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Sunday, October 20, 2024

What happens to my federal basic life insurance (FEGLI) at 65?

  What happens to my federal basic life insurance (FEGLI) at 65?

When you turn 65, your federal basic life insurance (FEGLI) will automatically begin to decrease by 2% per month until it reaches 25% of its original value, at which point it becomes free and remains at that level for the rest of your life; this is considered the "75% reduction" option, which is the standard unless you choose to reduce it by 50% or keep the full amount with continued premium payments.

Reference: www.opm.gov