federal-employee-retirement-benefits

FEGLI

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Federal Employee Group Life Insurance

FEGLI is the group life insurance policy offered to Federal Employees.  Everyone is eligible for coverage immediately upon their hire date without any medical questionnaire or examinations.  Other than the hire date, you are also eligible to pick up additional coverage within 60 days of a major life event such as:

  • Marriage
  • Divorce
  • Death of Spouse
  • New child

 

The program has open enrollment dates where anyone can increase their coverage. However, they are extremely rare events.  If you are interested in adding FEGLI besides these events, you can still do so if you are willing to prove your insurability by submitting a physical with the Request for Insurance Form (SF 2822).  The requirement is that you have not reduced your FEGLI coverage in over a year.  You can reduce or drop FEGLI coverage at any time. 

Types of Coverage Options

FEGLI has four different parts. You have to elect the basic coverage before you can select the additional A, B or C Options. Learn more about the options on Maximizing Federal Employee Group Life Insurance (FEGLI) Benefits

FEGLI-Options

Costs of FEGLI

Cost of FEGLI will increase over time. Because it is based on your income, as the income grows, your coverage and cost will grow.  Also, depending on the options you select, the cost are associated with an age band.  This means that certain option’s price will jump significantly as you get older.  You can learn more about this on Comparing Federal Employee Group Life Insurance (FEGLI Option B) with Term Life Insurance: Which is Right for You?

 

Retirement Options

You are eligible to maintain your FEGLI coverage if you have been in the program for over 5 years prior to your retirement.  Keep in mind that some of the cost continue to increase because of the age band. Learn more about it on FEGLI ABC – Federal Employee Group Life Insurance Options in Retirement

 

Sources: Federal Employee Group Life Insurance (opm.gov)

Federal Retirement Planning

At PlanWell, we are focused on federal retirement planning. If you have additional federal benefit questions, reach out to our team of CERTIFIED FINANCIAL PLANNER™ (CFP®) and Chartered Federal Employee Benefits Consultants (ChFEBC℠). Choose a Financial Planner for federal employees. We provide federal retirement planning workshops for federal employees. Federal retirement planning webinars for federal employees, designed just for Feds! Learn more about our process designed for the career federal employee.

Preparing for a federal retirement? Check out our scheduled federal retirement workshops. Sign up for our no-cost federal retirement webinars here! Make sure to plan ahead and reserve your seat for our FERS webinar, held every three weeks. Interested in having PlanWell host a federal retirement seminar for your agency? Reach out, and we can collaborate with HR to arrange an on-site FERS seminar.

Want to fast-track your federal retirement plan? Skip the FERS webinar and start a one-on-one conversation with a ChFEBC today. You can schedule a one-on-one meeting here.

Federal Retirement Workshops - FERS Webinars

Sign up today for our FERS webinar here. Federal retirement webinars designed to cover every benefit in only 3 hours. The FERS workshop covers: FERS pension, survivor benefit, Social Security, Special Retirement Supplement (SRS), Thrift Savings Plan (TSP), Federal Employee Group Life Insurance (FEGLI), Federal Employee Health Benefits (FEHB),  and Federal Long-Term Care Insurance Program (FLTCIP). Interested in having PlanWell host a federal retirement seminar for your agency? Reach out, and we can coordinate with your agency’s HR to have an on-site federal retirement seminar. PlanWell can do a FERS seminar or CSRS seminar. 

Financial Planner for Federal Employees Near Me

Secure your financial future with the expertise of a Financial Advisor for government employees near you. Choose PlanWell Financial Planning and benefit from our experienced federal retirement planning specialists. Choose a Financial Advisor for federal employees. Contact us today to embark on your journey toward a secure and prosperous future.

Chartered Federal Employee Benefits Consultant Near Me

Plan your federal retirement with the expertise of a Chartered Federal Employee Benefits Consultant near you. Choose PlanWell Financial Planning to sit with a Financial Planner for federal employees and benefit from our experienced ChFEBC team. Contact us today to receive your personalized FERS estimate.