3761 S Nova Rd, Suite P PMB 1037, Port Orange, FL 32129
3761 S Nova Rd, Suite P PMB 1037, Port Orange, FL 32129
At Winston & Winston Inc., we recognize the unique financial situations of every federal employee and understand that each individual has a distinct vision for their financial future. That’s why our team of FEGLI life insurance experts is dedicated to crafting personalized plans tailored to meet both short-term needs and long-term goals.
Life insurance is a crucial aspect of financial planning for individuals and families. Federal Employees Group Life Insurance (FEGLI) provides comprehensive coverage tailored to the needs of federal employees in a variety of ways listed below.
FEGLI's Basic Life Insurance offers a straightforward solution with coverage determined by an individual's annual basic pay rounded to the next thousand plus $2,000. For example, if your annual basic pay is $51,800, your coverage would amount to $54,000. The minimum coverage starts at $10,000, ensuring essential protection for all eligible federal employees.
Option A provides a fixed coverage of $10,000, available to employees with Basic Coverage. The premium rates vary based on age, offering flexibility and affordability.
Coverage under Option A remains free after age 65 or retirement, with gradual reductions implemented over time.
Option B allows employees to supplement Basic Life Insurance with coverage ranging from one to five times their basic pay. Premium rates are determined by age and coverage amount, ensuring customizable protection.
Option C extends coverage to eligible family members, providing financial security for loved ones. Premium rates vary based on age and coverage levels, allowing for tailored protection.
While Option B and C offer lifelong coverage, it’s essential to consider replacing them as premiums may become unmanageable over time.
FEGLI’s Accidental Death and Dismemberment Coverage complements Basic Life Insurance, offering additional protection at no extra cost. In the event of an accident resulting in serious injury or loss of life, this coverage provides vital support to you and your loved ones.
