Review Your FEGLI Coverage Today
FEGLI (Federal Employee Group Life Insurance) Coverage
As a federal employee, you are automatically covered by FEGLI (Federal Employees Group Life Insurance), unless you have waived the option. You cannot be covered by the optional FEGLI coverage plans if you have waived your basic FEGLI coverage. The government pays for one-third the cost of your basic FEGLI coverage (the USPS covers 100% of Basic FEGLI coverage for Postal Employees), while you pay the other two-thirds. But when it comes to FEGLI optional coverage, the employees or retirees have to pay 100% of the required costs themselves.
FEGLI Rates increase as Participants age, beginning at age of 35 and then again every 5 years, the costs of FEGLI rise and ultimately far exceed the costs for many private market life insurance alternatives.
This fact can make FEGLI a very expensive life insurance program when compared to other private market life insurance available. The reason for this raised cost is that federal employees can sign up for FEGLI coverage despite any health conditions. Therefore, if you are relatively healthy you are likely subsidizing the costs of less healthy participants and can find that your insurance exceeds the costs of available comparisons by 3,4 or sometimes even as high as 10 times the cost.
Federal Life Insurance – Healthy and Insurable
The best reason to review FEGLI coverage is if you are in good health. This means that you are insurable outside your federal life insurance. CompareFEGLI.com can provide you with the most accurate and useful FEGLI comparison tools to learn more about the premiums you are paying through FEGLI and what your cheapest alternatives are. By knowing what your costs are with FEGLI and what an equivalent cost would be through another provider, you can know when to cut the costs and save big on your life insurance payments by switching to a policy offered by CompareFEGLI.
The costs for FEGLI optional coverage can also increase over time. It increases every 5 years, beginning when the employee’s age is 35, until the employee is deceased, just like Basic coverage. So if you are a retiree, you should review your FEGLI coverage as soon as possible.
Comparison between FEGLI and independent insurance providers can also give you an idea about what type of coverage you can get outside of your federal plan by paying the same amounts of premiums and many times much lower. If you choose you can go with an independent life insurance provider over FEGLI you will be able to compare FEGLI against almost any number of possible alternatives. Giving you the best possible combination of cost and death benefit through highly rated insurance companies.
The biggest benefit that federal employees receive from enrolling into FEGLI coverage plan is that there is no requirement of medical testing. If you have a pre-existing medical condition, you would be required to pay heavy premiums if you choose to go with a plan outside of FEGLI. A quick comparison and calculation can let you know that FEGLI is the best option for you and CompareFEGLI offers you the ability to input your presumed health status. The life insurance alternatives that you are shown through CompareFEGLI are not just the cheapest plans available, but the cheapest plans available for your stated health level – these are the actual prices of these life insurance policies being offered today.
Review your FEGLI insurance today; find out if it’s still the right life insurance plan for you. It might be time to change your coverage or find a new insurance altogether.
CompareFEGLI – Company Introduction
CompareFEGLI.com provides their customers with lowest-priced, top-Rated (‘A’ or better) term life insurance companies to choose from. Using this website for comparison, consumer’s FEGLI Option B savings can be calculated and the can find out how much they can save with a policy from CompareFEGLI.com. This website is the number one resource for reducing FEGLI Option B costs.
For more information, please visit CompareFEGLI.com