FEGLI - Federal Retirement System
FEGLI – Federal Employees’ Group Life Insurance
The Federal Employees’ Group Life Insurance Program was established on August 29, 1954. It is the largest group life insurance program in the world insuring over 4 million Federal employees and retirees, as well as many of their family members.
Most employees are eligible for FEGLI coverage. The plan provides group term life insurance which does not build up any cash value or paid-up value.
It consists of Basic life insurance coverage and three options. You must have Basic insurance in order to elect any of the options. Unlike Basic, enrollment in Optional insurance is not automatic — you must take action to elect the options.
The cost of Basic insurance is shared between you and the Government. You pay 2/3 of the total cost and the Government pays 1/3. Your age does not affect the cost of Basic insurance.
You pay the full cost of Optional insurance, and the cost depends on your age.
The Office of Federal Employees’ Group Life Insurance is a private entity that has a contract with the Federal Government, processes and pays claims under the Program.
- NYour Option B life insurance coverage cost will increase by 200% between the ages of 35 and 65. At a time (retirement) when your income will decrease your FEGLI cost will increase to the point of being unaffordable.
- NWith group Life Insurance, a non-smoker pays the same as a smoker.
- NNot everyone needs the same plan. By looking into your own plan, you could save thousands of dollars over your life time and still have coverage when you need it.
Popular Questions
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What kind of life insurance is FEGLI?
The Federal Employee Group Insurance is a group term insurance. In addition, rates increase every 5 years in accordance with the certificate.
What is the basic FEGLI coverage?
How much does basic FEGLI cost?
The cost of FEGLI is based on employee age and options selected. In addition, if the employee is a Postal Service employee the Post Office offers some life insurance free to the employee.
What is Option C of FEGLI?
Option C is also known as Family coverage. Family coverage provides up to $25,000 of coverage for a spouse and $12,500 for each child.
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Can I increase my FEGLI coverage?
An employee can increase FEGLI under two opportunities other than initial employment. 1) by providing medical evidence of the ability to be insurable, and 2) changing coverage in connection with a “qualifying life event”.
Who much does FEGLI cost in retirement?
Although it is possible to continue FEGLI coverage into retirement, the monthly cost is extremely expensive and may not be affordable.
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