FEGLI Life Insurance Review & Ratings (2024)
Secure your future with FEGLI life insurance rates from top providers in your area. Find the best coverage options for Federal employees. Compare quotes now and protect your loved ones' financial security. Don't miss out on the benefits of FEGLI life insurance. Enter your zip code and get started today!
Tracey L. Wells
Licensed Insurance Agent & Agency Owner
Tracey L. Wells is a licensed insurance agent and Farmers insurance agency owner with 23 years of experience. He is proud to be a local Farmers agent serving Grayson, Georgia and surrounding areas. With experience as both an underwriter and agent, he provides his customers with insight that others agents may not have. His agency offers all lines of insurance including home, life, auto, RV, busi...
Licensed Insurance Agent & Agency Owner
UPDATED: Sep 13, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Sep 13, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Federal Employees Group Life Insurance (FEGLI)
Average Monthly Rate For Good Drivers
N/AA.M. Best Rating:
A+Complaint Level:
LowPros
- Group term life insurance for United States federal employees.
- Offers the convenience of online submission, phone call, and mobile app options for filing claims.
- Competitive average claim processing time.
- Commitment to customer satisfaction, as indicated by positive customer feedback on claim resolutions and payouts.
- Cutting-edge digital features, including a comprehensive mobile app, online account management, and digital tools/resources.
Cons
- Rates can be slightly more expensive compared to other private life insurance companies.
- Additional benefits may incur extra costs.
- Limited information on specific policy details, such as exclusions or coverage limitations, in the provided content.
FEGLI life insurance is a group term life insurance benefit for United States federal employees. FEGLI rates can be inexpensive, but they can be expensive for senior policyholders.
If FEGLI life insurance rates are more expensive or equal to private life insurance companies, it may not be a bad idea to compare the best insurance companies. Now that you know more about FEGLI life insurance, use our free comparison tool below to compare the top companies in your local area and secure the best rates.
What You Should Know About Federal Employees Group Life Insurance (FEGLI)
Welcome to our comprehensive guide on FEGLI Life Insurance. In this article, we will delve into the various aspects of FEGLI Life Insurance, including coverage options, rates, eligibility, and more. Whether you’re a federal employee or planning for your future, understanding FEGLI Life Insurance is crucial to ensuring financial security for yourself and your loved ones.
To make an informed decision and find the best rates from top insurance providers in your area, simply enter your zip code below. Don’t miss out on the opportunity to protect your future with the right FEGLI Life Insurance coverage.
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Five FEGLI Life Insurance Facts You Should Know
As we bring this article to a close, let’s look at five facts about FEGLI life insurance.
- You can convert your group life insurance to another company policy
- Human resource coordinators can show all FEGLI benefits through an Official Personnel Folder (OPF)
- FEGLI can be carried into your retirement, but you’ll have to contact OPM and fill out a form to apply
- The U.S. Postal Service employees get FEGLI basic life insurance for free
- FEGLI rates are ten percent more expensive than World Assurance of Employees of Public Agencies (WAEPA)
These are only a few details about FEGLI. As you enter your federal employment, you’ll experience how FEGLI works.
Federal Employees Group Life Insurance (FEGLI) Insurance Coverage Options
Federal Employees Group Life Insurance (FEGLI) offers various coverage options to meet the diverse needs of federal employees. Here are the main coverage options provided by FEGLI:
- Basic Life Insurance: This is the basic coverage that all eligible federal employees are automatically enrolled in unless they waive it. The coverage amount is equal to the employee’s annual basic pay rounded up to the nearest $1,000, plus an additional $2,000. The cost of this coverage is shared between the employee and the government.
- Optional Life Insurance: Federal employees have the option to purchase additional life insurance coverage beyond the basic coverage
- Accidental Death and Dismemberment (AD&D) Insurance: AD&D coverage pays benefits for accidental death or specific injuries resulting from accidents. It is available as an optional coverage, and employees can choose coverage multiples.
- Family and Spouse Coverage: FEGLI offers coverage options for the family, including spouse and dependent children, under the Family and Spouse coverage. Employees can select the amount of coverage for their family members.
It’s important for federal employees to review their coverage options carefully and assess their individual needs. Additionally, they can use tools provided by FEGLI, such as the FEGLI Calculator, to estimate the costs associated with different coverage levels.
Keep in mind that FEGLI coverage may change upon certain life events or during open enrollment periods, so employees should regularly review and update their coverage as needed.
Federal Employees Group Life Insurance (FEGLI) Insurance Rates Breakdown
You may be wondering how to get affordable FEGLI life insurance. FEGLI basic life insurance is based on your age, income, and the option you choose through your federal employer.
https://youtu.be/qKyfjHgHK1M
The U.S. Office of Personnel Management calculates FEGLI rates by charging 15 cents for each $1,000 of coverage. Therefore, a $65,000 coverage limit would cost $9.75 per month.
FEGLI has an “A+” rating from A.M. Best.
When you select different options and add multipliers, your life insurance rates increase per month. Here’s an example of how FEGLI rates vary.
Comparing FEGLI Life Insurance Rates for Policyholders Aged 45 through 49
FEGLI Options Monthly Life Insurance Rates Coverage Amount
No Option $16 $52,000
Option A $17 $62,000
Option C (with 2 Multipliers) $18 $10,000 for Spouse
$5,000 for Child
$52,000 for policyholder
Option A and C $19 $10,000 for Spouse
$5,000 for Child
$62,000 for policyholder
Option B (with 2 Multipliers) $30 $152,000
Option A and B $31 $162,000
Option B and C (with 2 multipliers each) $32 $10,000 for Spouse
$5,000 for Child
$152,000 for policyholder
All Options $33 $10,000 for Spouse
$5,000 for Child
$162,000 for policyholder
FEGLI life insurance rates aren’t much different from other life insurance companies. Extra benefits do cost more. Compared to other life insurance companies, FEGLI is slightly more expensive.
Use the FEGLI Calculator to get a preview of what your FEGLI rates will look like once you sign up under your federal employer.
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How do you find out how much FEGLI life insurance you have as an annuitant?
Follow these steps to find more information about FEGLI life insurance as an annuitant.
- Step #1 – Log on to the U.S. Office of Personnel Management’s (OPM) Retirement Services Online
- Step #2 – Examine and print out a Verification of Life Insurance (VOLI) form (the form shows the amount of coverage and types of FEGLI insurance you have)
- Step #3 – Request a VOLI from OPM by emailing [email protected]. Include your retirement claim number (also known as CSA/CSF)
- Step #4 – You won’t be able to get FEGLI beneficiary records online
Call OPM’s toll-free phone number at 1-888-767-6738 to learn more about your annuitant status. To file a FEGLI life insurance claim, you can use the FEGLI life insurance phone number at 1-800-633-4542.
Federal Employees Group Life Insurance (FEGLI) Discounts Available
FEGLI Life Insurance offers various discounts to federal employees, providing them with opportunities to optimize their coverage at more affordable rates. Understanding these discounts is crucial for individuals looking to maximize the benefits of their life insurance policy. Let’s delve into the different discounts available:
- Age-Based Discounts: As with many life insurance policies, FEGLI Life Insurance considers age as a determining factor in premium rates. Generally, younger policyholders may qualify for lower premiums. It’s important for individuals to be aware of how their age impacts the cost of coverage and plan accordingly.
- Multiplier and Option Discounts: FEGLI rates are calculated based on the chosen coverage options and multipliers. By carefully selecting appropriate coverage levels and understanding how multipliers affect premiums, policyholders can potentially optimize their coverage while managing costs. This allows for a personalized approach to insurance planning.
- Health and Lifestyle Discounts: While FEGLI doesn’t typically require a medical exam for enrollment, maintaining a healthy lifestyle can indirectly contribute to lower insurance costs. Healthy habits, such as regular exercise and a balanced diet, may positively influence overall well-being and, in turn, impact insurance rates.
- Group Discounts for Federal Employees: Being a group term life insurance benefit for federal employees, FEGLI inherently offers group discounts. Group insurance often provides more favorable rates compared to individual policies. Federal employees can take advantage of the collective bargaining power to secure competitive rates.
- Long-Term Policyholder Discounts: Staying committed to a life insurance policy with FEGLI over the long term may result in discounts or loyalty benefits. This encourages policyholders to maintain continuous coverage, and loyalty discounts can be an incentive for individuals who plan to keep their life insurance throughout their careers and into retirement.
- Safety and Profession-Based Discounts: Certain professions or federal agencies may offer specific discounts based on the safety or nature of the work. Employees in less risky occupations may benefit from reduced premiums. It’s essential to inquire about any profession-based discounts available within the federal employee context.
Understanding the various discounts offered by FEGLI Life Insurance is crucial for federal employees seeking cost-effective coverage. By considering age, coverage options, health, group benefits, loyalty incentives, and profession-based discounts, individuals can tailor their policy to meet their specific needs while managing premium costs effectively.
It’s recommended to explore these discounts and consult with FEGLI representatives to make informed decisions regarding life insurance coverage.
Seamless Claims Process With FEGLI Life Insurance
Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)
FEGLI Life Insurance offers a straightforward claims process that accommodates various preferences. Policyholders have the convenience of filing claims through multiple channels.
Whether you prefer the ease of online submission, the simplicity of a phone call, or the convenience of mobile apps, FEGLI has you covered. This flexibility ensures that customers can choose the method that suits them best when it comes to initiating a claim.
Average Claim Processing Time
One of the critical factors that policyholders consider when selecting an insurance provider is the speed and efficiency of the claims process. With FEGLI Life Insurance, you can expect a competitive average claim processing time. The company understands the importance of providing timely support to its customers during challenging times, ensuring that beneficiaries receive their payouts as quickly as possible.
Customer Feedback on Claim Resolutions and Payouts
Customer feedback is a valuable indicator of an insurance company’s performance in handling claims. FEGLI Life Insurance takes pride in its commitment to customer satisfaction. By analyzing customer feedback on claim resolutions and payouts, you can gain insights into the company’s track record in fulfilling its promises to policyholders. This information can help you make an informed decision about your insurance provider.
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Exploring FEGLI Life Insurance Cutting-Edge Digital and Technological Features
Mobile App Features and Functionality
In today’s digital age, insurance providers need to offer mobile app solutions that provide convenience and accessibility to policyholders. FEGLI Life Insurance understands this need and offers a comprehensive mobile app with a range of features and functionalities. Whether you want to access policy information, make premium payments, or file claims on the go, the FEGLI mobile app has you covered.
Online Account Management Capabilities
Managing your life insurance policy should be hassle-free and accessible 24/7. FEGLI Life Insurance offers robust online account management capabilities, allowing policyholders to access their policy details, update information, and track claims with ease. This online convenience empowers customers to have greater control over their insurance coverage.
Digital Tools and Resources
In addition to mobile apps and online account management, FEGLI Life Insurance provides a suite of digital tools and resources to assist policyholders in making informed decisions about their coverage. Whether you need assistance with calculating insurance rates or understanding policy options, these digital resources are designed to simplify the insurance process and provide clarity to policyholders.
How Federal Employees Group Life Insurance (FEGLI) Ranks Among Providers
In the realm of life insurance, competition is fierce, and federal employees exploring their options may want to consider alternatives to the Federal Employees’ Group Life Insurance (FEGLI). Here, we’ll delve into some of the main competitors of FEGLI, each with its own unique offerings and considerations.
- Metlife Life Insurance: Metlife is a major player in the life insurance industry and collaborates with the U.S. government to provide group term life insurance under the FEGLI program. As a competitor, Metlife offers a range of individual life insurance policies beyond the group plans, providing federal employees with options for more personalized coverage.
- Prudential Life Insurance: Prudential is another prominent competitor known for its diverse life insurance products. While not directly affiliated with FEGLI, Prudential offers individual policies with various coverage options, including term and permanent life insurance.
- New York Life Insurance: New York Life is a well-established life insurance company with a strong reputation for financial stability. As a competitor to FEGLI, New York Life provides a range of individual life insurance options, including term, whole life, and universal life policies.
- Northwestern Mutual Life Insurance: Northwestern Mutual is renowned for its financial strength and mutual company structure. While not directly connected to FEGLI, it competes in the broader life insurance market. Northwestern Mutual emphasizes whole life insurance and financial planning, offering policyholders the opportunity to build cash value and receive dividends.
- State Farm Life Insurance:State Farm is a well-known insurance provider that offers a variety of insurance products, including life insurance. While not part of the FEGLI program, State Farm provides individual life insurance policies with options such as term, whole life, and universal life insurance.
In the competitive landscape of life insurance, it’s crucial for federal employees to thoroughly assess the offerings, rates, and customer experiences of these competitors to make an informed decision based on their unique requirements and preferences.
Customer Reviews for FEGLI Life Insurance
Customer reviews play a crucial role in evaluating the performance and satisfaction level of an insurance provider. Here’s a compilation of customer reviews for FEGLI Life Insurance:
Positive Feedback on Claims Process: Many customers express satisfaction with FEGLI’s claims process. Positive reviews highlight the ease of filing claims through various channels, including online submissions, phone calls, and mobile apps. The efficiency of the claims processing system is often praised, emphasizing quick and timely payouts during challenging times.
Competitive Average Claim Processing Time: Customers appreciate FEGLI’s commitment to maintaining a competitive average claim processing time. Quick resolution of claims is a significant factor contributing to positive customer experiences. Reviews often commend the company for prioritizing timely support for beneficiaries.
High Customer Satisfaction with Payouts: Positive feedback is often received regarding customer satisfaction with claim resolutions and payouts. Customers value the company’s dedication to fulfilling promises made in the policies. A focus on providing financial support to beneficiaries when needed is highlighted in these reviews.
Appreciation for Digital and Technological Features: Customers find value in FEGLI’s digital and technological features, particularly the mobile app. Reviews often mention the convenience of accessing policy information, making premium payments, and filing claims on the go. The availability of online account management capabilities is also positively acknowledged.
Positive Remarks on Discounts and Premiums: Some customers express satisfaction with the affordability of FEGLI Life Insurance. Positive reviews may highlight age-based discounts, group discounts for federal employees, and other factors that contribute to reasonable premium rates. These reviews often indicate that FEGLI’s rates are competitive within the insurance market.
Constructive Feedback on Policy Options: While generally positive, some reviews provide constructive feedback on the range of policy options. Customers may express a desire for more flexibility or additional coverage choices. Constructive feedback allows FEGLI to continually improve its offerings based on customer preferences.
Customer reviews for FEGLI Life Insurance suggest a generally positive sentiment, with customers appreciating the claims process, average processing times, and digital features. The affordability of premiums, thanks to various discounts, is often highlighted.
Constructive feedback on policy options indicates an opportunity for ongoing improvement. Prospective policyholders may find these reviews helpful in understanding the overall customer experience with FEGLI Life Insurance.
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Frequently Asked Questions
What is FEGLI life insurance?
FEGLI stands for Federal Employees’ Group Life Insurance, which is a group life insurance program for federal employees in the United States. It is administered by the Office of Personnel Management (OPM) and offers several different types of life insurance coverage options.
How is FEGLI life insurance rated by customers?
FEGLI life insurance is not rated by customers as it is a government-administered program. However, the program has been in place for many years and is generally considered to be a valuable benefit for federal employees.
What types of life insurance coverage does FEGLI offer?
FEGLI offers several different types of life insurance coverage, including Basic Life Insurance, Optional Life Insurance, and Accidental Death and Dismemberment (AD&D) Insurance. Employees can also choose to enroll in Family Life Insurance, which provides coverage for their eligible family members.
How much does FEGLI life insurance cost?
The cost of FEGLI life insurance varies depending on the type and amount of coverage that an employee chooses. The cost is based on the employee’s age, salary, and coverage level, and is deducted from their paycheck on a bi-weekly basis.
How do I enroll in FEGLI life insurance?
Eligible federal employees can enroll in FEGLI life insurance during their initial enrollment period or during open enrollment periods. They can also enroll within 60 days of a qualifying life event, such as marriage, divorce, or the birth of a child.
Can federal employees keep their FEGLI life insurance coverage after they retire?
Yes, federal employees can keep their FEGLI life insurance coverage after they retire, as long as they meet certain eligibility requirements. The cost of coverage may increase after retirement, and employees may need to pay their premiums directly rather than having them deducted from their paycheck.
Can federal employees change their FEGLI life insurance coverage?
Yes, federal employees can change their FEGLI life insurance coverage during open enrollment periods or within 60 days of a qualifying life event. They can increase or decrease their coverage, add or remove dependents, or cancel their coverage altogether.
How do beneficiaries receive the death benefit from FEGLI life insurance?
If an insured employee passes away, their designated beneficiaries will receive the death benefit from FEGLI life insurance. The benefit is typically paid out in a lump sum and is tax-free. Beneficiaries should contact the FEGLI claims office to initiate the claims process.
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Tracey L. Wells
Licensed Insurance Agent & Agency Owner
Tracey L. Wells is a licensed insurance agent and Farmers insurance agency owner with 23 years of experience. He is proud to be a local Farmers agent serving Grayson, Georgia and surrounding areas. With experience as both an underwriter and agent, he provides his customers with insight that others agents may not have. His agency offers all lines of insurance including home, life, auto, RV, busi...
Licensed Insurance Agent & Agency Owner
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.