All You Need to Know About IRS Employee Benefits

internal revenue service

Do you know that one of the most rigorous and undervalued jobs in the federal government is run by employees from the Internal Revenue Service (IRS)? However, this has been changed, as employees can now take advantage of the Group Term Life Insurance to meet a wide range of needs. Most of these individuals presently consider World Wide Assurance for Employees of Public Agencies (WAEPA) as an alternative to the notable Federal Employee’s Group Life Insurance (FEGLI). WAEPA is a non-profit organization created to address the diverse needs of federal citizens. They actively served various citizens since World War II and well-known for the Group Term Life Insurance Policies. By using WAEPA, you can get great benefits for less-expensive premiums compared to FEGLI.

The guaranteed issue Group Term Life Insurance offers full convenience and makes it easy to get started. With this insurance, you will not be turned down due to health reasons. Also, it doesn’t require much paperwork. If as a US citizen, you are a new IRS employee within your first of employment, and under the age of 70 years, you can eligible get benefits of up to $100,000. One of the amazing benefits of being under this organization is that they provide a one-on-one platform where you can get expert advice from Ernst & Young (EY) professionals. EY is one of the world’s biggest financial planners and it has financial experts that provide intrinsic details on financial planning, like investment management and retirement.

Federal Employee Benefits And Resources

WAEPA provides various IRS employee benefits and resources to employees in the federal service, as they face herculean situations on a daily basis. These offers are custom-tailored to meet the individual needs of federal employees. There is also a well-equipped online library that is filled with different insightful webinars on retirement planning – a partnership established between WAEPA and the National Institute of Transition Planning, inc. With them, you have access to various health products and services that improve your wellbeing.

Also Read: Accessing Cheaper Life Insurance

You can determine your coverage cost and compare it with other insurance platforms with the use of the WAEPA vs. FEGLI Price Comparison calculator. Be rest assured that WAEPA’s rates are appealing and reasonably priced. Their platform provides a calculator that helps you determine the amount of life insurance cover you should get.

Keeping Your Policy Information Updated

For you to get the best service, you need to ensure that your information on the file is always accurate and updated. Should you change your number or address amongst other things, ensure that you notify the organization about such changes. From time to time, review your personal details to be sure nothing is amiss. The items you have to review include the following:

  • Phone Number
  • Email Address
  • Mailing Address

Should there be a change in your situation since the time you initiated your policy, then you need to perform a needs analysis. The parameters to use in achieving this include the birth of a child, marriage, the purchase of a home, and the rest. To be sure that you have sufficient coverage, you have to factor in your family’s ongoing, immediate, and future expenses.

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