September 17
All About FERS- What is FEGLI?
FEGLI, Life Insurance
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Hi, my name is Mike Lanway, I'm a financial planner. I'm an expert in federal employee benefits, and I'm here to help you decide what you need to do to make best use of those benefits to your advantage.
FEGLI- Federal Employee Group Life Insurance. Did you enroll in that in the first 60 days of your career? Are you still within your first 60 days of your career? It's really important if you are in that 60 day window. FEGLI is life insurance that you get to sign up for without any underwriting. They don't want to know your current health status, they don't want to know your medical history, and they don't want to know your family's medical history. They wipe all that out so you get to enroll and you get the coverage without having qualified for it.
If you're in that 60 day window takes some time to understand what kind of life insurance needs to have and how FEGLI could help you supply that need. That's what it's for. If you're already past your 60 days and you've already enrolled in FEGLI, then decide every year. Go through it and say, 'is this the right amount of coverage for me?' If it's too little, we need to get coverage elsewhere. If it's too much, we can pare that down.
It's up to us to decide how much coverage we need on ourselves, how much coverage do we need on our family members, and for how long do we need it? Then take time every year to think it through and see if we need to make any adjustments. FEGLI- Federal Employee Group Life Insurance. It's a great program, it's a great opportunity if you're in that 60 day window. Take advantage of it. If you already took advantage of it, make sure you're reassessing every year.
"FEGLI is life insurance that you get to sign up for without any underwriting. "
We hope you enjoyed our video series on the different components of your retirement and your benefits. If you want to see more, learn more at your own pace, use our annual benefit statement. You'll see the link at the bottom and within the description. Go there, take a look at it, we think you'll be happy with what you see and and that it's going to help you.