Option B right now before retirement I have a multiple of 2. But now that I'm retiring on October 31st and I'm working on my retirement paperwork, what does the multiple do for me if I will be turning 65 on October 27 just before my retirement date and selecting Full Reduction at retirement and according to the chart it is free with a reduction of 2% until I turn 70 that the coverage of $425,000 turn to $0. Not sure what to select as number of No Reduction multiples. Please advise at your earlies convenience.
if you select no reduction you will continue to pay for it. Full reduction means you won't pay premiums after 65 or retirement and it will be reduced by 2% a month
I’m retiring in September and this FEGLI is confusing!!! So my HR folks said I’m eligible for $150K basic. I will elect 2x under option B. So does that mean my total coverage will be $300K? If I elect the 50% reduction, will my insurance coverage be reduced to $150K after age 65? I’m so confused and HR is not helpful.
Basic and B r different. Basic would b 150k and B would b something like 296k. If u are in good health you should pursue a private policy in place of option B
My husband is now 65 , last year he change his life insurance to warpath. Would he still qualified for the 65 no premium in feeling? . He plan to retire next March. Thanks
Thank you very much for the great information. Question: Do I need to list my ex-spouse on my FERS retirement application if we were married for less than 10 years (25 years ago)? Thank you!
So if you accept 75% reduction, you get premium-free life insurance which is about enough to pay for your funeral.
yes, once you are age 65 or when you retire. Whichever is older
Great content
Thank you!
I’m on OPM Disability in my 50’s. Selected none and 4x FEGLI. I also have term LI 250k from USAA good until 68. Just covering bases just in case.
Option B right now before retirement I have a multiple of 2. But now that I'm retiring on October 31st and I'm working on my retirement paperwork, what does the multiple do for me if I will be turning 65 on October 27 just before my retirement date and selecting Full Reduction at retirement and according to the chart it is free with a reduction of 2% until I turn 70 that the coverage of $425,000 turn to $0. Not sure what to select as number of No Reduction multiples. Please advise at your earlies convenience.
if you select no reduction you will continue to pay for it. Full reduction means you won't pay premiums after 65 or retirement and it will be reduced by 2% a month
I medically retired OPM do I still have to pay my premium? I medically retired at 50. Thank you for what you do.
i believe you still have to make payments until age 65 when your Basic and A premiums would cease
I’m retiring in September and this FEGLI is confusing!!! So my HR folks said I’m eligible for $150K basic. I will elect 2x under option B. So does that mean my total coverage will be $300K? If I elect the 50% reduction, will my insurance coverage be reduced to $150K after age 65? I’m so confused and HR is not helpful.
Basic and B r different. Basic would b 150k and B would b something like 296k.
If u are in good health you should pursue a private policy in place of option B
50% ONLY applies to Basic coverage
@@FederalRetirementPlanning I have type 2 diabetes so I’m not sure if I would be able to get an outside policy
@@misskay2538 it's possible. Option B will get costly as you age
My husband is now 65 , last year he change his life insurance to warpath. Would he still qualified for the 65 no premium in feeling? . He plan to retire next March. Thanks
Thank you very much for the great information. Question: Do I need to list my ex-spouse on my FERS retirement application if we were married for less than 10 years (25 years ago)? Thank you!
no, there is no requirement to do that. A divorce decree may make you do it but opm doesn't have a requirement for you to name a non spouse.