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Life Insurance Options for Federal Employees

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Mike in VT		#1 Posted : Tuesday, January 12, 2021 4:28:53 AM(UTC)
Rank: Senior Member Groups: Registered Joined: 3/26/2009(UTC) Posts: 1,221 Thanks: 28 times Was thanked: 84 time(s) in 79 post(s)		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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Raoul		#2 Posted : Tuesday, January 12, 2021 4:57:42 AM(UTC)
Rank: Senior Member Groups: Registered Joined: 6/30/2009(UTC) Posts: 441 Location: the moral high ground Thanks: 5 times Was thanked: 42 time(s) in 32 post(s)		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

1 user thanked for this useful post.		Mike in VT on 1/13/2021(UTC)
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roger.d		#3 Posted : Friday, January 15, 2021 5:21:43 PM(UTC)
Rank: Senior Member Groups: Registered Joined: 8/25/2016(UTC) Posts: 5,139 Location: Midwest Thanks: 137 times Was thanked: 972 time(s) in 790 post(s)		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.		Mike in VT on 1/19/2021(UTC)
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FrankJr		#4 Posted : Sunday, January 17, 2021 5:16:59 PM(UTC)
Rank: Senior Member Groups: Registered Joined: 6/15/2015(UTC) Posts: 860 Thanks: 78 times Was thanked: 128 time(s) in 118 post(s)		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.

1 user thanked FrankJr for this useful post.		Mike in VT on 1/19/2021(UTC)
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