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

Means of projecting the costs of pension plans on a level basis over a specified future period of time. The actuarial value of each employee's future benefits to be paid at retirement is ...

Provision in ocean marine cargo policies to limit an insurance company's liability for partial losses; the company has liability only for losses that exceed a stipulated percentage of the ...

Coverage for furs owned by a furrier, or a customer's furs in the care, custody, and control of the furrier. Coverage is on an all risks basis except those specifically excluded: wear and ...

Actual morbidity experience of an insured group as compared to the expected morbidity for that group. ...

Charitable planning strategy in which a donor sells an asset to the charity for an amount less than its fair market value. Internal Revenue Service regulations require that the tax basis ...

Arrangement under which employees may choose their own employee benefit structure. For example, one employee may wish to emphasize health care and thus would select a more comprehensive ...

Insurance that covers an indirect loss stemming from a direct loss by a covered peril to income-producing property. A building destroyed by fire represents a direct loss. Lost income ...

Health plan that pays a flat fee for each patient it covers. ...

Process of distributing the costs associated with losses and risks over a number of insureds. ...

Popular Insurance Questions