Frequently Asked Questions

Why would I use FEGLI Advisors?

We save you time and money. By helping federal government employees find the affordable insurance coverage they need by doing the insurance comparison for them.

Is my information safe?

We safeguard the personal information you provide with advanced, high-tech security. We use it only to shop for your quotes, so you'll never have to worry about ending up on a mass marketing list.

Why do I need life insurance?

There are many reasons for buying life insurance. If you're the primary wage earner in the family, life insurance is a good way to help provide your family with a stable financial future. If you aren't the primary wage earner in your family, it's important to have insurance to help cover the financial burden of childcare, funeral expenses, and other unforeseen costs. While it's difficult to face our own mortality, planning for it can ease the burden our loved ones will face later. Purchasing life insurance can help make a difficult situation easier by providing death benefits for: unpaid medical bills income replacement for survivors final expenses like burial costs unplanned or emergency expenses your mortgage balance future education funds for your children

How much life insurance should I consider?

Every person has a different idea of what financial security means. If something should happen to you, how much money would your family need? You should consider: your current debt expenses your family can expect to pay after your death your family's future needs A general rule of thumb to calculate your life insurance needs is to multiply your annual salary by seven.

Which company should I choose?

Life insurance can help you feel safe about protecting your family's future and it can serve as an integral part of your overall financial strategy. When choosing a life insurance company, it's important to consider the company's financial size and assets. Stability and reliability are the most important considerations in choosing a life insurance company.

What about the Medical Exam?

When applying for a life insurance policy, you may be asked to take a medical exam. Generally, if you're under age 40 and applying for life insurance coverage of less than $100,000, you probably won't have to take a medical exam. However, the older you are, the less life insurance you can buy without a medical exam. Of course, these figures also depend on your health history and the underwriting guidelines of the insurance company you choose.

Are there cases in which I don't have to take a medical exam to buy life insurance?

Group policies like the Federal Employees Group Life Insurance (FEGLI) policy don't require medical exams. Unless you waived all insurance or did not elect any Optional insurance when you were first hired. In this event you have three opportunities to make changes, one of which is a physical exam. The other two are an open enrollment and a life event change.

Will my policy ever be canceled for health reasons?

As long as you keep your premiums current, your policy will never be canceled because of a change in your health, and you will not be asked to provide evidence of good health in order to renew your policy each year. However, you have the right to cancel your policy at any time.

What should I consider when naming a beneficiary for my life insurance?

Your beneficiary is the person or entity, such as a trust, that will receive any benefits payable from your life insurance policy when you die. The beneficiary of a life insurance policy must have an insurable interest in the life of the person insured. This generally means that the beneficiary must be someone who would suffer some economic loss if the insured person died. For example, your beneficiary could be a member of your family who depends on you or a business you own or even a bank who has lent you money. Some things to keep in mind when identifying a beneficiary for your life insurance policy include: Be very specific in wording beneficiary designations so there is no confusion after your death as to your intent. This will help prevent delays in paying benefits to the beneficiary and reduce the risk that a dispute over the death proceeds will occur. To add clarity, include the relationship of the beneficiary to you. Here are a few examples: "John P. Doe, son of the insured, " "The children of the marriage of Jeff and Mary Doe, " or "The Jeff and Mary Doe Irrevocable Trust, dated March 14, 2004." Your insurance company or agent can assist you with basic wording, or consult with your attorney to assist with more complex situations. Consider naming a "contingent" or secondary beneficiary just in case you outlive your first beneficiary or you and your beneficiary die simultaneously. Name a specific beneficiary, or class of beneficiaries, rather than having the proceeds of your life insurance policy paid to your estate. Death benefits paid to specific beneficiaries avoid going through probate at your death and are often received by your heirs faster than assets that are in the estate and subject to a probate process. Remember to keep your beneficiary designation up to date as your circumstances change so the death benefits are paid to the person you want.