Q. I am a civil service, not FERS, retiree. I will be 66 years old on April 19, 2016. I read there is an open season starting for those who would like to increase their life insurance. Is this for active employees only? Is there any way I can increase my basic life insurance now?
A. The FEGLI open season, to be held between Sept. 1 and Sept. 30, 2016, will only be open to current federal employees. While employees will be able to enroll or change their enrollment coverage, they won’t be able to alter the amount of their Basic insurance. That’s because the FEGLI Basic insurance amount is equal to an employee’s annual basic rate of pay rounded up to the next $1,000 plus $2,000. There is no way that it can be increased. As for retirees, the amount of their Basic insurance coverage is fixed on the day they retire. At age 65, it begins reducing in value by 2 percent per month until it reaches 25 percent. By continuing to pay the premiums beyond age 65, it can be held at that face amount or allowed to reduce to 50 percent of its face value.