Tag: Federal Employees Group Life Insurance

Federal Employees Group Life Insurance

The Federal Employees Group Life Insurance or FEGLI is a group life insurance program aimed at providing benefits of insurance to the federal employees.

Viatical Settlements and FEGLI

FIRST PUBLISHED ON COMPAREFEGLI.COM

FEGLI and Viatical Settlements

viatical settlementsViatical Settlements, in case you didn’t know, are defined as the sale of a policy owner’s existing life insurance policy to a third party for more than its cash surrender value, but less than its net death benefit.  The buyer becomes the policy owner and pays the premiums, and gets the death benefits when you die.

Where FEGLI is concerned, there is no cash value, but that’s not stopping you from assigning it to one or more assignees, and one of these may be a viatical settlement company. READ MORE:

MORE FEGLI ARTICLES:

Evaluating your life insurance policy by Todd Carmack

Converting FEGLI to Individual Life Insurance After Separation From Federal Service

Who Gets Your FEGLI Life Insurance Benefits When You Die?

FEGLI Death Benefits Claim Guide

FEGLI Death Benefits Claim Guide

death benefits FIRST PUBLISHED ON COMPAREFEGLI.COM If you die while still covered by your FEGLI life insurance, your designated beneficiary or beneficiaries need to file a claim for FEGLI death benefits. The following links contain useful resources to aid beneficiaries in how to pursue these benefits.   READ MORE:

 

MORE FEGLI RELATED ARTICLES:

What is FEGLI Option A, Option B and Option C?

Evaluating your life insurance policy by Todd Carmack

Converting FEGLI to Individual Life Insurance After Separation From Federal Service

Who Gets Your FEGLI Life Insurance Benefits When You Die?

FEGLI – Federal Life Insurance Living Benefits Guide

 

Death Benefits: Trustee Designation For FEGLI

FIRST PUBLISHED ON COMPAREFEGLI.COM

Trustee Designation For FEGLI Death Benefits

death benefitsDid you know that federal employees and retirees can establish a trust to receive your FEGLI death benefits? This can be done through an inter vivos (living) trust, or through a testamentary trust that is created through your will upon your death. Your survivors and beneficiaries can then purse the claims to receive the benefits they are due. The following links contain more resources for a survivor seeking to receive FEGLI death benefits. Be sure to remain informed and take advantage of every resource involving FEGLI and receiving death benefits.

 

These links will give you more information about FEGLI and survivor benefits. Stay informed! READ MORE:

 

OTHER FEGLI RELATED ARTICLES:

What is FEGLI Option A, Option B and Option C?

Evaluating your life insurance policy by Todd Carmack

Converting FEGLI to Individual Life Insurance After Separation From Federal Service

Who Gets Your FEGLI Life Insurance Benefits When You Die?

FEGLI – Federal Life Insurance Living Benefits Guide

FEGLI Accidental Death and Dismemberment Benefits

First published on CompareFEGLI.com

accidental deathFEGLI Accidental Death and Dismemberment (AD&D) Benefits

You or your beneficiaries can claim FEGLI accidental death and dismemberment (AD&D) benefits when you, as the insured, suffer from loss of life, limb or eyesight. The following  READ MORE:

OTHER FEGLI RELATED ARTICLES:

What is FEGLI Option A, Option B and Option C?

Evaluating your life insurance policy by Todd Carmack

Converting FEGLI to Individual Life Insurance After Separation From Federal Service

Who Gets Your FEGLI Life Insurance Benefits When You Die?

FEGLI – Federal Life Insurance Living Benefits Guide

 

Concurrent Employment: How Much FEGLI Coverage Do You Get?

First published on COMPAREFEGLI.COM

How Much FEGLI Coverage Do You Get With Concurrent Employment?

concurrent employmentConcurrent employment, in this reference, is where a federal employee is working for and earning federal wages from more than one agency. If you’re wondering when and how this is possible, there are certain situations which make it possible.

For example, you could be temporarily be reassigned to another agency, while still being expected to do some of the work you were already doing for your original employing agency. You could be in nonpay status for a position, and be asked to serve in another capacity for the interim.

In any case, the only eligibility requirement in cases of concurrent employment is that at least one of your positions should entitle you to be enrolled in FEGLI. So the next obvious question is about the coverage amount, and which agency will pay the government contribution towards your FEGLI premiums. READ MORE…

MORE FEGLI RELATED ARTICLES:

 

What is FEGLI Option A, Option B and Option C?

Evaluating your life insurance policy by Todd Carmack

Converting FEGLI to Individual Life Insurance After Separation From Federal Service

Who Gets Your FEGLI Life Insurance Benefits When You Die?

FEGLI – Federal Life Insurance Living Benefits Guide

 

Impact of Breaks in Service on Your FEGLI Coverage

First published on CompareFEGLI.com

Impact of Breaks in Service on Your FEGLI Coverage

breaks in serviceIt’s not uncommon for federal employees to take breaks in service and then come back to work for their employing agency, reinstated into their prior position. Under such situations, what happens to your FEGLI coverage? READ MORE:

MORE FEGLI ARTICLES:

What is FEGLI Option A, Option B and Option C?

Evaluating your life insurance policy by Todd Carmack

Converting FEGLI to Individual Life Insurance After Separation From Federal Service

Who Gets Your FEGLI Life Insurance Benefits When You Die?

FEGLI – Federal Life Insurance Living Benefits Guide

 

Reemployed Annuitants and FEGLI

FIRST PUBLISHED ON COMPAREFEGLI.COM

FEGLI For Reemployed Annuitants

annuitantsSo you decided to hang up your federal employment boots and enjoy retirement benefits such as FEGLI for annuitants. But then you get lured back into the federal workforce, whether by want or need or the call of duty. Whatever the reason, one of the things you have to sort out here will be about your life insurance coverage. READ MORE:

MORE FEGLI ARTICLES:

What is FEGLI Option A, Option B and Option C?

Evaluating your life insurance policy by Todd Carmack

Converting FEGLI to Individual Life Insurance After Separation From Federal Service

Who Gets Your FEGLI Life Insurance Benefits When You Die?

FEGLI – Federal Life Insurance Living Benefits Guide

 

Pending Retirement Claims and FEGLI

FIrst published on COMPAREFEGLI.COM

FEGLI and Pending Retirement Claims

pending retirement

So you’re eligible for FEGLI and your life insurance coverage will continue when you are an annuitant after federal separation. But there’s a twilight zone in between the two, when your reettirement claim is pending. What happens to your coverage if you die in this twilight zone or if your insurance gets terminated? The following links discuss your pending retirement in further detail. READ MORE…

OTHER FEGLI ARTICLES:

What is FEGLI Option A, Option B and Option C?

Evaluating your life insurance policy by Todd Carmack

Converting FEGLI to Individual Life Insurance After Separation From Federal Service

Who Gets Your FEGLI Life Insurance Benefits When You Die?

FEGLI – Federal Life Insurance Living Benefits Guide

FEGLI Eligibility For Your Spouse

First published on CompareFEGLI.com

FEGLI Eligibility For Your Spouse

fegli eligibilityFederal employees are themselves automatically enrolled into the FEGLI life insurance program, but their family members are not. You can elect to include coverage and FEGLI eligibility for your spouse and children through FEGLI Option C. The following links contain more information about FEGLI eligibility for your further reading. Remember to stay informed and utilize every resource at your disposal.  READ MORE…

MORE FEGLI ARTICLES:

What is FEGLI Option A, Option B and Option C?

Evaluating your life insurance policy by Todd Carmack

Converting FEGLI to Individual Life Insurance After Separation From Federal Service

Who Gets Your FEGLI Life Insurance Benefits When You Die?

FEGLI – Federal Life Insurance Living Benefits Guide

 

Reconsidering FEGLI Life Insurance at Age 55

First published on COMPAREFEGLI.COM

Reconsidering FEGLI Life Insurance at Age 55

fegli life insuranceThe age of 55 is a critical milestone when it comes to federal retirement benefits and plans. If you have put in 30 years of service, this is the age when you become eligible to retire early and take full retirement benefits through the Federal Employees Retirement System (FERS) or Civil Service Retirement System (CSRS). Age 55 is also when you are able to start withdrawing your Thrift Savings Plan (TSP) fund investments without triggering the 10 percent penalty. You may believe this to be the case with FEGLI Life Insurance.

But when it comes to the Federal Employees Group Life Insurance (FEGLI) Program, it’s the reverse.  READ MORE…

OTHER FEGLI ARTICLES:

What is FEGLI Option A, Option B and Option C?

Evaluating your life insurance policy by Todd Carmack

Converting FEGLI to Individual Life Insurance After Separation From Federal Service

Who Gets Your FEGLI Life Insurance Benefits When You Die?

FEGLI – Federal Life Insurance Living Benefits Guide

 

FEGLI Eligibility For Children

First published on CompareFEGLI.com

FEGLI Eligibility For Children

FEGLI eligibility is not as simple as it may seem. Federal employees are themselves automatically enrolled into the FEGLI life insurance program, but their family members are not. You can elect to include coverage for your spouse and children through FEGLI Option C. The following links have more information regarding FEGLI eligibility. Be sure to use every resource at your disposal.  READ MORE…

MORE FEGLI ARTICLES TO READ:

What is FEGLI Option A, Option B and Option C?

Evaluating your life insurance policy by Todd Carmack

Converting FEGLI to Individual Life Insurance After Separation From Federal Service

Who Gets Your FEGLI Life Insurance Benefits When You Die?

FEGLI – Federal Life Insurance Living Benefits Guide

 

FEGLI Eligibility: How to Request Reconsideration

First Published on CompareFEGLI.com

How to Request FEGLI Eligibility Reconsideration

Most federal and Postal Service employees are automatically enrolled into the Federal Employees Group Life Insurance (FEGLI) program when they are first hired. However, in the rare case that there is some confusion over your FEGLI eligibility for federal life insurance and you are not enrolled, it may be incumbent on you to request reconsideration. The following links contain more information about FEGLI eligibility. Be sure to use every resource at your disposal. READ MORE…

Other FEGLI Related Articles:

What is FEGLI Option A, Option B and Option C?

Evaluating your life insurance policy by Todd Carmack

Converting FEGLI to Individual Life Insurance After Separation From Federal Service

Who Gets Your FEGLI Life Insurance Benefits When You Die?

FEGLI – Federal Life Insurance Living Benefits Guide

 

The Curious Case of FEGLI Incontestability

First published on COMPAREFEGLI.COM

The Curious Case of FEGLI Incontestability

benefitsIncontestability is where you get to keep erroneous coverage even though it is…well, erroneous. When it comes to FEGLI and federal benefits, incontestability is only possible in certain rare circumstances. READ MORE…

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Work With Local FEGLI Experts Through CompareFEGLI.com

What Factors Can Alter the Rate of FEGLI?

Using side-by-side Comparisons to Choose the Right Insurance Policy?

Easy to Understand FEGLI Calculator – Find the Right Insurance For You

What are Your FEGLI Options?

 

New FEGLI Premium Rate Tables for 2016 and beyond

First published on CompareFEGLI.com

New FEGLI Premium Rate Tables

FEGLIEffective the first pay period beginning on or after January 1, 2016, the Office of Personnel Management (OPM) has announced changes to changes in premium rates for certain Federal Employees‘ Group Life Insurance (FEGLI) categories.  READ MORE:

MORE FEGLI RELATED ARTICLES:

What are Your FEGLI Options?

FEGLI – How to Reduce the Costs of Your Life Insurance?

Do You Need to Compare FEGLI Insurance with Other Insurance Policies?

How (FEGLI) Federal Employees’ Group Life Insurance Program Works

How to Change Your Benefits Under the Federal Employees’ Group Life Insurance (FEGLI) Program

Why Compare FEGLI at Age 45

FEGLI Insurance Cancellation and Reversal of Cancellations

First published on CompareFegli.com

FEGLI Insurance Cancellation and Reversal of Cancellations

Insurance As a new federal employee, you are automatically enrolled into the Federal Employees Group Life Insurance (FEGLI) program. You can, of course, specifically provide a waiver that lets you cancel your enrollment.

But before you do so, it might be a good idea to understand the implications. READ MORE…

MORE FEGLI RELATED ARTICLES:

What are Your FEGLI Options?

FEGLI – How to Reduce the Costs of Your Life Insurance?

Do You Need to Compare FEGLI Insurance with Other Insurance Policies?

How (FEGLI) Federal Employees’ Group Life Insurance Program Works

How to Change Your Benefits Under the Federal Employees’ Group Life Insurance (FEGLI) Program

Why Compare FEGLI at Age 45

 

Erroneous FEGLI Coverage and Correction of Errors

First published on Comparefegli.com

Erroneous FEGLI Coverage and Correction of Errors

FEGLIIt doesn’t happen often, but in the rare instance that you get entangled into erroneous FEGLI coverage, it may be a good idea to know beforehand how to correct the error. READ MORE…

OTHER FEGLI RELATED ARTICLES:

FEGLI – How to Reduce the Costs of Your Life Insurance?

Do You Need to Compare FEGLI Insurance with Other Insurance Policies?

How (FEGLI) Federal Employees’ Group Life Insurance Program Works

How to Change Your Benefits Under the Federal Employees’ Group Life Insurance (FEGLI) Program

Why Compare FEGLI at Age 45

OPM to Announce Changes in FEGLI Rates, Open Season

OPM to Announce Changes in FEGLI Rates, Open Season

OPM OPM announces that rates for the Federal Employees’ Group Life Insurance (FEGLI) Program will be changing in 2016.

The headline news is that, starting Jan 2016, the rates for FEGLI Basic coverage for retirees will increase by more than 10 percent.

Specifically, the current FEGLI rate for $1,000 of basic coverage is $1.94 per month for those above age 65. The new rate for this category of enrollees will increase to $2.13.

For those under age 65 who currently pay $2.265 per month, the rate will increase to $2.455.

For the $10,000 in FEGLI Option A coverage, the rates will actually decrease for those below age 60. The rates for additional multiples of coverage amounts under FEGLI Option B will likewise decrease for those below age 75.

Rates for FEGLI Option C cover for families of federal employees will decrease for those below age 59, and stay the same for those between ages 60-69. For ages 70 and above, the rate will increase.

The new rates have been set based on an OPM study of funding and FEGLI claims in each category.

 FEGLI Open Season Coming in September 2016

In addition to these and other changes in the rates for federal employee life insurance, OPM will also announce the next FEGLI Open Season. It will be held in Sept 2016, and will allow all enrollees in the FEGLI program to modify their coverage amounts and the options they have signed up for.

Even though the open season will be held in Sept 2016, the changes made by federal and Postal service employees during this period will be effective only on Oct 2017, after a delay of a year.

The last such open season was held in 2004, and before that in 1999. Only five such open seasons have been held to-date since the inception of FEGLI.

Federal Retirement Related Articles

Understanding Your Social Security Benefits as a Federal Employee – by Gary Fouts

FERS – An Overview

Rights of Insured and Assignee After FEGLI Assignment

First published on comparefegli.com

Rights of Insured and Assignee After FEGLI Assignment

FEGLIOne of the things you can do as after being enrolled into the Federal Employees Group Life Insurance (FEGLI) program is to make an assignment. The insured or assignee can make multiple assignments, with specified percentages or fractions of the insurance to go to each assignee.

Note that you cannot assign dollar amounts, and the fractions must add up to 1.0 or the percentages assigned must add up to 100 percent.

One of the aspects that many insureds who have made a FEGLI assignment neglect to find out is about what rights they retain after assignment, and what rights are transferred to the assignees.

Here’s a brief overview of how this works.  READ MORE…

 OTHER FEGLI RELATED ARTICLES:

Using side-by-side Comparisons to Choose the Right Insurance Policy?

Easy to Understand FEGLI Calculator – Find the Right Insurance For You

What are Your FEGLI Options?

FEGLI – How to Reduce the Costs of Your Life Insurance?

Do You Need to Compare FEGLI Insurance with Other Insurance Policies?

How (FEGLI) Federal Employees’ Group Life Insurance Program Works

Individual Responsibilities of FEGLI Enrollees

First published on CompareFEGLI.com

Individual Responsibilities of FEGLI Enrollees

When you join federal employment, you are automatically enrolled into the insurance (FEGLI) program. So you don’t really have anything much to do as far as shopping around to buy life insurance is concerned. READ MORE…

 

RELATED FEGLI ARTICLES:

What are Your FEGLI Options?

FEGLI – How to Reduce the Costs of Your Life Insurance?

Do You Need to Compare FEGLI Insurance with Other Insurance Policies?

How (FEGLI) Federal Employees’ Group Life Insurance Program Works

How to Change Your Benefits Under the Federal Employees’ Group Life Insurance (FEGLI) Program

Don’t Fall For FEGLI Discounts

First published on CompareFegli.com

Don’t Fall For FEGLI Discounts

Postal

and Postal Service workers enrolled in the Federal Employees’ Group Life Insurance (FEGLI) program to shop around for savings or look for other similar life insurance products that give them the same protection and cover at a lower price.

But while doing so, it’s important to know that you cannot get any FEGLI discounts from any other insurer, or buy any supplemental insurance products that will lower your FEGLI rates and premiums.

FEGLI Discounts are unavailable because premiums are calculated based on government-wide rates and factor in your age, salary and individual enrollment in FEGLI options. Read More…

 

Other related articles

What is FEGLI Option A, Option B and Option C?

Evaluating your life insurance policy by Todd Carmack

Converting FEGLI to Individual Life Insurance After Separation From Federal Service

Who Gets Your FEGLI Life Insurance Benefits When You Die?

FEGLI – Federal Life Insurance Living Benefits Guide