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The Federal Employees’ Group Life Insurance Program provides insurance which builds no cash value; it is intended to provide a cash payment after your death. You cannot borrow against your Federal life insurance benefit.
Note that under the Federal Employees’ Retirement System, an immediate annuity includes eligibility for an annuity if you separate at the minimum retirement age and have 10 years of service. If you meet the requirements above, you may continue your life insurance coverage as a retiree even if you choose to postpone receipt of your annuity. If you do choose to postpone receiving your annuity, your coverage stops until the date your annuity begins. If you want to continue the coverage you had when you separated, it will resume when your monthly payments begin, even if you convert your life insurance to an individual policy upon your separation for retirement.
Page updated January 24, 2003