Group Life Insurance
While Basic life insurance may be enough coverage
for some people, others may want more protection. That's why the
Federal Employees' Group Life Insurance (FEGLI) Program offers you
three types of Optional insurance: Option A Standard, Option
B Additional, and Option C Family.
You must be enrolled in Basic in order to elect any
Optional insurance. You pay the full cost for all Optional insurance.
Enrollment in Optional insurance is not automatic.
You must submit a completed Life
Insurance Election (SF 2817) to the Management Division, Benefits
Section within 31 days of becoming eligible.
Option A Standard
You may elect Option A Standard Life Insurance
in the amount of $10,000.
Option B Additional
You may elect Option B Additional Life Insurance
in an amount equal to one, two, three, four, or five times your
annual basic pay (after rounding up to the next $1,000).
A 38-year-old employee, married with three children,
paid on a biweekly basis, wants to get the maximum amount of Option
B he can. He chooses five times his annual pay of $39,500, which
totals $200,000. His cost is $8.00 biweekly ($0.04 x 200).
Option C Family
You may elect Option C Family Life Insurance
to provide coverage for your spouse and eligible dependent children.
When you elect Option C, all of your eligible family members are
automatically covered. You may elect one, two, three, four, or five
multiples of coverage. Each multiple is equal to $5,000 for your
spouse and $2,500 for each of your eligible dependent children.
For example, if you elect three multiples, that means
that if your spouse dies, you would receive $15,000 (3 times $5,000).
If one of your eligible dependent children dies, you would receive
$7,500 (3 times $2,500).
Each multiple is a unit. For example, if you elect
two multiples, that means you have two multiples on your spouse
and two multiples on your eligible dependent children. You cannot
elect a number of multiples for your spouse that is different from
the number of multiples for your eligible dependent children.
You receive Option C benefits; you cannot designate