Former federal employees who are retired or receiving compensation payments may be eligible for continued FEGLI life insurance coverage under certain conditions.
If you are a new federal employee, you probably need some help understanding all the federal employee benefits and perks that are now available to you. One of these benefits is the Federal Employees Group Life Insurance (FEGLI) program.
Your typical federal employee understands the value of federal benefits such as the FEGLI life insurance program only when faced with the possibility that it could be yanked away. One such reason is when you land up in Nonpay Status.
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.
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.
When you join federal employment, you are automatically enrolled into the Federal Employees Group Life Insurance (FEGLI) program. So you don’t really have anything much to do as far as shopping around to buy life insurance is concerned.
You can continue your FEGLI into retirement. But what happens to FEGLI if you seek disability retirement at an earlier date and OPM approves it?
The VOLI has all the information you need, including the types of coverage you are enrolled for, the amount of coverage you had as a federal employee before reduction, your post-retirement reduction choices, and the exact amount of coverage you will have after the reductions are complete.