But, doesn’t my employer offer this?
If you currently purchase Federal Employee Group Life Insurance (FEGLI), you more than likely have better options afforded to you.
The goal is to ensure that you choose the best plan for you and your family’s needs. For such an important investment, you really need someone who can help you cover all of your bases.
Do I need Federal Employee Life Insurance?
This simple answer is “no.” You don’t need Life Insurance…not exactly.
Afterall, you won’t be around to take advantage of it, but you know who will: the people who rely on you to help take care of them.
Many families are left with serious debt after the passing of a loved one. Mortgages, car payments, loans, hefty hospital bills…it all adds up. But you have the chance to preemptively supply the support your family will need in your absence.
We suggest you do your homework on what your employer has to offer, then speak with one of our professionals to see how we can further assist you.
Frequently Asked Life Insurance Questions
Why Life Insurance?
As benefit advisors, the most common life insurance question we are asked is, “why do I need life insurance?” The answer to this is simple: you don’t – you’ll be dead. Life insurance is about creating financial protection for your family. It is purchased so that your family is not left with debts they are unprepared for. Mortgage payments, car payments, and daily expenses can add up fast and are always changing, so making sure you have proper financial protection in place is critical to both financial and estate planning.
How much life insurance do I need?
Everyone is different, just as their life insurance needs are. We all carry different levels of debt and assets, and this comes into play when deciding how much life insurance we need to purchase. Whether you’re checking up on your current life policy or looking to purchase a new policy, our needs analysis is a great resource at your disposal.
Is FEGLI Option "B” right for me?
Most federal employees can greatly improve their Federal Employees Group Life Insurance (FEGLI) Option “B” coverage, when compared to policies that are available in the private sector. Sometimes, with severe health impairments, Option B still might be the answer. However, if you want additional life coverage, we can get another $100,000 of coverage for those up to 49 years of age, or another $50,000 for ages 50 or older with NO health questions! Through our life program we can help you compare your current FEGLI Option “B” with the highest rated, most competitive insurance carriers in the industry today. In many cases, a federal employee aged 45 or over with 5 times their income can easily save over $50,000 over their career. The higher your income, the higher the savings.
Watch my video here for more information.
How can private insurance save on premium?
Guaranteed Rates. Many private insurance companies underwrite policies based on your current health status, and more often than not, will offer you guaranteed rates for the life of your policy. Even though your employer contributes to the cost of your basic FEGLI, you are stuck paying 100% of the cost of your optional coverage. Additionally, the premium of the multipliers increase every 5 years. FEGLI Options A and C work very much the same way. For many employees, the continued increases cause the insurance to become unaffordable later in their careers. I find many federal employees drop their coverage at age 60 from maybe 5 x’s their income to 2 or 3 x’s their income because they don’t know what else to do.
Click on this video to see how you can save.
What if I have a health impairment?
Don’t let a medical condition keep you from obtaining life insurance. Every carrier views each health situation differently, and our Impaired Risk Life Insurance Program is designed to find the carrier that wants to work with you.
Can I talk to a professional?
Of course. You can call (833) 225-8815 to speak to a licensed professional, hassle-free, or feel free to set a time on our calendar here. We provide answers to your questions regarding life insurance, so that you can make the best decisions for you and your family. Term, Whole Life, Universal Life, FEGLI; with so many life insurance options, it can be hard to determine what is right for you, not to mention how much insurance to purchase. Every single person has a different situation, and our consultations are designed to find the program that best suits you and your needs.
Life Insurance Without Needles
Hate needles or don’t want to be bothered with medical exams? Then a term or permanent life insurance policy without the medical exam is a great option for you. There is a slight difference in rates, though you aren’t required to have an exam — everything else stays the same.
This option is ideal for those who want the coverage of a term life or permanent insurance policy, but not the hassle of scheduled medical exams.