FEGLI Option “B”……..Do Your Homework!
Federal Employee Group Life Insurance…. FEGLI Option “B”…. is optional life insurance available to all civilian federal employees.
Employees can choose between 1-5 times salary.
Healthy employees should review these current FEGLI Option “B” rate increases.
FEGLI Option “B” increasing rates.
· Option “B” rates increase 100% at age 45
Option “B” rates increase 67% at age 50
· Option “B” rates increase 82% at age 55
· Option “B” rates increase 120% at age 60
· Option “B” rates increase 23% at age 65
· Option “B” rates increase 78% at age 70
· Option “B” rates increase 88% at age 75
· Option “B” rates increase 47% at age 80
Total 15 year Option “B” rate increases from the following ages:
· Age 45 – 529% increase over next 15 years
· Age 50 – 392% increase over next 15 years
· Age 55 – 380% increase over next 15 years
· Age 60 – 309% increase over next 15 years
· Age 65 – 389% increase over next 15 years
Comparing $500,000 20 Year Term with $500,000 FEGLI Option “B” a healthy female employee can save the following:
· Age 50 – Guaranteed 20 year savings of $ 67,000 or 81%
· Age 55 – Guaranteed 20 year savings of $115,000 or 83%
· Age 60 – Guaranteed 20 year savings of $203,000 or 83%
· Age 65 – Guaranteed 20 year savings of $311,000 or 81%
One client actually saved $560,000…..Really!
Our new FegliPLUS comparisons illustrate how to add Living Benefits and provide lump sum coverage for Critical Illness and Chronic Care.
Covered conditions could provide substantial lump sum payments for heart attack, stroke, cancer, kidney failure, ALS, MS, Parkinson’s, paralysis, blindness, Alzheimer’s and dementia.