Q.
Can I continue my
FEGLI life insurance
coverage after I
retire?
A. When
you retire, you
are eligible to
continue life insurance
if you meet all
of the following
requirements:
you
are entitled to
retire on an immediate
annuity under
a retirement system
for civilian employees;
you
have been insured
for the 5 years
of service immediately
before the date
your annuity starts,
or for the full
period(s) of service
during which you
were eligible
to be insured
if less than 5
years; AND
you have not converted
to an individual
policy.
You
must meet the five
year/all opportunity
requirement for Basic
and each type of Optional
insurance in order
to continue it into
retirement.
For purposes of
continuing FEGLI
coverage into retirement,
"service"
means time in a
position in which
you were eligible
for coverage. Breaks
in service are not
counted as interruptions
in coverage.
An example will
help. Joan first
became eligible
and enrolled in
Basic and Option
A coverage on February
11, 1990. She had
a break in service
from January 1,
1994, through January
1, 1996. Upon her
return to service
on January 2, 1996,
she was automatically
given Basic and
Option A. She retires
on December 31,
1997. She is eligible
to continue her
Basic and Option
A coverage into
retirement, since
she has been continuously
enrolled for the
5 years of service
immediately before
retirement.
Here's another
example. Theodore
had Basic only when
he was hired in
May 1966. In 1981,
during the open
season, he elected
Basic and Option
B, two times his
salary. In November
1996, he married
Isabelle and also
acquired two stepchildren.
Based on this life
event, Theodore
added 3 multiples
of Option B, for
a total of five
multiples. Theodore
retired in May 1999.
He is eligible to
continue Basic and
Option B, two multiples,
into retirement.
He cannot continue
the three multiples
he picked up when
he married because
he did not have
them for the five
years of service
immediately before
his retirement nor
did he have them
for all the time
they were available
to him.
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