Federal Benefits Counselors
The Federal Government established the Federal Employees' Group Life Insurance (FEGLI) Program on August 29, 1954. It is the largest group life insurance program in the world, covering over 4 million Federal employees and retirees, as well as many of their family members.
Most employees are eligible for FEGLI coverage. FEGLI provides group term life insurance. As such, it does not build up any cash value or paid-up value. It consists of Basic life insurance coverage and three options. In most cases, if you are a new Federal employee, you are automatically covered by Basic life insurance and your payroll office deducts premiums from your paycheck unless you waive the coverage. In addition to the Basic, there are three forms of Optional insurance you can elect. 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.
TOP 9 Reasons to Replace FEGLI
The following lists the top 10 reasons you and your family should consider replacing your federal employee group life insurance. Click on each reason for a more detailed explanation.
Premiums increase 2,000% as you get older
Coverage can decrease 76% at retirement
Builds no cash value
Is not permanent life Insurance
Your Spouse's Life Insurance can decrease to zero
The Federal Government does not Insure you
Can not increase coverage when you want
Can not take the coverage with you to a new job
Coverage can be dropped at any time
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Federal Employee Life Insurance