FEGLI Life Insurance Review [2024]
This FEGLI life insurance review goes over coverage for federal employees and their families. Federal Employees' Group Life Insurance (FEGLI) costs depend on salary and age, starting at just $.15 per $1,000 of coverage. FEGLI can continue after retirement, or you can transfer benefits to a private insurer.
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Brad Larson
Licensed Insurance Agent
Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...
Licensed Insurance Agent
UPDATED: Sep 2, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Sep 2, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
This article will go into a FEGLI life insurance review, exploring its benefits, coverage options, eligibility requirements, and how it compares to other available life insurance plans to federal employees.
If you work for the United States federal government you have the option of group life insurance through the Federal Employees’ Group Life Insurance, or FEGLI. The costs vary as it is based on age and salary.
Unlike personal term life insurance, FEGLI tends to increase as your yearly income goes up. However, you can convert your FEGLI life insurance into a private life insurance policy.
To learn how to convert your FEGLI group term life insurance, read our guide. If you want to compare FEGLI life insurance rates to those of life insurance companies in your area, enter your ZIP code in the FREE online tool above.
- FEGLI is a group term life insurance policy for federal employees
- You can choose a life insurance beneficiary under FEGLI
- FEGLI was established in the summer of 1954
What You Need to Know About FEGLI
The Federal Employees’ Group Life Insurance (FEGLI) is a group life insurance program that gives federal employees term life insurance. Life insurance rates are deducted from checks every two weeks or whatever pay period that’s set up by the employee’s workplace.
FEGLI started on August 29, 1954. The program is still in effect and holds a FEGLI open season, which ends on December 15. FEGLI’s life insurance open season runs parallel to the Healthcare Marketplace.
FEGLI life insurance customer service is provided by the Office of Federal Employees’ Group Life Insurance (OFEGLI), which is managed by MetLife today. There is affordable group life insurance for government employees.
For Federal Employee’s Group Life Insurance inquiries you can contact the Office of Federal Employees’ Group Life Insurance. The FEGLI phone number is 1-800-633-4542.
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The Difference Between FEGLI and WAEPA
The Worldwide Assurance for Employees of Public Agencies (WAEPA) is a nonprofit organization formed by federal employees in 1943. Under WAEPA, federal employees can receive cheaper, more reliable life insurance options.
WAEPA is known for issuing life insurance rates that are 89 percent lower than FEGLI. Like FEGLI, WAEPA is group term life insurance and provides life insurance for over 46,000 policyholders.
The Federal Employees’ Group Life Insurance program is considered affordable and has several benefits options to meet all the needs of federal employees. FEGLI options provide federal employees with flexible options and affordable coverage options, making it an additional reliable choice for those seeking basic life insurance options for themselves and their families.
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Determining Your FEGLI Life Insurance
There are several ways to find out how much FEGLI life insurance you have. However, it depends on your position.
FEGLI as an Annuitant
- Log on to the U.S. Office of Personnel Management’s (OPM) Retirement Services Online. Review and print out a Verification of Life Insurance (VOLI) — a form that shows the amount of coverage and types of FEGLI insurance you have.
- Request a VOLI from OPM by emailing [email protected]. Be sure to include your retirement claim number (also known as CSA/CSF). You won’t be able to get FEGLI beneficiary records online.
You can call OPM toll-free at 1-888-767-6738. To file a FEGLI life insurance claim, you can use the FEGLI life insurance phone number at 1-800-633-4542.
If you are wondering, “How can federal employees find out more about their FEGLI benefits?”, you can talk to your human resources coordinator and ask about your FEGLI benefits. Human resources should have an Official Personnel Folder (OPF), which is information containing your FEGLI benefits.
FEGLI Cost Calculator
OPM allows guests and federal employees to estimate the cost of FEGLI insurance using their automated calculation website. You’ll have to enter your name (optional), current salary, current age, payment schedule, insurance option, and whether you’re a United States Postal Employee.
Knowing that your loved ones can be financially taken care of can provide peace of mind.Kristen Gryglik Licensed Insurance Agent
Once you put in all the required information, you see the estimated FEGLI payment, FEGLI life insurance payout, and FEGLI life insurance payout timeline. If you want to calculate FEGLI life insurance, check out the FEGLI payout calculator.
FEGLI life insurance rates increase by age as employees get older. It’s more important to review all of your coverage options and understand how much life insurance costs as a federal employee no matter what stage of coverage you are in based on age.
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FEGLI Conversion Rates
FEGLI conversion rates are life insurance rates calculated after you’ve ended your FEGLI policy. You can convert your FEGLI policy to a private life insurance company with no medical exam. However, be prepared to provide one just in case the life insurance company asks for it.
The best time to convert your FEGLI policy is when you’re leaving federal work, changing jobs that don’t have FEGLI, or if you retire without meeting specific coverage requirements.
FEGLI life insurance rates appear as more affordable than private life insurance, but the rates are close to the average costs of other life insurance companies. The average term life insurance cost is $14 to $19 per month.
The Cost of FEGLI Coverage
Federal life insurance rates for programs like FEGLI vary based on age, coverage level, and any other specific options that are necessary for themselves and their health.
You’ll pay about $.15 for every $1,000 of coverage in a bi-weekly paycheck and $.32 per month for every $1,000 of coverage. FEGLI life insurance increases every five years.
However, when you convert, your rates are not determined by paycheck, it’s determined by age and health. Therefore, you’re likely to receive a flat rate per month, but it’ll increase at a higher rate under private life insurance. Check out the cheapest life insurance companies for comparison.
If you convert to a whole life insurance policy, check out the top whole life insurance companies.
Top 20 Whole Life Insurance Companies by Market Share
| Insurance Company | Market Share | Monthly Rates |
|---|---|---|
| Metropolitan Life (MetLife) | 19.5% | $27 |
| Prudential Financial | 16.3% | $26 |
| New York Life | 12.5% | $28 |
| John Hancock | 9.8% | $28 |
| Lincoln National | 8.7% | $26 |
| MassMutual | 7.9% | $28 |
| AIG | 6.2% | $27 |
| State Farm | 5.3% | $25 |
| Northwestern Mutual | 4.6% | $29 |
| Principal Financial Group | 3.2% | $25 |
| Guardian Life | 2.9% | $26 |
| Transamerica | 2.6% | $26 |
| Pacific Life | 2.3% | $27 |
| American National | 2.0% | $25 |
| Nationwide | 1.8% | $25 |
| Mutual of Omaha | 1.6% | $26 |
| Protective Life | 1.5% | $25 |
| Ohio National | 1.4% | $24 |
| Banner Life | 1.3% | $24 |
| Brighthouse Financial | 1.2% | $25 |
In the insurance industry, these companies are considered the best life insurance companies. Their rates are competitive, so be sure to use our FREE comparison tool to compare life insurance rates.
FEGLI Continuation of Life Insurance
When a federal employee retires or receives payments from FEGLI, they’ll have the option to continue using FEGLI as their life insurance provider.
They’ll need to fill out the OPM Continuation of Life Insurance Coverage form. Once they complete it, return the FEGLI life insurance form to the OPM as soon as possible.
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FEGLI Coverage During Retirement
The Federal Employees’ Group Life Insurance provides life insurance to federal employees, retirees, and their families. When you get to the point of retirement you can still look at FEGLI for coverage, but there may be some different rules that you have to abide by.
To be able to continue basic insurance after retirement you must have had coverage for at least 5 years leading up to retirement.
Your coverage may also change if you alter the cost package for the insurance.
Your FEGLI premiums are typically withheld from your annuity payments.
If you do not meet the requirements to continue your FEGLI coverage you then will have the option to convert to a private insurance company, but the cost could be more.
FEGLI coverage is not considered portable unless you stay in federal service or retire.
FEGLI life insurance after retirement allows federal employees to continue their coverage and maintain full FEGLI coverage benefits options or choose a reduction as their needs may change. This helps the ease of worrying about coverage after you retire.
Buying FEGLI Life Insurance
As you get older it’s important to understand how life insurance works. Planning financially for your loved ones is the purpose of life insurance. You can buy life insurance privately or through your employer if it’s an option. At the end of the day, for federal or private employees, it’s important to know the benefits of buying life insurance and planning.
Federal employees often explore all of their federal life insurance options to make sure they have the best and most affordable coverage for their life and health needs.
A federal life insurance policy like FEGLI offers all government employees and their families a good and safe choice for essential financial protection for all phases of their lives.
FEGLI group term life insurance is one of the benefits for federal employees. As long as you work for the federal government, you’ll have FEGLI. If you want a permanent life insurance policy, you’ll need to find a private life insurance company.
You don’t have to keep FEGLI. Convert your FEGLI policy into a permanent life insurance policy with a life insurance company.
Ready to buy life insurance? Before you commit to converting your FEGLI life insurance, enter your ZIP code in the FREE comparison tool below to compare multiple companies in your local area.
Frequently Asked Questions
What is FEGLI?
FEGLI stands for Federal Employees’ Group Life Insurance. It is a group life insurance program that provides term life insurance coverage for federal employees.
How does FEGLI differ from WAEPA?
WAEPA, or Worldwide Assurance for Employees of Public Agencies, is a nonprofit organization offering federal employees life insurance options. WAEPA provides cheaper and more reliable life insurance rates than FEGLI.
Many federal employees decided to have coverage with WAEPA life insurance because it has a diverse portfolio of coverage options for competitive rates.
How can I find out how much FEGLI life insurance I have?
To find out your FEGLI coverage, contact the Office of Personnel Management (OPM) at 1-888-767-6738 or use their online estimation tool.
What are the FEGLI conversion rates?
FEGLI conversion rates refer to the rates calculated when converting a FEGLI policy into a private life insurance policy. These rates are determined based on your age and health. Research and compare term life insurance quotes if you are considering moving away from your federal employee benefits.
What does the FEGLI continuation of life insurance mean?
When a federal employee retires or leaves federal service, they have the option to continue their life insurance coverage under FEGLI by filling out the OPM Continuation of Life Insurance Coverage form and submitting it to the OPM.
How does FEGLI work for retirement?
Some may ask, “Does FEGLI continue after retirement?” and the answer is yes. Per some Federal Life insurance reviews, your FEGLI coverage can continue after retirement, but different rules may apply.
How long does a FEGLI claim take?
The initial processing of claims in within 10 to 15 days until all documentation is complete.
How long does it take for FEGLI to pay?
After all correct documents are received and processed, payment can take 30 to 60 days for the benefits to be paid out.
How much does FEGLI cost?
The cost of basic coverage is based on your age and salary. Premiums are lower for younger employees and increase as you age. The cost of how much FEGLI basic life insurance depends on a few factors
Depending on the coverage the premiums can range from $.10 to $.33 per $1,000 of coverage.
The FEGLI life insurance calculator also known as the FEGLI Premium Calculator can be found on the OPM website.
How can I cancel my FEGLI life insurance?
Luckily, this is a straightforward process. You will need to know exactly what coverage you want to cancel, fill out the necessary forms, submit, and wait for confirmation of the changes. You need to understand the consequences of the changes. If you cancel your FEGLI coverage you cannot reenroll. Canceling your FEGLI could impact your family’s financial security, so be sure of your decision before any actions are taken.
How do I challenge a FEGLI beneficiary?
This is a complex process but not impossible. If you believe that a FEGLI beneficiary designation was made under pretenses, such as fraud, undue influence, or a mistake, you will need to take certain steps to contest it.
When is the government life insurance open season?
Instead of there being an open enrollment season, as a new employee you can enroll in coverage. There are then certain life events like marriage, divorce, or the birth of a child that can allow you to change coverage options. If an open season is announced you can then increase or change your medical coverage without needing medical underwriting.
What are the best options for government life insurance companies?
There are a few main programs: Federal Employees’ Group Life Insurance (FEGLI), Worldwide Assurance for Employees of Public Agencies (WAEPA), Government Employees’ Benefit Association (GEBA), and National Active and Retired Federal Employees Association (NARFE).
DOD employees seek affordable group life insurance to ensure comprehensive coverage while managing their budget.
When is FEGLI open enrollment?
FEGLI does not have an annual open enrollment period. The only times that open enrollments are announced by OPM are typically when there are changes in the program.
Outside of open enrollment, there are special circumstances that allow you to enroll or change your status, such as becoming a new employee, qualifying life events, or meeting life insurance needs.
Where can I find the FEGLI life insurance beneficiary form?
This form is also known as the SF 2823 form. It can be accessed on the Office of Personnel Management (OPM) website. You can go to their main website and go to the OPM Form page and find what you need.
What is the FEGLI insurance phone number?
The main phone number for FEGLI is handled through the Office of Personnel Management, or OPM. The phone line is open from 7:40 AM-5:00 PM Eastern Time. The FEGLI phone number is 1-888-767-6738.
What is the main comparison between FEGLI and private life insurance?
FEGLI provides a benefit equal to your annual salary, rounded up to the next thousand dollars, plus an additional $2,000. FEGLI also allows you to purchase up to five times your annual salary for coverage.
Private insurance provides specific coverage for a specific amount of time, usually 10, 20, or 30 years with a fixed premium and death benefit. With private insurance, you also have the option of whole life insurance, which offers coverage for your entire life, with a savings component that grows over time.
Your life insurance quotes are always free.
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Brad Larson
Licensed Insurance Agent
Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
