The Group Life Insurance (FEGLI COVERAGE) covers most Federal Employees. Take advantage of one of the open enrollment periods. In either case, it is important you understand how this program works. And how to get the most out of your hard-earned dollars.
Most Federal Employees sign up for this benefit. When they are hired. And they tend to forget about it. As the contribution is taken out of their paychecks. It’s easy not to worry about $5-$8 per pay period. FEGLI offers substantial coverage for very affordable bi-weekly premiums for people under 55 years old. However, through Option B you are allowed to take up to 5 times your base salary. And it is with Option B that many employees end up getting caught off guard.
The same insurance that costs you $5-$8 per pay period. When you get hired can cost you as much as $171+ per pay period between the ages of 55 and 60. And continues to go up every 5 years.
Consequently, many employees never notice the gradual increase in premiums until the day it really jumps.
MOST PEOPLE AGE 55 OR OVER ARE CAUGHT OFF GUARD AND SIMPLY CAN’T AFFORD OR JUSTIFY THE PREMIUMS AND CANCEL THE COVERAGE
The result is many employees end up spending over $30,000 in insurance premiums. And then have to cancel it. When they are more likely to need it and left with nothing to show for the money they spent. However, this can all be avoided by understanding exactly how FEGLI works and changes over your career and planning accordingly.
Make sure you are getting the most out of your hard-earned money. Don’t take chances with your future and your retirement. Internal Benefits Advisors can provide you with the knowledge, information, and advice to make the right decisions.
Call us today at (800) 484-5993. To secure your FREE counseling session appointment to review your federal benefits and retirement outlook!
