FEGLI conversion

[Anonymous]

I’m leaving federal service for a private sector job that only offers 1x salary in life insurance. I currently have the 5x FEGLI. Due to a medical condition, I have been denied private term life insurance. The OPM website says that if you depart federal service, you can convert your FEGLI policy to a private carrier without medical screening, but it gives no information on rates. If you have done a FEGLI conversion, did your premiums go up by a lot?

[Anonymous]

Never did it, but I’d assume that private carriers set their own rates?

[Anonymous]

It converts to whole life, which is garbage.

You may want to try another broker before you decide to continue FEGLI; it is overpriced even when you are in federal service.

I was also rejected outright by two life insurance companies. The third sold me a 20-year $1m policy for $100/mo. FEGLI, in service, was 1x salary for $86/month.

[Anonymous]

Anonymous wrote:It converts to whole life, which is garbage.

You may want to try another broker before you decide to continue FEGLI; it is overpriced even when you are in federal service.

I was also rejected outright by two life insurance companies. The third sold me a 20-year $1m policy for $100/mo. FEGLI, in service, was 1x salary for $86/month.

My former coworker converted to term at the same rate he paid for FEGLI.