Federal Employees Group Life Insurance (fegli)

Definition of "Federal employees group life insurance (fegli)"

Brittany P. Shakespeare real estate agent

Written by

Brittany P. Shakespeareelite badge icon

Sterling Property Management Inc.

Plan administered through a primary private life insurer and reinsured through other private life insurers, providing a death benefit equal to:

  1. one year's salary for active employees at least age 45 until they reach age 65;
  2. two years' salary for active employees age 35 and under.
The death benefit is graduated for federal employees age 36 through 44. After retirement, the full death benefit remains in force until the retired employee reaches age 65, whereupon the death benefit is reduced by 2% per month until it levels off at 25% of the employee preretirement annual salary. The federal government pays approximately one-third of the monthly premium, and the employee pays the remainder.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Arrangement of financial affairs such that a family member who is in a lower income tax bracket receives income that another family member would otherwise have received (thereby reducing ...

Value in life insurance policies that entitle the insured to these choices: to relinquish the policy for its CASH SURRENDER VALUE. (Note that in the beginning years the cash value may be ...

Factor considered in determining amount of life insurance to purchase in order that funds will be available to pay for a child's education expenses in the event of the premature death of ...

Contribution whose purpose is to increase funding of underfunded pension plans. It is part of the calculation that is made to arrive at the plan's minimum funding requirement. Usually a ...

Insurance company incorporated according to the laws of the state in which a risk is located and the policy issued. The insurance company is domiciled in that state. ...

Professional designation awarded by the American College. In addition to professional business experience in financial planning, recipients are required to pass national examinations in ...

Coverage that guarantees bond holders against default by a municipality. This form of financial guarantee was introduced in the early 1970s and became a runaway success. Municipalities ...

Same as term Associate in Risk Management: professional designation earned after the successful completion of three national examinations given by the insurance institute of America (IIA). ...

Type of mutual insurance company that requires a substantial initial premium payment. After the initial premium payment is made, future premium payments required will be paid from the ...

Popular Insurance Questions