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Federal Benefits > FEGLI > Flashcards

FEGLI Flashcards

1
Q

What does FEGLI stand for?

A

Federal Employees’ Group Life Insurance

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2
Q

The Federal Government established the FEGLI Program on ____________ (date).

A

August 29, 1954

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3
Q

What was OPM’s gross operating budget in 2020?

A

~ 1.5 billion USD

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4
Q

How many employees did OPM have in 2020?

A

~ 2,900

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5
Q

In few words, what does OPM do?

A

Human resources

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6
Q

What does OPM stand for?

A

Office of Personnel Management

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7
Q

What kind of insurance does FEGLI provide?

A

Group term life insurance

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8
Q

What life insurance benefits do new federal employees receive automatically?

A

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.

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9
Q

What are the three types of Optional insurance?

A

A, B, and C

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10
Q

Can you elect Optional insurance if you don’t have Basic insurance?

A

No

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11
Q

Does your age effect the cost of Basic insurance?

A

No

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12
Q

Does your age effect the cost of Optional insurance?

A

Yes

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13
Q

How is the cost of Basic insurance split between you and the government?

A

You pay 2/3 of the total cost and the Government pays 1/3.

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14
Q

Who owns OFEGLI (The Office of Federal Employees’ Group Life Insurance)?

A

MetLife, a private entity

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15
Q

What is the relationship between OFEGLI (The Office of Federal Employees’ Group Life Insurance) and MetLife?

A

MetLife owns OFEGLI

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16
Q

What coverage was offered when the FEGLI program started?

A

When the FEGLI Program started in 1954, what is now called Basic insurance was the only coverage offered.

17
Q

When was Option A added to FEGLI?

A

1968

18
Q

When were options B & C added to FEGLI?

A

1981

19
Q

How much coverage do you get with Basic life insurance?

A

Your annual salary rounded up to the next $1,000, plus $2,000

20
Q

How much does Basic life insurance cost?

A

15¢ per $1,000 of coverage per biweekly pay period; free for postal employees.

21
Q

How much coverage do you get with Option A?

A

$10,000

22
Q

How much does Option A cost?

A

Starts at 20¢ per biweekly pay period, goes up with age

23
Q

How much coverage do you get with Option B?

A

1, 2, 3, 4, or 5 multiples of your salary rounded up to the next $1,000

24
Q

How much does Option B cost?

A

Starts at 2¢ per $1,000 of coverage per biweekly pay period, goes up with age

25
Q

How much coverage do you get with Option C?

A

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.

26
Q

How much does Option C cost?

A

Starts at 22¢ per multiple per biweekly pay period, goes up with age

27
Q

When can you enroll into FEGLI or increase your

coverage?

A
  • 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)
28
Q

When can you cancel or reduce FEGLI coverage?

A

Anytime

29
Q

When can you designate a (new) FEGLI beneficiary?

A

Anytime

30
Q

What form do you fill out to cancel or reduce FEGLI coverage?

A

SF 2817: Life Insurance Election

31
Q

What form do you fill out to designate a (new) beneficiary?

A

SF 2823: Designation of Beneficiary

32
Q

What is form SF 2817?

A

Life Insurance Election; for enrolling into FEGLI or changing coverage

33
Q

What is form SF 2823?

A

Designation of Beneficiary; for adding a (new) beneficiary to your FEGLI life insurance

34
Q

How do you enroll in FEGLI?

A

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.

Federal Benefits (3 decks)

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