How does federal employee life insurance work?

FEGLI Coverage. Unless they waive coverage, most Federal employees have Basic Life Insurance under the Federal Employees’ Group Life Insurance Program. Basic Life Insurance is equal to the actual rate of annual basic pay (rounded to the next $1,000) plus $2,000, or $10,000, whichever is greater.

What is the federal retirement plan?

FERS is a retirement plan that provides benefits from three different sources: a Basic Benefit Plan, Social Security and the Thrift Savings Plan (TSP). Then, after you retire, you receive annuity payments each month for the rest of your life.

What kind of life insurance does a federal employee have?

Federal Employee Group Life Insurance. What is it? The Federal Employees’ Group Life Insurance, or FEGLI, is the largest group life insurance program in the world. If you are a new federal employee, you are automatically covered by basic life insurance.

When was federal employees group life insurance created?

The U.S. government created the Federal Employees’ Group Life Insurance Program (FEGLI) in 1954. Since then, it has steadily grown in terms of numbers of policyholders. It is the largest group life insurance program across the globe, according to OPM.gov.

Which is the largest federal life insurance program?

It is the largest group life insurance program in the world, covering over 4 million Federal employees and retirees, as well as many of their family members. Most employees are eligible for FEGLI coverage. FEGLI provides group term life insurance.

What do federal employees need to know about FEGLI?

As a group insurance program, FEGLI provides group term life insurance to Federal Employees. It can help you solve for a variety of life insurance needs. Those needs may include income protection for dependents, death benefit protection for outstanding household financial obligations, or other important concerns.