Retire with Confidence
Replacing your FEGLI policy with another term life insurance can potentially save thousands of dollars, which begs the question: How much could YOU be saving?
Make sure you understand the cost increase as you get older, and the financial impact it could have on your finances.
What Is FEGLI?
In 1954, the Federal Government established the Federal Employee Group Life Insurance (FEGLI) Program. With over four million federal employees, retirees and their family members, it is the largest group life insurance program in the world.
How Much Does FEGLI Option B Cost?
According to the comptroller General of the United States, private sector insurance programs typically cost less and provides greater coverage than the FEGLI program. To the surprise of many federal employees, FEGLI Option B increases every five years after you turn 45 – that’s a 2254% increase from age 45 to age 75. It’s no wonder why so many feds make the switch to low cost level term life insurance policies.
Can You Replace Or Cancel FEGLI Benefits?
You are able to cancel and replace your FEGLI benefits at anytime. You can find the link to the form you need to submit to your HR office here.
Find Out How Much You Could Be Saving
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