FEGLI Flashcards
What does FEGLI stand for?
Federal Employees’ Group Life Insurance
The Federal Government established the FEGLI Program on ____________ (date).
August 29, 1954
What was OPM’s gross operating budget in 2020?
~ 1.5 billion USD
How many employees did OPM have in 2020?
~ 2,900
In few words, what does OPM do?
Human resources
What does OPM stand for?
Office of Personnel Management
What kind of insurance does FEGLI provide?
Group term life insurance
What life insurance benefits do new federal employees receive automatically?
In most cases, new Federal employees are automatically covered by Basic life insurance and your payroll office deducts premiums from your paycheck unless you waive the coverage.
What are the three types of Optional insurance?
A, B, and C
Can you elect Optional insurance if you don’t have Basic insurance?
No
Does your age effect the cost of Basic insurance?
No
Does your age effect the cost of Optional insurance?
Yes
How is the cost of Basic insurance split between you and the government?
You pay 2/3 of the total cost and the Government pays 1/3.
Who owns OFEGLI (The Office of Federal Employees’ Group Life Insurance)?
MetLife, a private entity
What is the relationship between OFEGLI (The Office of Federal Employees’ Group Life Insurance) and MetLife?
MetLife owns OFEGLI
What coverage was offered when the FEGLI program started?
When the FEGLI Program started in 1954, what is now called Basic insurance was the only coverage offered.
When was Option A added to FEGLI?
1968
When were options B & C added to FEGLI?
1981
How much coverage do you get with Basic life insurance?
Your annual salary rounded up to the next $1,000, plus $2,000
How much does Basic life insurance cost?
15¢ per $1,000 of coverage per biweekly pay period; free for postal employees.
How much coverage do you get with Option A?
$10,000
How much does Option A cost?
Starts at 20¢ per biweekly pay period, goes up with age
How much coverage do you get with Option B?
1, 2, 3, 4, or 5 multiples of your salary rounded up to the next $1,000
How much does Option B cost?
Starts at 2¢ per $1,000 of coverage per biweekly pay period, goes up with age
How much coverage do you get with Option C?
1, 2, 3, 4, or 5 multiples. Each multiple equals $5,000 upon the death of a spouse and $2,500 upon the death of each eligible child.
How much does Option C cost?
Starts at 22¢ per multiple per biweekly pay period, goes up with age
When can you enroll into FEGLI or increase your
coverage?
- First 60 days as a new or newly eligible employee
- Within 60 days after a life event (marriage, divorce, death of spouse, acquire an eligible child)
- Life insurance Open Season (not annual - infrequent)
- When you pass a physical exam (Option C excluded)
When can you cancel or reduce FEGLI coverage?
Anytime
When can you designate a (new) FEGLI beneficiary?
Anytime
What form do you fill out to cancel or reduce FEGLI coverage?
SF 2817: Life Insurance Election
What form do you fill out to designate a (new) beneficiary?
SF 2823: Designation of Beneficiary
What is form SF 2817?
Life Insurance Election; for enrolling into FEGLI or changing coverage
What is form SF 2823?
Designation of Beneficiary; for adding a (new) beneficiary to your FEGLI life insurance
How do you enroll in FEGLI?
Use your agency’s electronic enrollment system, or fill out form SF 2817. If a physical exam is needed, bring a blank form SF 2822 to your HR office.
