FEGLI Press Release 1-29-2014
For Immediate Release
New York City, New York- 29th January 2014- The FEGLI Rates calculator provided by CompareFEGLI.com helps Federal and Postal employees reduce their life insurance costs. CompareFEGLI.com provides a clear and easy to understand illustration showing FEGLI Option B costs compared against private Insurance Company alternatives.
FEGLI is the group term life insurance offered to U.S. Federal and U.S. Postal employees. Although FEGLI covers roughly 4 million participants, the cost for FEGLI rises substantially as Participants age, especially for those individuals who have selected any of the Optional FEGLI coverage available (Such as FEGLI Option B or Option C). These cost increases are more pronounced after 50 years old and the FEGLI calculator provided by CompareFEGLI.com allows Participants to compare their future FEGLI rates against less expensive options.
“Most Federal and Postal employees don’t recognize how severe the cost increases really are and even fewer recognize the impact of FEGLI Reductions, especially after retirement” said a spokesperson for CompareFEGLI.com, an online FEGLI calculator and FEGLI comparison website.
FEGLI increases in costs every 5 years starting at age 35 and by the time a participant reaches 50 years old, FEGLI is almost certainly more expensive than many private term insurance policies that may be available. Even more telling is the difference in costs over a 20-year or longer period of time. Simply put, if a participant intends to maintain insurance into retirement, FEGLI is almost certainly more expensive than other options available. Using a FEGLI calculator, that shows the long-term cost increases, federal and postal employees can compare various policies side-by-side to see how their FEGLI expenses measure up today and also how they increase over time.
Moreover, participants oftentimes benefit from a consultation with an Independent Financial Professional who can advise them on other potential Insurance solutions. CompareFEGLI.com is the only FEGLI Calculator on the Internet that also introduces users to local, Independent, Financial Professionals that can help the consumer make the right decisions for themselves.
“For employees, especially those who are approaching 50 years old or older, it is always a good idea to see how much they could save by using CompareFEGLI.com. And just as important, you should recognize that the amount you will pay for life insurance increases the longer you wait to lock in your new policy. If you’ve considered protecting your family with life insurance, in retirement, you should lock in your insurance today – your costs will only get more expensive, the older you get.”
www.comparefegli.com is your online resource for comparing the FEGLI rates of postal and federal employee against private term life insurance companies. The service can compare up to 3 term insurance policies with FEGLI for the user to easily see what their savings would be.