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Life Insurance Options for Federal Employees
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Financial Discussion
It is always wise to have a secure financial foundation. Here is a place to ask questions, exchange ideas and share information on how to make the most of your money.
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I've seen a few articles mentioning that FEGLI really isn't a good deal past a certain point (45 years old +). I read an article that there are a few options that more than double the benefit, for far lower premiums. Are there any recommended life insurance plans/companies from the folks here?
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Around age 45 I kept FEGLI Option A (the basic) and dropped all additional options. I switched to WAEPA for additional coverage, there are many comparison charts. However, WAEPA is term insurance cheap when you switch and expensive when you're old.
When I retired, the kids were gone, the mortgage was gone, the debt was gone. Life insurance is not a retirement plan so, I dropped WAEPA. I kept the FEGLI Option A into retirement.
I just turned 65 and my FEGLI life insurance is free. It will reduce over the next three years to 25% of its face value. Just enough to plant me. |
Retired July 2011 |
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There are a few term life insurance shopping sites on the internet.
Select Quote and Zander Insurance come to mind. You might want to put in bogus contact information when filling out their forms so you don't receive follow up phone calls.
These sites will give you quotes from top name brand insurance companies. |
Those who are, know those who are not.
If you think they are after you, what did you do wrong? |
 1 user thanked roger.d for this useful post.
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Originally Posted by: Mike in VT  I've seen a few articles mentioning that FEGLI really isn't a good deal past a certain point (45 years old +). I read an article that there are a few options that more than double the benefit, for far lower premiums. Are there any recommended life insurance plans/companies from the folks here? I turned down the insurance when hired some five years ago. Based on the calculator the coverage at 50 years old is $400 annual for $100,000. No children to support so life insurance isn't a priority. The proceeds from the assorted retirement account would be quite a bonus to the beneficiary, regardless.
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 1 user thanked FrankJr for this useful post.
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