fegli open season

This topic contains 3 replies, has 2 voices, and was last updated by  Steve M 2 years ago.

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  • #20095

    fed

    any of you have a good source for reading all about fegli and how good or bad it is compared to other insurance?

    #20101

    Bren

    I don’t have anything in particular for you to read about it, but I did just go through a full analysis of my situation and did a lot of research.

    What I found is it really is all about your current age/health. The downside of FEGLI is the cost. It is not cheap insurance. That said it isn’t cheap for a younger healthy person looking to add insurance. I’m 40 and just added 750K worth of life insurance through a private plan but I flew through the health check up. My insurance is drastically cheaper than if I had gone through FEGLI.

    My wife on the other hand has some pretty serious health issues, and couldn’t even qualify for private insurance. I did take advantage of the FEGLI open season to add the max 25K to her, just because there is NO health exam/requirements for her to go through.

    I’d recommend shopping private first through a trusted financial advisor and/or insurance rep, then compare the rates. The FEGLI rates are set in stone and not based on your health.

    Hope this helps.

    #20141

    Anne
    Participant

    The Basic FEGLI isn’t bad…it give 1X Salary, double up to a certain age. Multiple get pricy especially when you get older.

    #22535

    Steve M

    FEGLI is a great and a good value until you reach 40. It then becomes more expensive for the coverage you are able to get. If you believe you are healthy enough to pass a physical, you can get much more affordable term life insurance on the open market. I have done a lot of research and talked to quite a few knowledgeable people regarding this. It is also recommended that if possible, you get your physical and secure your policy just prior to your 40th birthday. However, just as any advice or comment provided here or elsewhere, it is wise to do your own research and analysis just as you are doing. It has to be right for you and your personal needs. Best, Steve M.

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