life insurance for women

FEGLI Open Season…..Do Your Homework!

August 8th, 2016  |  Published in federaal health insurance, federal government insurance, federal life insurance, federal long term care insurance, federal retirement, fegli, fegli open seson, fegli option b, fers retirement, FLTCIP rate increase, life insurance, life insurance for women, long term care insurance, Uncategorized

Healthy Senior Federal Employees Should Beware during FEGLI Open Season!

OPM has announced an open season for Federal Employee Group Life Insurance, FEGLI program. Beginning September 1, 2016, eligible federal employees will be able to increase their FEGLI benefits without regard to medical concerns.

FEGLI Option “B” allows federal employees to insure 1-5 times salary. Before exercising this option, healthy employees should consider the following:

  • FEGLI Option “B” rates increase 82% at age 55
  • FEGLI Option “B” rates increase 120% at age 60
  • FEGLI Option “B” rates increase 23% at age 65
  • FEGLI Option “B” rates increase 78% at age 70
  • FEGLI Option “B” rates increase 88% at age 75
  • FEGLI Option “B” rates increase 47% at age 80

In light of the recent concerns and uproar regarding huge rate increases of up to 126% for the Federal Long Term Care Insurance Plan, FLTCIP, healthy federal employees should carefully consider these much larger increases under FEGLI Option “B”.

Total FEGLI Option “B” 15 year rate increases from the following ages:

  • Age 45529% increase over next 15 years
  • Age 50 392% increase over next 15 years
  • Age 55380% increase over next 15 years
  • Age 60309% increase over next 15 years
  • Age 65389% increase over next 15 years

By shopping for coverage with our top commercial carriers, the guaranteed savings can be unbelievable. One of our clients actually saved $560,000 in premium…..really!

Comparing $500,000 20 Year Term, with FEGLI Option “B”, a healthy female employee can save the following:

  • Age 50Guaranteed twenty year savings of $ 67,000 or 81%
  • Age 55Guaranteed twenty year savings of $115,000 or 83%
  • Age 60Guaranteed twenty year savings of $203,000 or 83%
  • Age 65Guaranteed twenty year savings of $311,000 or 81%

For your free FEGLI Option “B” comparison, visit AllFeds.com

Federal Employee Saves $569,000!

May 18th, 2013  |  Published in federal life insurance, federal retirement, fegli, fegli option b, fers retirement, life insurance, life insurance for women

Federal Employee replaces FEGLI Option “B” and saves $569,000…GUARANTEED!

When our client, male age 55 in excellent health, contacted Allfeds.com, he was hoping to preserve his Federal Employees’ Group Life Insurance, Option ”B”, into retirement and reduce the costs going forward. Little did he know he could save half a million dollars. Due to his excellent profile he qualified for the super-preferred rate with a guaranteed thirty year savings of $569,000 or 80%.

Needless to say, our client was thrilled with the Allfeds.com program…

“Obviously, I would have to convey, overall, my satisfaction with the product as well as the service I received. I appreciate your openness, honesty, and friendly assistance throughout the process.

As far as the policy, the numbers speak for themselves. In my case, I will maintain the same level of Term Life insurance at the same price I am paying now – for 30 years, as opposed to rapid and sharp increases that I would have endured had I remained within FEGLI and chose to maintain the existing coverage.”

Additionally, a female employee with a similar profile would get an additional 28% discount, bringing her guaranteed thirty year savings to $600,000. As we wrote last fall, “women pay too much for FEGLI Option “B”.

So here’s the thought for the day…healthy federal employee should strongly consider comparing FEGLI Option “B” with top rated commercial carriers.

For your free comparison, go to allfeds.com.

Do women pay too much for FEGLI Option “B”?

September 17th, 2012  |  Published in federal government insurance, federal life insurance, federal long term care insurance, federal retirement, fegli, fegli open seson, fegli option b, fers retirement, FLTCIP rate increase, life insurance, life insurance for women, long term care insurance, Uncategorized

It has long been known that Federal Employees’ Group Life Insurance Option “B”…better known as FEGLI Option “B”…is generally not a good deal for healthy federal employees. What has not been widely discussed is whether FEGLI Option “B” is a demonstrably worse proposition for healthy women.

In the commercial market place, life insurance rates for men are 30%-50% higher than those for women due to standard mortality tables. No such rate consideration is afforded women under the FEGLI Option “B” rate structure. That means that women are paying more than they need to for similar coverage or getting substantially less coverage than they could get for the same premium, outside the FEGLI program.

Reviewing the “same benefit” comparison of $500,000 illustrates that a female with average health could reduce her FEGLI Option “B” costs by 35% initially and 77% over twenty years…a guaranteed $75,000 savings over twenty years. These savings would increase to $84,000 or 86% for women in excellent health.

Reviewing the “same premium” comparison of a $1,000 premium illustrates that a healthy women, age 45,  can increase her FEGLI Option “B” benefit from $500,000 to $1 million and still reduce her twenty year costs by 70%…she can double her benefit and still save $40,000…guaranteed!.

AllFeds.com has recently added a new thirty year comparison where the savings can be unbelievable…a 54 year old female in excellent health with $500,000 FEGLI Option “B” can save $325,000 over the next thirty years…guaranteed!

So here’s the question…if your HR office came to you with the option of doubling your current FEGLI Option “B” coverage or reducing your twenty year costs by 50-80% and the new policy was completely portable when you left the government…would you be interested?

Please note that while there are considerations other than cost, women need to do their research regarding these substantial discounts outside the government. It is not unusual for federal employees to lock in guaranteed savings well in excess of $100,000. Those savings add $400 – $500 to your monthly retirement!

So, do women pay too much for Federal Employees’ Group Life Insurance Option “B”….you make the call!

 

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