Hello folks and welcome back to Federal Employee Benefit Advisors Facebook page. In the previous segment, we talked about Option B Federal Employer Life Insurance (FEGLI Option B), which is multiples of the salary. Today, we're going to discuss another part of Federal Put Your Life Insurance, which is the basic option. If you're a postal employee, you don't have to pay for basic unless you retire prior to age 65. In that case, you will be required to pay for basic if you choose to keep it. It is important to note that basic life insurance is not permanent; it is designed to go away. The reason for this is when you make an election upon retirement, you can choose a 75% or 50% reduction in the death benefit. This means you could potentially lose 75% or 50% of the death benefit. FEGLI is designed to eventually go away. The percentage option may not be desirable as it can become unaffordable. Therefore, it is recommended not to choose this option. The election is made when you complete your retirement paperwork. For non-postal federal employees, you will have to pay for basic life insurance. The cost is 15 cents per value. To calculate the cost, we need to take the salary into account. In this case, we have an example of a federal employee making $75,432 a year. We round this up to the nearest thousand, which brings us to $76,000. An additional $2,000 is added to this amount, making the total death benefit $78,000 based on that salary. Unlike what you may see on TV, the cost of basic life insurance with FEGLI only increases if your salary increases. So, the cost will go up if your salary increases, as the death benefit is directly linked to your salary based on a...
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Who is my fegli beneficiary Form: What You Should Know
OCCIDENTAL DEPOSIT. Do you own or possess the property covered by the OCCIDENTAL DEPOSIT? Yes No 2. DEVELOPING COUNTRY. Do you know if the deposit was originated in America or overseas and where such property now resides? Yes No 3. DO YOU HAVE POSSESSIVE RIGHT TO ACCENTURE, ETC.? Yes No 4. Are you willing and able to assume possession of the property, as soon as practicable? Yes No 5. Are you a U.S. Citizen (or eligible non-citizen, etc.): 6? Have you ever been an officer, director or shareholder of an issuer of U.S. Government life insurance on U.S. Life Insurance: Yes or No? 7. Do you have any outstanding U.S. Life Insurance? Yes or No? 8. Have you ever served as an underwriter under the Federal Employees' Group Life Insurance (UFG) program? Yes or No? 9. Has there ever been any dispute as to the disposition of the U.S. Government life insurance you have received? Yes No 10. Do you hold a U.S. government life insurance policy issued as of August 21, 1998 (or August 22, 1998, if later)? Yes or No in order to proceed on the preceding questions No No 11. Do you not possess a U.S. Government life insurance policy? If yes, were you formerly covered by one that was revoked, surrendered or cancelled? If no, were you formerly covered by an applicable life insurance policy issued by the U.S. Government prior to August 21, 1998, or August 22, 1998? Yes or No 12. Have you ever filed a Form 1098 with the IRS for the purpose of determining whether U.S. life insurance benefits are paid to the original owner from the U.S. Treasury or other source: Yes or No? 13. Are you or were you previously the beneficiary of such a Form 1098 or other U.S. Government tax return?: Yes or No? 14. As a participant in FELL, have you ever paid dividends to any person? Yes or No (not applicable by statute) The beneficiary's signature is needed to submit for signature at this time. Signature is not necessary on Form 1-A. Please print each signature for each beneficiary and date of birth, if any. Acknowledgement of Receipt. (signed by both beneficiary and beneficiary's representative) Date.
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