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FEGLI CALCULATOR

In today’s ever-evolving landscape, ensuring the safeguarding of your financial future is paramount. With the Federal Employees’ Group Life Insurance (FEGLI) program, federal employees have access to comprehensive coverage tailored to meet their unique needs. Here, Winston & Winston Inc. has provided a comprehensive overview to help you navigate the intricacies of FEGLI life insurance.

Understanding FEGLI Coverage

Established on August 29, 1954, the FEGLI Program stands as the largest group life insurance program globally, providing coverage for over 4 million Federal employees, retirees, and their families. FEGLI offers group term life insurance, comprising Basic life insurance coverage and three optional plans.

Basic Insurance:

Most new Federal employees are automatically enrolled in Basic life insurance, with premiums deducted from their paycheck unless coverage is waived. Basic insurance does not accumulate cash value or paid-up value and is cost-shared between the employee and the government.

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Optional Insurance:

In addition to Basic coverage, FEGLI offers three forms of Optional insurance, which include Option A, Option B, and Option C. Unlike Basic insurance, enrollment in Optional coverage requires active election by the employee. The cost of Optional insurance is solely borne by the employee and varies based on age.

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Your Financial Security Matters

In navigating the complexities of FEGLI life insurance, prioritizing your financial security is key. Whether you’re a new federal employee exploring coverage options or a seasoned professional assessing benefit changes, understanding your FEGLI coverage and leveraging tools like the Federal Employee Life Insurance Calculator empower you to make informed decisions that align with your financial goals.

Open Season and Benefit Changes

While FEGLI open seasons are infrequent, enrollees retain the flexibility to cancel, reduce, or make changes to their coverage at any time, without waiting for an open season. Qualifying life events such as marriage or birth, along with physical exams, also enable changes to coverage. For the latest information on FEGLI benefits and open season updates, visit www.opm.gov/life.

Navigating Premium Changes

Premium rates for FEGLI coverage are subject to periodic adjustments based on program experience and actuarial analysis. The recent changes announced by the Office of Personnel Management (OPM) include revisions to premium rates for Employee Basic Insurance, Option A, Option B, Option C, and Post-Retirement Basic Insurance, effective the first pay period beginning on or after October 1, 2021.

Accessing the FEGLI Calculator

Empowering federal employees with informed decision-making, the FEGLI Calculator is a valuable tool that facilitates:
Determination of face value for various coverage combinations
Calculation of premiums across different coverage options
Visualization of how selecting different Options impacts insurance amounts and premium withholdings
Understanding the evolution of life insurance coverage into retirement over time

Contact us today for FEGLI assistance and more

For further assistance or inquiries regarding the FEGLI calculator and FEGLI coverage, reach out to the team from Winston & Winston Inc. today online or call (386) 293-4420. We're committed to guiding federal employees toward financial empowerment. Reach out to explore how our specialized services can help you navigate the intricacies of FEGLI life insurance and optimize your financial well-being.