FEGLI Life Insurance Review 
FEGLI life insurance is a program designed to give federal employees death benefits as they work for the federal government. Life insurance through FEGLI is determined by the federal employee's salary and age and can even continue after the federal employees retire. During your federal employment or before you retire, you can move your FEGLI life insurance policy to a private policy. Compare multiple companies and shop around to find the best rates.
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UPDATED: Dec 16, 2020
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- FEGLI is a group term life insurance policy through the U.S. federal government.
- You can pick your beneficiaries under FEGLI like any other life insurance policy.
- FEGLI was established in the summer of 1954.
Anyone who works for the United States federal government will eventually see FEGLI life insurance deducted from their paychecks. FEGLI is a government-issued life insurance policy. The costs vary like any term life insurance quotes.
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.
What is 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 life insurance open season runs parallel to the Healthcare Marketplace.
FEGLI vs. 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 and 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.
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Can you find out how much FEGLI life insurance you have?
There are several ways to find out how much FEGLI life insurance you have. However, it depends on your position.
Finding How Much FEGLI You Have as an Annuitant or a Compensationer
- 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.
Locating FEGLI Benefits as a Federal Employee
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.
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 State Postal Employee.
Once you put in all the required information, you see the estimated FEGLI payment and FEGLI life insurance payout. If you want to calculate FEGLI life insurance, check out the FEGLI life insurance calculator.
What are the 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.
It may appear FEGLI life insurance rates are more affordable than private life insurance, but the rates close to average. The average term life insurance cost is $14 to $19 per month.
How does FEGLI work?
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.
If you’re going to convert to a whole life insurance policy, check out the top whole life insurance companies.
|Companies||Direct Written Premiums||Market Share|
|New York Life||$9,925,848,300||5.68%|
|Minnesota Mutual Group||$4,422,100,028||2.70%|
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These companies are considered the best because of their place in the United States life insurance industry. Their rates are competitive, so be sure to use our FREE comparison tool to compare life insurance rates.
What does the FEGLI continuation of life insurance mean?
When a federal employee retires or receives payments from FEGLI, they’ll have an 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.
FEGLI Life Insurance: The Bottom Line
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.