes for your Retiree Benefit, you will continue to contact Compass Rose.
Thank you to our Compass Rose Group Term Life Insurance members. We know you will be well taken care of by WAEPA.