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Business Life

FEGLI Life Insurance Vs. Term Insurance

FEGLI Life Insurance Vs. Term Insurance through MyTerm.com

FEGLICompare your FEGLI Insurance today! You can get much more insurance then you are currently have for less. FEGLI is a group plan for Federal Employees, the rates increase every 5-years. This is the way your plan works, the government pays 1/3 and you pay 2/3 of the basic cost. The rate is .325/thousand per month, in other words if you coverage was for $100,000 the total cost would be $32.50/month or $390/year. The government pays 1/3 of this cost you pay 2/3's, this is the basic coverage, based on you salary.

 

First, this is basically a 5-year insurance policy, and it very expensive if you are a non-smoker or a healthy. On a group policy, the healthy people offset the costs of less healthy people. Secondly, the amount of coverage you have is limited to your income level. Limitations in coverage will cause you to be under insured in case of death.

You do not have to be limited by these options, you can buy your life insurance through top insurance companies. In many cases the amount of your coverage will be double to triplle the amount you can get from FEGLI. The following chart is from FEGLI website.

You are then given options to buy additonal coverage.

Fegli rates option bFor example if you were a 40 to 45 your old male or female the rate you would pay for $100,000 of coverage would be .195/thousand/month or $234/year. This is very expensive for a 5-year term policy. A healthy 45-year old male can get $250,000 locked in for 10-years for less then the amount FEGLI can provide for 5-years for $100,000, even more for females. Click Here For Instant Quotes from MyTerm.com

Every 5-years your FEGLI rates will increase, making them more expensive for the same amount of coverage you have today. With 10, 20 or 30-year term you can lock your rates guaranteeed for up to 30-years with no change.

Here 7 reasons to go through MyTerm.com for your Life Insurance Needs.

 

1. You own your own policy its not a group policy

2. You can lock your rates in for 10, 20 and 30-years not 5

3. You can get from double to five times the amount of coverage you have under FEGLI for the same money

4. If you leave your employment you take your policy with you

5. You are not limited to your income for the amount of coverage

6. You can get coverage past the age of 65

7. You can get coverage on your spouse and children at much better rates

 

Call or email us today, talk to one of our consultants about your situation, let us help find you a solution. Call 1-800-442-2220 with your questions.