Each year during Open Season, federal employees get the chance to choose among health care and dental insurance plans. It also provides a logical time to review your entire financial life and make some true-ups, recommends M. Shane Canfield, president and CEO of WAEPA.

Open Season an ideal time to think about the other types of insurance that help form a person’s financial security, he said during Federal News Network’s 2025 Open Season Exchange.

“We encourage everyone to think broadly about not just health insurance but also life insurance and disability as part of an overall financial review that people should do every year,” Canfield said.

WAEPA, a provider of life insurance to federal employees, does between a quarter and a third of its business during Open Season, he said

“Life insurance is a fraction of what you spend” on health insurance, Canfield added. “But you’re opening your thinking about your personal budgets.”

Improve your overall personal well-being

WAEPA offers information on financial well-being to customers and noncustomers alike.

“We have a lot of education around life insurance. We also do a series of webinars on financial wellness, and we have resource guides online,” he said. Much of this information is freely available on WAEPA’s website.

Plan holders, though, can also have live discussions, in person or online, with certified financial planners. That’s through a partnership between WAEPA and Ernst & Young. There’s no fee for this service, and E&Y doesn’t sell WAEPA policies, Canfield said.

“They can do everything from answer particular questions to do a full-blown financial plan,” he said, “and this would cost you many hundreds of dollars out on the street.” E&Y also makes experts available with specialized training in federal benefits programs, he added.

Canfield said that the nonprofit WAEPA, founded in 1943, offers some features not available under the one-carrier Federal Employee Group Life Insurance plan the government provides. For one thing, WEAPA is often less expensive depending on personal circumstances, he said.

And, for 25 of the last 26 years, WAEPA has offered partial premium refunds, “which means it’s a little like a cooperative or maybe a mutual insurance company,” Canfield said. “If there are excess earnings, it’s all members’ money.”

Feds can also get up to $1.5 million, with the option of riders for automatic increases in increments of $25,000.

Where financial and health insurance overlap

Canfield said about half of WAEPA customers choose its chronic illness rider. The rider gives an early death benefit payout — of up to $125,000 per year — to people whose medical conditions would also trigger long-term care insurance benefits.

For those transitioning to retirement, WAEPA plans have something in common with Federal Employee Health Benefits Program plans. Feds can take their plans into retirement.

In short, feds have much to consider during Open Season, Canfield acknowledged.

“I would say Open Season can be a little stressful,” he said, adding that getting a handle on life insurance can ultimately ease the stress. “Do think about life insurance. We have calculators. You can call us and talk to somebody if you want to talk about how much life insurance you need.”

Discover more articles and videos now on Federal News Network’s 2025 Open Season Exchange event page.

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