Federal Employees’ Group Life Insurance
As a federal employee, you’re typically covered by basic life insurance through the Federal Employees’ Group Life Insurance program (FEGLI), and premiums are deducted from your paycheck unless you waive the coverage. As a FEGLI policyholder, you may choose from three optional types of coverage (Standard, Additional and Family) to supplement your basic coverage.
FEGLI is term life insurance, meaning that it provides a defined benefit if the policyholder dies during the period of time — the term — specified in the policy. Unlike permanent insurance such as whole-life policies, FEGLI does not build up any cash value or paid-up value.
When considering the role FEGLI plays in safeguarding your loved ones’ financial security, some essential questions to ask include:
- Is FEGLI alone adequate to meet all of my life insurance needs … or should I consider supplementing it with commercial insurance?
- What FEGLI options meet my insurance needs and budget?
- What happens to my FEGLI when I separate from government service or retire?
- How does FEGLI or other life insurance fit into my financial plan?
We’re ready to help you determine answers to these questions, assess your life insurance needs, and develop an insurance strategy as part of a comprehensive financial plan to help you pursue your goals. To learn more, contact a trusted First Command Financial Advisor today.