Life Insurance

 

Regular status employees are offered one of two life insurance programs:

The Standard life insurance benefit is similar to FEGLI.

The main differences are that Standard Basic insurance is FREE and offers MEDEX Travel Assist.  On the other hand, FEGLI Basic Insurance provides an Extra Benefit and may be carried into retirement.

A quick comparison of the two, including their costs, is below:

Basic Life Insurance

Feature FEGLI Standard
Amount of Insurance One times salary plus $2,000 One times salary
AD&D Yes Yes
Guarantee Issue Yes Yes
Living Benefit Yes Yes
Assignment Benefit Yes Yes
Employee Cost per $1,000 (Bi-weekly) $0.150 $0.025
Conversion upon Separation Yes Yes

Option A

Amount of Insurance $10,000 Not Available
Living Benefit No
Assignment Benefit Yes
Employee Cost (Bi-weekly)
Under Age 35 $0.30
35-39 $0.40
40-44 $0.60
45-49 $0.90
50-54 $1.40
55-59 $2.70
60-64 $6.00
65-69 $6.00
70 and above $6.00

Option B

Amount of Insurance 1,2,3,4,5 X Salary 1,2,3,4,5 X Salary
AD&D No No
Living Benefit No No
Assignment Benefit Yes Yes
Employee Cost per $1,000 (Bi-Weekly)
Under Age 30 $0.02 $0.03
30-34 $0.02 $0.04
35-39 $0.03 $0.04
40-44 $0.05 $0.05
45-49 $0.08 $0.08
50-54 $0.13 $0.14
55-59 $0.23 $0.26
60-64 $0.52 $0.32
65-69 $0.62 $0.60
70-74 $1.14 $0.97
75-79 $1.80 $0.97
80 and over $2.40 $0.97

Option C

Amount of Insurance 1,2,3,4,5 X $5,000 Spouse

1,2,3,4,5 X $2,500 Dependent
1,2,3,4,5 X $5,000 Spouse

1,2,3,4,5 X $2,500 Dependent
AD&D No No
Living Benefit No No
Assignment Benefit No No
Employee Cost (Bi-weekly) (Based on age of employee) PER MULTIPLE (Based on age of employee) PER MULTIPLE
Under Age 30 $0.22 $0.15
30-34 $0.22 $0.18
35-39 $0.29 $0.20
40-44 $0.42 $0.26
45-49 $0.63 $0.39
50-54 $0.94 $0.69
55-59 $1.52 $1.12
60-64 $2.70 $1.96
65-69 $3.14 $3.30
70-74 $3.60 $5.31
75-79 $4.80 $5.31
80 and over $6.60 $5.31

For more information about Standard life insurance, please contact the Benefits Specialist.

 

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