Federal Employees’ Group Life Insurance (FEGLI) New Premiums

OPM recently announced that effective October 1, 2021, FEGLI premium rates will change for some types of coverage.

• Premiums rates for employee Basic Insurance will increase.
• Premium rates for annuitants (e.g., post retirement) for Basic coverage with 50% Reduction and No Reduction will increase.
• Most rates for Option A, Option B, and Option C will decrease; however, rates for older age bands of Option B and Option C will increase.

What are the different types of FEGLI coverage?

• Basic Insurance coverage time life insurance at group rates. It is calculated based on your annual salary, rounded to the next thousand + two thousand. (e.g., Salary = $41,254. Basic amount = $44,000)

Employees enrolled in basic insurance may have also elected any Optional insurance coverage:

•  Option A = Additional $10,000 in coverage
• Option B = 1-5 Multiples of your annual salary rounded to the next thousand. (e.g., Salary $41,254:  1 multiple = $42,000, 2 multiples = $84,000, etc.)
• Option C = 1-5 Multiples of coverage for eligible family members (spouse and children up to age 22). Each multiple is equal to $5,000 for your spouse and $2,500 for each of your eligible dependent children. Two multiples would mean spouse coverage equals $10,000 and child coverage equals $5,000, and so on.

How much does FEGLI cost?

• The Federal Register has the new FEGLI premium rates.
• Use the FEGLI calculator to find out how much the new FEGLI premiums will cost.
• If you are unsure of the amount of FEGLI coverage you currently have, log into Employee Express and view your Federal Employees Benefits Statement.