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cpmusciguy  
#1 Posted : Sunday, July 28, 2019 5:19:20 PM(UTC)
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I just recently onboarded as a new fed on the gs scale at the age of 20 and a lot of my peers were signing up for FEGLI but I wasn't sure if it was really worth it or not. My parents are well off, I am single with no dependents, and I have no history of any illness. Is this something that I should waive or do my peers know something that I don't? Thanks!
DaVinci95  
#2 Posted : Monday, July 29, 2019 5:23:44 AM(UTC)
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It is cheap and, even if you don't have any dependents to look out for at the moment, the accidental death & dismemberment coverage is worthwhile in case you lose a limb.
teeeeej  
#3 Posted : Monday, July 29, 2019 3:06:33 PM(UTC)
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I declined all FEGLI. Private insurance is much cheaper if young and healthy. My policy is with AmericanGeneral.
SD Analyst  
#4 Posted : Monday, July 29, 2019 3:30:54 PM(UTC)
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I had it from the beginning, also started at age 20. It's really cheap at that age. The thing to remember is that there are very few Open Seasons to get FEGLI if you decline it. The last one was over 10 years from the previous time.
GWPDA  
#5 Posted : Tuesday, July 30, 2019 5:49:09 AM(UTC)
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For the same reason that you need to acquire long term care insurance when you're very young - it's almost infinitely cheaper then, than later on. The charge is tiny now and you'll never miss it. God forbid something happens - which is the entire point to insurance of course - but should it, you and your people will be covered. These two forms of insurance are about the only ones left where cost are dependant on age.
teeeeej  
#6 Posted : Wednesday, July 31, 2019 4:26:50 PM(UTC)
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Originally Posted by: SD Analyst Go to Quoted Post
I had it from the beginning, also started at age 20. It's really cheap at that age. The thing to remember is that there are very few Open Seasons to get FEGLI if you decline it. The last one was over 10 years from the previous time.


My understanding is that you can sign up for FEGLI with no underwriting when you get married and/or have a child.
teeeeej  
#7 Posted : Wednesday, July 31, 2019 4:27:53 PM(UTC)
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Originally Posted by: GWPDA Go to Quoted Post
For the same reason that you need to acquire long term care insurance when you're very young - it's almost infinitely cheaper then, than later on. The charge is tiny now and you'll never miss it. God forbid something happens - which is the entire point to insurance of course - but should it, you and your people will be covered. These two forms of insurance are about the only ones left where cost are dependant on age.



My understanding was that the cost of FEGLI gets more expensive as you get older? LTCFeds is a level premium although it can be increased if there's a governmnet wide increase.

I do have an LTCFeds policy but as mentioned waived FEGLI.
GWPDA  
#8 Posted : Wednesday, July 31, 2019 4:51:22 PM(UTC)
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"The FEGLI Basic insurance premium is a level rate per one thousand dollars of coverage. The level premium feature means the enrollee premium rates are equal for the duration of the coverage period. The rate for an individual enrollee does not change as the enrollee ages (although the rate structure for all enrollees is subject to periodic adjustments based on claims experience). This means a younger employee pays the same cost for Basic coverage as a 64-year-old retiree. "

https://www.opm.gov/heal...nce/program-information/
teeeeej  
#9 Posted : Wednesday, July 31, 2019 8:41:12 PM(UTC)
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Originally Posted by: GWPDA Go to Quoted Post
"The FEGLI Basic insurance premium is a level rate per one thousand dollars of coverage. The level premium feature means the enrollee premium rates are equal for the duration of the coverage period. The rate for an individual enrollee does not change as the enrollee ages (although the rate structure for all enrollees is subject to periodic adjustments based on claims experience). This means a younger employee pays the same cost for Basic coverage as a 64-year-old retiree. "

https://www.opm.gov/heal...nce/program-information/


Ah, so its not cheaper if you lock it in when younger - everyone pays the same $.15/1000 rate.
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