FEGLI (Life Insurance)

Most federal employees have FEGLI coverage through the government. However, very few federal employees understand the program. The FEGLI program is a group plan in that all federal employees are eligible no matter your current health condition. Being a part of a group plan is a huge advantage to those employees who have medical conditions but what about the employees who are healthy?

As you get older the FEGLI rates increase. Starting at age 50 the rates increase dramatically. In most cases if you are a healthy employee it is very easy to obtain better coverage at a better price in the private sector. The FEGLI program rates increase every 5 years so it is something every federal employee should monitor.

FEGLI Rates

Below is a chart with rates based on coverage of $250,000 (5x base pay of $50,000/year)

Age Cost Coverage Cost per Pay Period
Under 35 $0.02 / thousand $250,000 $5.00 / pay period
35 – 39 $0.03 / thousand $250,000 $7.50 / pay period
40 – 44 $0.05 / thousand $250,000 $12.50 / pay period
45 – 49 $0.08 / thousand $250,000 $20.00 / pay period
50 – 54 $0.13 / thousand $250,000 $32.50 / pay period
55 – 59 $0.23 / thousand $250,000 $57.50 / pay period
60 – 64 $0.52 / thousand $250,000 $130.00 / pay period
65 – 69 $0.62 / thousand $250,000 $155.00 / pay period
70 – 74 $1.14 / thousand $250,000 $285.00 / pay period
75 – 79 $1.80 / thousand $250,000 $450.00 / pay period
80 and over $2.40 / thousand $250,000 $600.00 / pay period

If you are not sure what coverage you have you can contact Federal Retirement Group for assistance. There are codes in your paycheck that confirm what coverage you have and what you are paying. A Benefit Specialist will help you understand not only your current cost but future costs of the program.