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Money and Finances
Reply to "FEGLI is kind of a ripoff, right?"
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[quote=Anonymous]OP, my DH and I are of a similar age and have the basic FEGLI coverage (100% of our incomes). I attended a FEGLI seminar and there are definitely some good reasons to keep it. One is that when you retire (at a certain minimum age, as I recall), you can elect to reduce your coverage to 25% of your final federal income, and the government pays 100% of the premium. Assuming your final federal salary was 100k or more, this gives your survivors a significant chunk of money, tax free and at no cost to you once you've retired, to cover your final expenses. I believe there are other perks but can't recall offhand. But you should definitely look into it more before you drop FEGLI coverage, since you'd probably never be able to re-enroll. I agree though that it doesn't make sense once you hit your 50s to buy FEGLI coverage at more than 100% of your income, unless you have significant household debt or low college savings.[/quote]
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