Well, let's just jump right into life insurance. Not a fun subject everyone likes to talk about, but something we must discuss in sound financial planning as you plan for a successful retirement. First, we need to talk about the basics of FEGLI. You see on your screen, here we have the basic benefit that is your annual pay rounded up to the next 1000 plus $2,000. So, if your annual pay were seventy-one thousand two hundred eighty-five, your coverage would be seventy-four thousand dollars. Now, this basic benefit of FEGLI comes with some extra coverage. If you're under age 45, it doubles the amount of insurance. If you're under 35, and from 36 to 45, the benefit decreases ten percent per year until you're at age 45 and just the basic benefit applies. So, that's FEGLI basic. Now, on top of that, we have several other options. Option A comes with an additional ten thousand dollars worth of coverage if you choose it. Then, option B has additional coverage one to five times your annual salary. Option C has family insurance. You can get increments of five thousand dollars for your spouse, up to twenty-five thousand dollars, and increments of twenty-five hundred dollars for each child, with a maximum amount per child of twelve thousand five hundred dollars. Now, let's pull out your pay stub if you have one handy. Pull that out. I want to show on screen a copy of one. If you will see under deductions, and we've actually circled it in a red circle on the screen, you'll see the word FEGLI and an amount under your current deductions. This is what you're currently paying for FEGLI. Now, you have to watch. Sometimes, you'll have FEGLI mentioned several times on this one document. You'll need...
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Fegli beneficiary Form: What You Should Know
You must fill in the form by the due date. Do not file form until the due date (See instructions) (Please see F.S. Title 32, Section 1006-6B). To review the information in this filing, visit the SF 2823 website for the latest version (last checked: 09/05/18). You must read the SF 2823 before filling out this form. Filling out the form will not affect your legal obligation to pay the premium at the time of death. If you wish to make any changes to your legal obligation to make payments at the time of death, you must file a new SF 2823 with changes that will affect your legal obligation.
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