Do You Need to Compare FEGLI with Other Life Insurance Policies?

What Factors Should You Consider When Comparing FEGLI with Other Federal Life Insurance Companies?

Are you a federal employee or retiree and worried about the right federal life insurance policy? Then here is a quick advice for you- don’t stick to FEGLI coverage only. Due to its dramatic increase in price as participants age, FEGLI coverage becomes unaffordable for many federal workers. The risings costs and FEGLI rates are the primary reason you should compare other federall life insurance plans against the cost of FEGLI and find the one that suits your financial needs.

Here are some of the factors that you should consider when comparing FEGLI with other life insurance policies to help you choose the right federal life insurance plan to protect you and your family.

1. Certified Plan

One of the biggest factors that you should consider when choosing to buy federal life insurance from a local insurance professional is the credentials and background of the professional you’re working wtih.  Make sure that the company is reliable and offers licensed services. Certification ensures that the coverage plan is designed in accordance with the state laws and regulations.

2. No Medical Underwriting

You may wish to seek an insurance policy with no medical underwriting involved.  It means that all the options of coverage plans will be available to you irrespective of your health issues. Although FEGLI also does not need medical underwriting, the coverage plan is only available to federal workers or retirees.  The challenges here are the costs of these plans (and in part why FEGLI is so expensive).  When No Underwriting is used, the costs are typically more expensive than if a covered person goes through underwriting.

3. Flexibility

FEGLI provides an all-inclusive coverage solution to federal employees and retired workers by offering them four coverage options, but due to FEGLI rate considerations people look for other options. When comparing local insurance plans with FEGLI, one must keep in mind that the plan is flexible and has more than coverage options. This is because, needs of people vary with their financial obligations. So it is wise to go for a coverage plan which is flexible enough to suit your changing financial needs.

4. Dismemberment / Accidental Death Advantages

When comparing FEGLI with other insurance provides, you should also keep in mind that the policy gives you benefits like accidental death compensation, dismemberment advantage. You should also keep in mind that the coverage plan you are choosing against FEGLI should give death compensation irrespective of the cause of the death, thus ensuring your family maximum financial security.
For more information about FEGLI rates and other coverage plans, visit http://localhost/comperold.


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