FEGLI Life Insurance Review & Ratings (2023)
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Laura Walker
Former Licensed Agent
Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...
Former Licensed Agent
UPDATED: May 24, 2023
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Welcome to our comprehensive guide on FEGLI Life Insurance. In this article, we will delve into the various aspects of FEGLI Life Insurance, including coverage options, rates, eligibility, and more. Whether you’re a federal employee or planning for your future, understanding FEGLI Life Insurance is crucial to ensuring financial security for yourself and your loved ones.
To make an informed decision and find the best rates from top insurance providers in your area, simply enter your zip code below. Don’t miss out on the opportunity to protect your future with the right FEGLI Life Insurance coverage.
FEGLI Life Insurance Policies
FEGLI Life Insurance Company provides group term life insurance through MetLife Life Insurance Company and the United States federal government.
You can voluntarily buy FEGLI life insurance or cancel your policy at any time if you’re not happy with FEGLI rates or policy.
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How much is FEGLI life insurance?
You may be wondering how to get affordable FEGLI life insurance. FEGLI basic life insurance is based on your age, income, and the option you choose through your federal employer.
The U.S. Office of Personnel Management calculates FEGLI rates by charging 15 cents for each $1,000 of coverage. Therefore, a $65,000 coverage limit would cost $9.75 per month.
FEGLI has an “A+” rating from A.M. Best.
When you select different options and add multipliers, your life insurance rates increase per month. Here’s an example of how FEGLI rates vary.
| FEGLI Options | Monthly Life Insurance Rates | Coverage Amount |
|---|---|---|
| No Option | $16 | $52,000 |
| Option A | $17 | $62,000 |
| Option C (with 2 Multipliers) | $18 | $10,000 for Spouse $5,000 for Child $52,000 for policyholder |
| Option A and C | $19 | $10,000 for Spouse $5,000 for Child $62,000 for policyholder |
| Option B (with 2 Multipliers) | $30 | $152,000 |
| Option A and B | $31 | $162,000 |
| Option B and C (with 2 multipliers each) | $32 | $10,000 for Spouse $5,000 for Child $152,000 for policyholder |
| All Options | $33 | $10,000 for Spouse $5,000 for Child $162,000 for policyholder |
FEGLI life insurance rates aren’t much different from other life insurance companies. Extra benefits do cost more. Compared to other life insurance companies, FEGLI is slightly more expensive.
Use the FEGLI Calculator to get a preview of what your FEGLI rates will look like once you sign up under your federal employer.
How do you find out how much FEGLI life insurance you have as an annuitant?
Follow these steps to find more information about FEGLI life insurance as an annuitant.
- Step #1 – Log on to the U.S. Office of Personnel Management’s (OPM) Retirement Services Online
- Step #2 – Examine and print out a Verification of Life Insurance (VOLI) form (the form shows the amount of coverage and types of FEGLI insurance you have)
- Step #3 – Request a VOLI from OPM by emailing [email protected] Include your retirement claim number (also known as CSA/CSF)
- Step #4 – You won’t be able to get FEGLI beneficiary records online
Call OPM’s toll-free phone number at 1-888-767-6738 to learn more about your annuitant status. To file a FEGLI life insurance claim, you can use the FEGLI life insurance phone number at 1-800-633-4542.
Five FEGLI Life Insurance Facts You Should Know
As we bring this article to a close, let’s look at five facts about FEGLI life insurance.
- You can convert your group life insurance to another company policy
- Human resource coordinators can show all FEGLI benefits through an Official Personnel Folder (OPF)
- FEGLI can be carried into your retirement, but you’ll have to contact OPM and fill out a form to apply
- The U.S. Postal Service employees get FEGLI basic life insurance for free
- FEGLI rates are ten percent more expensive than World Assurance of Employees of Public Agencies (WAEPA)
These are only a few details about FEGLI. As you enter your federal employment, you’ll experience how FEGLI works.
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FEGLI Life Insurance Review: What’s the bottom line?
FEGLI life insurance is a group term life insurance benefit for United States federal employees. FEGLI rates can be inexpensive, but they can be expensive for senior policyholders.
If FEGLI life insurance rates are more expensive or equal to private life insurance companies, it may not be a bad idea to compare the best insurance companies.
Now that you know more about FEGLI life insurance, use our free comparison tool below to compare the top companies in your local area and secure the best rates.
Frequently Asked Questions
What is FEGLI life insurance?
FEGLI stands for Federal Employees’ Group Life Insurance, which is a group life insurance program for federal employees in the United States. It is administered by the Office of Personnel Management (OPM) and offers several different types of life insurance coverage options.
How is FEGLI life insurance rated by customers?
FEGLI life insurance is not rated by customers as it is a government-administered program. However, the program has been in place for many years and is generally considered to be a valuable benefit for federal employees.
What types of life insurance coverage does FEGLI offer?
FEGLI offers several different types of life insurance coverage, including Basic Life Insurance, Optional Life Insurance, and Accidental Death and Dismemberment (AD&D) Insurance. Employees can also choose to enroll in Family Life Insurance, which provides coverage for their eligible family members.
How much does FEGLI life insurance cost?
The cost of FEGLI life insurance varies depending on the type and amount of coverage that an employee chooses. The cost is based on the employee’s age, salary, and coverage level, and is deducted from their paycheck on a bi-weekly basis.
How do I enroll in FEGLI life insurance?
Eligible federal employees can enroll in FEGLI life insurance during their initial enrollment period or during open enrollment periods. They can also enroll within 60 days of a qualifying life event, such as marriage, divorce, or the birth of a child.
Can federal employees keep their FEGLI life insurance coverage after they retire?
Yes, federal employees can keep their FEGLI life insurance coverage after they retire, as long as they meet certain eligibility requirements. The cost of coverage may increase after retirement, and employees may need to pay their premiums directly rather than having them deducted from their paycheck.
Can federal employees change their FEGLI life insurance coverage?
Yes, federal employees can change their FEGLI life insurance coverage during open enrollment periods or within 60 days of a qualifying life event. They can increase or decrease their coverage, add or remove dependents, or cancel their coverage altogether.
How do beneficiaries receive the death benefit from FEGLI life insurance?
If an insured employee passes away, their designated beneficiaries will receive the death benefit from FEGLI life insurance. The benefit is typically paid out in a lump sum and is tax-free. Beneficiaries should contact the FEGLI claims office to initiate the claims process.