The Office of Personnel Management (OPM) has announced that premium rates for Federal Employees Group Life Insurance (FEGLI) coverage will change effective October 1, 2021. The actual change in premiums will take effect at the beginning of the first pay period after that date, which is October 10, 2021. You can view the new premium rates here.
The following rate changes will occur:
- Premium rates for Basic coverage will increase slightly.
- Premium rates for most age categories of Option A will decrease. It will remain the same for the 80+ age category.
- Premium rates for most age categories of Option B will decrease. It will increase for the 80+ age category.
- Premium rates for most age categories of Option C will decrease. It will increase for the 75+ age categories.
To determine the FEGLI coverage you currently have, you can look at block 27 on one of your most recent Notification of Personnel Actions, Standard Form 50s. You can also view your 2-character FEGLI code in the deductions section on your Leave and Earnings Statement (LES) in myPay. You can determine what that 2-character code represents by entering it into the FEGLI code translator. You can then use the FEGLI Calculator to determine the current value of your FEGLI coverage.
If you wish to reduce or cancel your FEGLI coverage, you may do so at any time by completing the Life Insurance Election Form, SF 2817, and submitting it to your Benefits Contact. If you want to reduce your life insurance, sign only for your coverage you want to keep. You cannot sign for coverage that you don’t already have. If you want to cancel all life insurance coverage, sign in Box 5. You may sign your form with a digital signature using your PIV card. (Exception: If you have assigned your life insurance by transferring ownership to another person or to a company, then you cannot cancel or reduce your Basic, Option A, or Option B coverage.)
To enroll or increase your coverage in the FEGLI Program, there must be a FEGLI Open Season which is very rare, or you must experience a Qualifying Life Event, or you may take a physical exam to request coverage, if it has been at least 1 year since you elected your current coverage.
If you have questions, refer them to your Benefits Contact or AskBenefits@nih.gov.