COST of FEGLI – How to Reduce the Cost of Your Federal Life Insurance?

The two biggest considerations when looking at your FEGLI and choosing what federal employee life insurance is best for you are;

A) The type of federal life insurance policy you are buying

B) How much federal life insurance you get for the cost of FEGLI.

Although for federal and postal employees FEGLI is a great option when that employee is young, there are almost certainly better federal employee life insurance options as the federal employee grows older. Here is a quick look at the COST of FEGLI and some of those easy tips:

1. Compare FEGLI with Cost

It has become easier than ever to compare the pros and cons of FEGLI compared to other life insurance companies. Side-by-side comparisons not only help you make the right decision, but also allow you to understand the cost increases that FEGLI goes through. So before choosing you federal insurance company, make sure that you have done your research and compared your FEGLI against whatever federal employee life insurance is available in your State. CompareFEGLI makes available one of the most user friendly online comparison engines in existance.  Through CompareFEGLI you will also be introduced to local FEGLI experts to help you make the best decision for you. If you have inadequate knowledge about federal employee life insurance options and rates, you should consult experienced financial professionals who can help you select from any number of options available to you.

2. Manage Your FEGLI rates

The most obvious consideration that you must keep in mind when choosing a federal employee life insurance plan is the price you pay. Make sure that the plan you select is one that you can afford. That being said, there are quite a few types of federal life insurance policies that have different benefits and different prices, so depending on your situation, you should first run a comparison and then talk with a local professional.  If you do both, you are bound to find the life insurance option that makes the most sense for you and your family. FEGLI is only one option and although FEGLI can be relatively inexpensive when you are young – the price of Federal Employees Group Life Insurance rises dramatically as you age and by the time you are 50 the costs begin to outweigh most private market life insurance options available.  You should also consider locking in your costs with a ‘fixed term’ policy and make sure your costs can’t rise for years to come.

3. Right Size Your Federal Life Insurance Policy

You will want to make sure that the federal life insurance you buy not only is affordable, but also can give you loved-ones the money they need if you died. One of the most important steps for purchasing federal employee life insurance is making sure you have the right amount of insurance you have purchased. For example, if you are a Federal employee or retiree and your family would suffer if they lost your income – then you should make sure that your family’s well-being is protected, by having enough life insurance.

4. Get The Right Type of Federal Life Insurance

All life insurance is not created equal. Life insurance coverage like FEGLI offers a number of coverage options and depending on your circumstances it may make sense to keep a portion of your FEGLI coverage in your later years and into retirement. But there is a lot of evidence that suggests you would want to look at FEGLI comparison – not just with other, cheaper, term life insurance, but possibly with other types of life insurance all together. That is why working with a local professional makes such a large difference. You can also consult a financial professional to determine what type of federal life insurance is best for you in the long run and whether you should select a federal insurance company or a private market company with possibly lower cost of FEGLI.
There are online comparison engines, which not only allow you to compare the costs of FEGLI against other, cheaper, life insurance but also gives you the choice as to whether you want to work with local experts who can help you determine what type of insurance really is best for you. This combination provides you an opportunity to understand the benefits and considerations of various insurance policies and can help you choose the most appropriate one for you.

For more information about your FEGLI coverage & your FEGLI Cost or to find a local, financial professional who can answer your questions and can help you make the best decision, visit CompareFEGLI.com