The Federal Government established the Federal Employees' Group Life Insurance (FEGLI) Program on August 29, 1954. 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. As such, it does not build up any cash value or paid-up value. It consists of Basic life insurance coverage and three options. In most cases, if you are a new Federal employee, you are automatically covered by Basic life insurance and your payroll office deducts premiums from your paycheck unless you waive the coverage. In addition to the Basic, there are three forms of Optional insurance you can elect. You must have Basic insurance in order to elect any of the options. Unlike Basic, enrollment in Optional insurance is not automatic -- you must take action to elect the options.
The cost of Basic insurance is shared between you and the Government. You pay 2/3 of the total cost and the Government pays 1/3. Your age does not affect the cost of Basic insurance. You pay the full cost of Optional insurance, and the cost depends on your age.
The OPM’s website also has a FEGLI calculator which enables you to determine the value of your FEGLI coverage.
The calculator, as well as other information regarding FEGLI coverage can be accessed via https://www.opm.gov/healthcare-insurance/life-insurance/
The JNET also has extensive information on the FEGLI program and can be accessed via http://jnet.ao.dcn/human-resources/benefits/life-insurance
If you missed enrollment for FEGLI (first time in 12 years) or want additional coverage, then you have options as a member of NCBC, one of our exclusive benefits is access to private life insurance at a discounted rate via our benefits administrator FedAdvantage. Full information on the life insurance products they offer can be accessed via the benefits section of the NCBC website or https://www.fedadvantage.com/life-insurance%20