Shane Canfield, CEO of WAEPA

October 27, 2024

Presented by WAEPA

Enhancing Federal Employee Financial Security

Shane Canfield, CEO of WAEPA, highlighted the importance of life insurance as part of federal employees’ financial planning during Open Season. He emphasized that while life insurance is often overlooked, it is essential for covering current debts and ensuring future income for loved ones. WAEPA, a non-profit organization serving federal workers since 1943, provides a competitive alternative to other life insurance options, offering lower premiums, higher coverage limits (up to $1.5 million), and valuable riders such as long-term care. Canfield also underscored the portability of WAEPA’s plans, allowing employees to retain their coverage even after retiring or leaving federal service, which sets it apart from many competitors. He encouraged federal employees to evaluate their individual financial needs—like mortgages and future educational costs—rather than relying on generic formulas. This tailored approach ensures that families are financially secure, regardless of future uncertainties.

Key Takeaways:

1. WAEPA offers up to $1.5 million in life insurance at lower premiums compared to competitors, with added options like long-term care riders.

2. Unlike many competitors, WAEPA's life insurance policies can be retained even after retirement or leaving federal service, providing long-term security.

3. Canfield advises federal employees to focus on their specific financial needs, covering debts and future income when determining the right amount of life insurance for their families.