FEGLI Calculator

 The Federal Employees Group Life Insurance (FEGLI) program is the life insurance program for Federal and Postal employees and retirees in U.S.

This Plan is established whenever you begin your career with the federal government. You can determine what works best for you by using the FEGLI calculator.

Our tool will help you understand how premiums will change and how much coverage you get till you reach 100 years of age based on your current salary, salary increase, retirement age and many other constraints.

FEGLI Basic Coverage and AD&D

Basic insurance policy also consists of coverage for accidental death and dismemberment (AD&D). AD&D coverage doesn’t decrease while you are employed, but it ends when you retire. This can be opted either when you were hired or can be enrolled at a later date after providing medical proof of your insurability.

FEGLI consists of basic life insurance coverage and three different options: Option A – Standard, Option B – Additional, and Option C – Family.

FEGLI Option A

Option A allows any federal employee who enrolled in the Basic Coverage to purchase an additional $10,000 in coverage. FEGLI option A is not available after retirement.

Basic Insurance Amount, is equal to the greater of your annual rate of basic pay rounded up to the next higher $1,000 + $2,000, or $10,000. The Government pays 1/3 of the cost of your Basic life insurance and you pay 2/3. For this insurance, you pay $0.15 biweekly (or $0.325 monthly) for each $1,000 of your coverage. If you are a postal service employee, USPS pays 100% of the basic life insurance cost.

FEGLI Option B

Option B also provides another method of increasing your insurance coverage. If you are covered by Basic Insurance, Option B enables you to choose additional amounts of insurance coverage that are equal to one to maximum of five times your rate of basic pay and then rounded to the next higher $1,000. This will offer a considerable sum of money to your family members or anticipate the probability of uninsured medical costs, funeral expenses and unpaid debts.

Like Option A, the cost of Option B coverage is paid by the employee without assistance from the federal government.

When you retire, you can choose to elect a full reduction in your Option B or no reduction at all. If you chose the full reduction, your insurance premiums will stop but your coverage will decrease by 2% points per month for 50 months until it reaches zero. That reduction will start either after you reach 65 or when you retire, whichever is later.

FEGLI Option C

If you are covered under FEGLI Basic Insurance, Option C allows you to purchase insurance coverage for your spouse and any unmarried dependent children under age 22. Dependent children include your natural children, adopted children, stepchildren, foster children but only if they live with you in a regular parent-child relationship.

If you decide to enroll in Option C, the amount of insurance coverage can be up to five multiples of $5,000 for a spouse and $2,500 for each eligible child. The cost of bi-weekly premiums is based on your age and the multiples of coverage you select.

Note: FEGLI Option C is not available after you retire.

How to Use FEGLI Calculator Tool

The tool has an input section where you can enter all the details and a report section where you can see the premium, basic coverage, option A, B and C and other insurance calculations.

The tool also gives the ability to select whether the employee is a postal employee and calculate insurance coverage for postal employee.

FEGLI Calculator Input Section

The details that have to be entered into the tool are as shown in the image above. Clicking calculate button will generate the FEGLI report.

Based on the details entered, the report table is generated as below from the age entered till 100 years.

FEGLI Calculator Report

Feel free to contact us at excelexpert@excelforcommerce.com , if you are looking for any customized calculators.

You can download the free template here: FEGLI Calculator.xls