FEGLI Life Insurance: Everything You Need to Know

As a federal employee, you are eligible for the Federal Employees Group Life Insurance (FEGLI) program. This insurance program offers comprehensive coverage to federal employees and their dependents at affordable rates. In this article, we will explore everything you need to know about FEGLI life insurance, including its benefits, requirements, costs, and more.

What is FEGLI life insurance?

FEGLI stands for Federal Employees Group Life Insurance. It is a voluntary insurance program offered to all eligible federal employees. FEGLI provides a range of life insurance coverage options, including basic, standard, and optional coverage. The program is administered by the Office of Personnel Management (OPM).

What are the benefits of FEGLI life insurance?

FEGLI life insurance provides federal employees and their dependents with a range of benefits, including:

FEGLI also offers portability options that allow you to continue your insurance coverage after retirement or leaving the federal government.

Who is eligible for FEGLI life insurance?

All federal employees are eligible for basic coverage under FEGLI. However, to enroll in the standard or optional coverage, you must meet the following requirements:

• You must be a permanent or temporary federal employee.
• You must be working on a full-time or part-time basis.
• You must work in a position that is eligible for FEGLI coverage.
• You must enroll within 60 days of your eligibility date.

What are the coverage options under FEGLI life insurance?

FEGLI offers three main types of coverage:

• Basic coverage: Provides a death benefit of your annual basic pay plus $2,000. This coverage is automatic and requires no enrollment.
• Standard coverage: Provides an additional death benefit of your annual basic pay. Requires enrollment and a medical examination if you are over 45 years old.
• Optional coverage: Provides an additional death benefit of up to 5 times your annual basic pay. Requires enrollment and a medical examination regardless of age.

How much does FEGLI life insurance cost?

The cost of FEGLI life insurance varies depending on your age, coverage amount, and coverage type. The following table provides an overview of the cost of FEGLI coverage:

Note that the cost of FEGLI coverage will increase as you age, and the cost of optional coverage will increase with the coverage amount.

FAQ about FEGLI life insurance

Is FEGLI life insurance mandatory?

No, FEGLI life insurance is optional. However, if you are a federal employee, you are automatically enrolled in basic coverage.

Can I change my FEGLI coverage?

Yes, you can change your FEGLI coverage at any time. You can increase or decrease your coverage amount or switch to a different coverage type. Note that any changes in coverage will require a medical examination if you are over 45 years old.

Can I continue my FEGLI coverage after retirement?

Yes, you can continue your FEGLI coverage after retirement if you meet the following requirements:

• You must have been enrolled in FEGLI for at least five years before retirement.
• You must retire on an immediate annuity that lasts for the duration of your lifetime.
• You must enroll in the coverage within 31 days of your retirement date.

What happens to my FEGLI coverage if I leave federal service?

If you leave federal service, you may be able to continue your FEGLI coverage through the Temporary Continuation of Coverage (TCC) program. The TCC program allows you to keep your FEGLI coverage for up to 31 days after your separation date. After that, you may be eligible for the Conversion Privilege, which allows you to convert your FEGLI coverage to an individual policy with the same level of coverage.

Is FEGLI coverage taxable?

No, FEGLI coverage is not taxable.

How do I enroll in FEGLI life insurance?

You can enroll in FEGLI life insurance through your federal agency’s human resources office. You will need to complete the appropriate forms and provide your personal and beneficiary information. Note that you must enroll within 60 days of your eligibility date.

Conclusion

FEGLI life insurance is a valuable benefit for federal employees that provides comprehensive coverage at affordable rates. Whether you are looking for basic coverage or additional protection for yourself and your family, FEGLI has a range of coverage options to meet your needs. We hope this article has provided you with a better understanding of FEGLI life insurance and its benefits, costs, and requirements.