There’s a new administration in town, and changes are already in motion. If you aren’t eligible to retire but want to leave government, you need to understand the consequences of your action, at least in terms of the benefits you’ve enjoyed as a federal employee.
Browsing: LIFE INSURANCE
Q. I am currently retired and age 63 with a 75 percent reduction of basic life insurance. Can I continue to pay for life insurance at age 65 and beyond? If so, how will this affect the value of my insurance coverage?
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?
Q. I have recently read an article that stated the following: The survivor of an individual who meets the definition of a FERS annuitant is not eligible for the FERS Basic Employee Death Benefit (BEDB), the BEDB is a lump sum payment made to the spouse of an individual who dies while still in federal service. This individual has not filed an application for retirement and has not separated from federal service. So, does this mean as a retired annuitant, a spouse who was provided a spousal benefit cannot get any benefit for carrying the Basic Life into retirement?
Q. I am a CSRS employee, 55 years old with 31 years of service. If I receive a voluntary separation incentive payment, is it reduced by six weeks of severance pay I received in 1997? Would my spouse be able to keep FEHB family plan if I die? When I use the advanced retirement calculator it shows 75 percent reduction for basic insurance. Is that automatic? And does FEGLI pay out the same death benefit as currently indicated in my Employee Benefit Information System?
Q. I have been retired from CSRS since 2004 with 34 years of service. It is my understanding that I have $25,000 in life insurance to be paid to my beneficiary when I die. That will most likely be my wife. How should she go about claiming the life insurance?