Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Aug 25, 2021

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Company Details
President: No President Known
Address: PO Box 6080
City: Scranton
State: PA
ZIP Code: 18505
Phone Number: No Phone Number Known
Toll Free: ((800)) 633-4542
Website: www.opm.gov
Year Founded: 1954
AM Best Rating: A+
Company Rating 0 (0 reviews)

We all know that death is inevitable, but none of us know precisely when we’re going to go. Life insurance can be an effective way to prepare for the unavoidable. Life insurance provides coverage that allows your family to receive financial benefits after you pass.

An insurance policy is important because it protects your family and loved ones against financial crises that could occur after you die. You must choose a life insurance policy that is tailored to your financial situation and your family’s needs.

If you are a federal employee, FEGLI life insurance may be able to provide you with this coverage. Read our full FEGLI life insurance review below.

While FEGLI life insurance is limited in who it provides coverage for, you should be able to find a variety of life insurance companies that will work for you. Enter your ZIP code into our free quote comparison tool above.

What life insurance products does FEGLI offer?

The United States government introduced the Federal Employees’ Group Life Insurance (FEGLI) program over five decades ago, and it still functions as the largest group life insurance program in the world to date.

FEGLI provides group-sponsored term life insurance for over four million federal employees and retirees and their families. FEGLI pays benefits and helps with policyholders’ finances according to their life insurance agreement.

FEGLI offers different types of life insurance packages, including Basic Life Insurance, where your payroll office deducts premiums from your paycheck unless you want to waive the insurance coverage.

The FEGLI life insurance payout for the basic policy is equal to your annual salary rounded up to the nearest $1,000 increment plus $2,000.

It also includes accidental death and dismemberment coverage and an extra benefit for those under 45 which doubles the death benefit if you die younger than 35 and decreases by 10% each year until there is no extra benefit if you die at 45 or older.

In addition to this, there are three other forms of optional insurance that you can choose from. To choose any of them, your basic insurance must be active.

Optional add-ons include $10,000 of coverage, coverage equal to one to five times your annual salary, and spouse or dependent coverage.

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How much is FEGLI life insurance?

FEGLI life insurance has an affordable premium. As stated by the U.S Office of Personnel Management, it is set at a level rate per $1,000 of coverage. The current rate is $0.15 biweekly for each $1,000 of basic coverage.

The federal government pays one-third of the basic insurance cost, while the remaining two-thirds is paid by the employee.

Employees must pay the full cost for optional coverages, which can vary based on the coverage type, salary, and age. These FEGLI life insurance rates increase when you enter a new five-year age band.

The basic FEGLI life insurance rate is set at an equilibrium. This means that those who enroll for FEGLI life insurance pay an equal premium for the duration of the coverage. The premium does not change as the policyholder gets older.

This holds true regardless of age — a younger employee pays the same cost for basic life insurance coverage as an older employee.

In effect, the premium is balanced, and it’s easy to estimate costs by using the FEGLI life insurance calculator. The policyholder can use the calculator to estimate accurate premiums and coverage values over the term of the life insurance policy.

What are FEGLI’s industry ratings?

As mentioned earlier, FEGLI life insurance is a federal insurance program that provides term life insurance for federal employees. Thus, you can only access FEGLI life insurance quotes from the federal government.

With regard to its ratings, FEGLI’s A.M. Best rating is A+. This rating means that FEGLI is financially stable and expected to be capable of meeting its financial obligations, such as paying claims.

How can I get quotes or file claims?

Your employer can provide you with affordable FEGLI life insurance quotes. You will be automatically enrolled in basic FEGLI coverage when you start an eligible job.

You can also enroll with the FEGLI life insurance company when a qualifying life change occurs or during an open season.

The best way to file FEGLI life insurance claims is to report an annuitant’s death online. Also, you can choose to call OPM retirement through the hotline at (888) 767-6738.

If you are a beneficiary of the FEGLI life insurance program, simply download a claims form and send an email to the Office of Federal Employees’ Group Life Insurance (OFEGLI), an office of MetLife that handles FEGLI death claims.

The beneficiary will need to file the claims at the employing office of the deceased and they will forward the claims to the Office of Federal Employees’ Group Life Insurance.

OFEGLI will only pay the death benefits if all the required forms and supporting documents have been received.

Some of the supporting documents to add include Form FE-6 (claim for death benefits form), a certified copy of the death certificate, copies of certificates from the employing office of the deceased.

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How can I contact FEGLI?

If you are looking to contact FEGLI life insurance, you can use different methods of communication like sending an email or calling. If you want to use the former, please contact FEGLI at [email protected] For the latter, the number to call is (800) 307-8298.

You can also reach FEGLI through your employer.

Who should buy FEGLI life insurance?

FEGLI life insurance is made for employees of the federal government. It is designed for their use, and these are the people that are most likely to need this insurance program.

Federal workers constitute a large part of the United States’ workforce, so it may be in their best interest to buy the FEGLI life insurance policy. However, the FEGLI policy is not transferable, which means that you will lose coverage if you leave the federal government.

FEGLI can provide a simple way to protect you and your family, but if you can afford to buy a private insurance policy, this may be a better option.

If you would like to compare your FEGLI life insurance to other private insurance companies in your area, enter your ZIP code into our free quote comparison tool below.

FEGLI Life Insurance Review [2021] Additional Information

 

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