FEGLI questions
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Anonymous
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Can any feds help me with FEGLI? My HR office is useless and my brain is fried. I am 33 and currently have basic coverage. I am going to have a baby in 7 weeks and want to increase my coverage to $1M at that life event. My current salary is $104K. Here are the new rates and the 3 options http://www.opm.gov/retirement-services/calculators/fegli-calculator/
Can anyone help me figure out what I should select and how much it will cost me in premiums? We currently have a private policy in which I pay $102 month for life insurance and disability insurance. Will the FEGLI cost me more? (I know FEGLI doesnt cover disability) but the life insurance was approx $50 for $750K. Are there any other good reasons for getting FEGLI and dropping the private insurance? I plan to stay with the feds for a long time (hopefully forever). Thanks! |
Anonymous
| If you have basic, which is 1x your salary, plus a roundup, you can only increase it by a factor of one per each life event. So after you have the baby, you can increase it to 2x your salary. Regardless, the maximum is less than $1 million. I think the max is 5x your salary. So I would increase it, but keep your current insurance. As to the cost, there is a calculator on the OPM website. When I started my job HR did not accurately explain FEGLI coverage, so, like you, I elected basic coverage, since they told me I could increase it with a life event. What they failed to explain was that I could not increase it to the maximum with a life event. So now I have to wait until there is an open season, which has not happened in many years. I have no other coverage; long story. |
Anonymous
| You can get the max with a life changing event; I did when I had DS. They changed the rules. |
Anonymous
| Many people think you can get much better coverage privately..we did not use FEGLI. Recommend you research other options. |
Anonymous
| 1:16 here again. I ust checked the FEGLI handbook, on the OPM website. I was correct. However, you can elect up to as many multiples you want, with a life event, for Option C. That covers your spouse and/ or child. That is a max of I think $25 k. What I would do is (what I did until they rejected it ) would be to go ahead and max out your multiples on basic and see what happens. Mine was rejected and I could only increase 1x per life event. I really hate HR, incompetent morons. Very frustrating to deal with. |
Anonymous
| If you are healthy I would drop FEGLI and get a private policy |
Anonymous
| Look at WAEPA. I've had them for 30 years and much better then FEGLI.... |