Federal Employees Group Life Insurance (fegli)

Definition of "Federal employees group life insurance (fegli)"

Brittany P. Shakespeare real estate agent

Written by

Brittany P. Shakespeareelite badge icon

Sterling Property Management Inc.

Plan administered through a primary private life insurer and reinsured through other private life insurers, providing a death benefit equal to:

  1. one year's salary for active employees at least age 45 until they reach age 65;
  2. two years' salary for active employees age 35 and under.
The death benefit is graduated for federal employees age 36 through 44. After retirement, the full death benefit remains in force until the retired employee reaches age 65, whereupon the death benefit is reduced by 2% per month until it levels off at 25% of the employee preretirement annual salary. The federal government pays approximately one-third of the monthly premium, and the employee pays the remainder.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Real property (structure (s) attached to the land) that is occupied and/or is under the care, custody, or control of an individual, individuals, or an organization for which an insurance ...

Protection for all classes of business including automobile, fire, general liability, homeowners, multiple peril, burglary, and glass, by combining the contracts for these classes of ...

Cost computation form that assumes retirement and commencement of annuity payments on the first day of the month nearest the birthday when a retiree reaches normal retirement age. Most ...

Percentage return appropriated by the insurer for an immediate variable annuity when the insurer calculates the initial income payment to the annuitant. If the variable annuity's underlying ...

Insurance company incorporated according to the laws of the state in which a risk is located and the policy issued. The insurance company is domiciled in that state. ...

Physical contact of an automobile with another inanimate object resulting in damage to the insured car. Insurance coverage is available to provide protection against this occurrence. ...

Same as term Blanket Insurance: single policy on the insured's property for (1) two or more different kinds of property in the same location; (2) same kind of property in two or more ...

1969 federal legislation requiring states to treat national banks, including those whose principal offices are out of state, the same way for tax purposes as they treat their own ...

Deductible eliminated through the payment of an additional premium, resulting in first-dollar coverage under the policy. ...

Popular Insurance Questions