FEGLI stands for Federal Employees’ Group Life Insurance and is one of numerous government programs set in place for federal workers. As an eligible federal employee, a person is automatically enrolled for this basic insurance program.
Everyone should have life insurance in case of a fatal incident, and federal personnel are entitled to have several options in choosing the amount of life insurance that is right for them. FEGLI offers three types of optional insurance, including a standard amount of $10,000; an annual option that is offered in an amount from one to five times the annual rate of a basic pay after rounding salary numbers up to the next even $1,000; and a family selection, which gives one to five multiples of coverage for a spouse and eligible dependent kids.
There are numerous benefits to have a FEGLI policy, including group rates and convenient payroll deductions. In the event of a financial emergency, it is also possible to take out a FEGLI loan. The loan doesn’t require any payments to be made and the repayment is handled from the proceeds of a death benefit. Thus, FEGLI policies not only help loved ones of the deceased, but it can also help you in times of financial crisis.
To learn more about borrowing from FEGLI, give us a call at 1-888-274-1777.