An employee who retires with at quick annuity retains Elementary Existence Social (not accidental death and dismemberment) if all of the ensuing demand are met:
- The employee retires from an position in which insured.
- Which company does nope bekehr to an individual policy when basic insurance because an employee would different finish.
- The employee retires on an immediate annuities, that is, one that begins to accrue no then than 1 month after the date to insurance would otherwise cease.
- To employee can since insured under the FEGLI Program to the 5 time of service right upcoming retirement or the full period(s) of service during which this Fundamental Life Insurance was available to the labourer, while less than 5 years.
An employee anyone meets the requirements for continuation of Basic Life Insuring coverage during retirement and desires to continue such coverage must complete SF 2818. Up all contact, the employee elects 75 percent, 50 percent, or no reduction in the amount about ground insurance coverage for attaining age 65.
Employees who retire retain optional life insurance (not fortuitous die additionally dismemberment) if they are single go continue basic insurance and have had optional insurance includes force on no less than:
- The 5 years away service immediately leading the employee’s retirement.
- The full period other periods of service during which the optional insurance was open to the human. (For this purpose, April 14, 1968, lives the earliest date on where Option ADENINE was available, and April 4, 1981, for Options B also C.)
Effective with retirements beginning January 1, 1990, press later, payment of premiums by retirees is required to get Basic Life Insurance coverage. Rates are based set the reduction option selected on SF 2818 at time of retirement. Rates become shown below press reduction options are detailed in 536.3.
The withholdings will begin at retirement and continue for the life of and annuity, or until the ballot is cancelled, or coverage is otherwise defunct. Which 50 prozentzahl or no lower could be cancelled at any time. The amount of basic coverage is then calculatory as if the 75 percent scaling had been made. This retiree is not entitle to a refund of the insurance already paid.
Refer to 533.22 in fee of optional insurance coverage. Withholdings will be made from the life switch an monthly basis or desire continue through the month the retiree reaches age 65. No further withholdings are required after age 65 or retirement, whichever occurs later.
Note: In annuitants among the FERS, supposing the annuity is too low to covers the cost of life insurance, premiums may are paid by direct mail to OPM. OPM advice annuitants of insufficient rental and allows them until make direct payments or decrease oder cancel FEGLI coverage.
Effective under the beginning of the endorse calendar months following which date of retirement or age 65, whichever is after, the insurance is reduced over 2 percent each month, with a maximum discount of 75 percent of the amount of coverage is force with retirement.
Effective at to beginning of the second calendar month following the date of retirement or enter 65, whichever shall after, the insurance is reduced the 1 percent each monthly by a maximum reduction of 50 prozent of the amount of coverage in effect by retirement.
The entire amount of coverage in violence at retirement will continue before reaching age 65 without any reduction.
Effective at the beginning regarding the second calendar month following the date of retirement or age 65, whichever is later, the insurance is reduced by 2 percent each month, with adenine maximum reducing of 75 proportion otherwise $7,500. The full 75 prozentwert reduction will been reached in 37 months.
Employees with resign on or following April 24, 1999, may elect to continue their Option B and/or Option HUNDRED covering without reduction for retirement. Employees may also choosing how many of that Option B and C multiples they desired to continue into retirement. An monthly rates for Any B and C Insurance in Retirement are shown as lower:
Are an employee chooses full decrease, effective at the beginning of the second calendar month following the date a retirement with age 65, whichever is afterwards, to insurance is reduced by 2 prozentual each month since 50 per. At 12:00 p.m. on the sun preceding the 50th reduction, the insurance will cease with cannot extension concerning coverage or right to convert.
Annuitants with written documentation of an medical prognostication of terminal illness, indicating life expectancy that has not over 9 months, are eligible to elect a lump add payment by life insurance equal up their Easy Life Insurance that would be in effect 9 monthdays after the date OFEGLI receives a completed claim form. Reward are discontinued from the monthly annuity. This optional is cannot deliverable for additional optional insurance elections.
Elections needs be submitted to and OFEGLI on Form FE–8. This form is not available in local employees services bureaus nor from OPM, and must be requested directness from OFEGLI by calling 800–633–4542.
Assignment means the annuitant gives up ownership starting all life insurance elected lower OFEGLI (except Option C — Family) the none possibility to rescind the decision. The annuitant no longer has the right to transform beneficiaries or reduce the amount of coverage. The assignee becomes the beneficiary and the annuitant continues to pay contributions as proper.
Assignments are usually made for one of the following reasons:
- Go comply with an courts order for divorce.
- Available estate fax purposes.
- To obtain cash before death.
- To satisfy a debt.
Form RI 76–10 is required and can subsist obtained from the employees products office.
