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

Eligible rollover distribution that is paid directly from an employee's employee benefit insurance plan to the employee's individual retirement account (IRA) or to another plan maintained ...

Insurance coverage purchased on the same item from two or more insurance companies. ...

Same as term Unallocated Funding Instrument: pension funding agreement under which funds paid into a retirement plan are not currently allocated to purchase retirement benefits. The funds ...

Method of investing that staggers the maturities of a group of bonds. As a bond matures, the investor can reinvest the proceeds in either short- or long-term bonds depending on the interest ...

Rate applied when two or more separate buildings are insured under one policy, and/or when two or more separate contents are insured under one policy. ...

Portion of a life insurance policy cash value after the deduction of all the policyowner's indebtedness. ...

Physical handing of an insurance policy to the insured. Sales training emphasizes the importance of delivery of a policy by the agent. This develops a caring attitude on the part of the ...

Conducting of maritime suits involving ocean marine insurance policy claims before an admiralty court. ...

Type of excess of loss reinsurance in which the insurance company (cedent) cedes its known loss revenues to its reinsurer. ...

Popular Insurance Questions