Q. If I choose no reduction for Basic, can I change my multiples in option B to reduce coverage at any time during retirement? I would like to lower by one multiplier at each five-year interval beginning with five at age 55.
A. According to OPM, “Unless you have assigned your insurance, you may cancel it at any time. If you cancel your Basic life insurance, you are canceling all your Optional insurance as well. If you elected 50 percent or No Reduction for your Basic life insurance, you may cancel this additional coverage at any time. If you have Option A – Standard insurance, you may cancel it at any time. You may reduce (or cancel) the amount of your Option B – Additional and Option C – Family insurance at any time.” To find out how to do that, go to www.opm.gov/insure/life/reference/76-12/fegli9.asp.
