How do I cancel my OPM life insurance?

1. You may decrease FEGLI coverage at any time.
2. To make a change to FEGLI coverage you must complete an SF 2817, Life Insurance Election form – it cannot be done using Employee Express.
3. The government pays about 1/3 of the cost of your premiums for Basic coverage.

How do I suspend my OPM insurance?

They can apply to suspend their coverage at any time. Annuitants can call OPM's Retirement Information Office at 1-888-767-6738 to obtain a suspension form. Callers within the local Washington, DC calling area must call 202-606-0500.

When can I cancel FEHB?

If you are participating in premium conversion you may cancel your FEHB coverage: (a) During the annual open season. A cancellation made during the annual open season is effective at midnight of the day before the first day of the first pay period that begins in the next year.

How do I change OPM insurance?

You may change the plan in which you are enrolled or from high to low option coverage during the annual Open Season for electing coverage. If you need assistance with your health benefits enrollment, call 1 (888) 767-6738 , to change your enrollment or if you need to speak with a Customer Service Specialist.

Do federal retirees have life insurance?

Those employees who retire from federal service and are eligible to continue their FEGLI “Basic” life insurance (the basic insurance amount or BIA which is the retiring employee's SF 50 salary on the day of retirement, rounded up to the next $1,000 plus $2,000) must choose the amount of BIA they want to continue after ...

Do federal employees have life insurance?

FEGLI Coverage. Unless they waive coverage, most Federal employees have Basic Life Insurance under the Federal Employees' Group Life Insurance Program. Basic Life Insurance is equal to the actual rate of annual basic pay (rounded to the next $1,000) plus $2,000, or $10,000, whichever is greater.

When can I change my federal life insurance?

Changing beneficiaries:

You can change beneficiaries at any time, without waiting for an open season. Submit an SF 2823 to your human resources office, or to OPM's Retirement Office if you have retired.

What is Option C of FEGLI?

Option C provides life insurance for your spouse and eligible dependent children. When you elect Option C coverage, all of your eligible family members are automatically covered. ... Each multiple is equal to $5,000.00 for your spouse, and $2,500.00 for each of your eligible dependent children.

How much is FEGLI death benefit?

It provides your beneficiaries with a $10,000 death benefit in the event of your death.

Can I sell my government life insurance?

Yes, you can sell your life insurance policy by obtaining a life settlement. The process of obtaining a life settlement involves selling a life insurance policy to a third-party buyer for a cash payout that is more than the policy's cash surrender value but less than the total face value of the policy.

Does Federal life insurance have cash value?

No. The FEGLI Program provides group term life insurance. It does not have any cash value and you cannot borrow against your coverage. (2) if you assign your coverage to a person or corporation who is willing to pay you cash now in exchange for ownership of your life insurance.

Is FEGLI term or whole life?

FEGLI provides group term life insurance. As such, it does not build up any cash value or paid-up value. ... In most cases, if you are a new Federal employee, you are automatically covered by Basic life insurance and your payroll office deducts premiums from your paycheck unless you waive the coverage.

Are OPM benefits for life?

Yes, you can keep your existing basic life insurance coverage if you meet all of the following conditions: You're enrolled in basic life insurance under the Federal Employees' Group Life Insurance (FEGLI) program when you retire.

Is OPM annuity a lifetime benefit?

Insurable interest annuities are payable for the life of the survivor. If an annuity to a surviving spouse ends for a remarriage, it can be restored if the remarriage ends. Before the benefit can be restored, the survivor must pay back any lump sum payment of retirement contributions, if applicable.

Is federal life insurance a good deal?

FEGLI life insurance is great for anyone who may be considered high risk life insurance due to a pre-existing condition. However, for everyone who is healthy, keeping FEGLI past age 50 may not make good financial sense. The good news is you can have both FEGLI and Private life insurance, if that option is best for you.

How do I change my FEHB insurance?

How do I contact OPM?

Our number is 888-767-6738 but you may also contact us via email at retire@opm.gov.

How do I contact FEHB?

After the prompts, dial toll-free 1-800-552-3971 to be connected to our main customer service system.

How do I cancel my federal retirement?

There is no form; you must mail a signed letter to OPM's Retirement Office at: U.S. Office of Personnel Management Retirement Operations Center P.O. Box 45 Boyers, PA 16017-0045 The cancellation or reduction must be in writing and have an original signature by the insured retiree.

How do I remove my FEHB eligibility?

Can I have TRICARE and FEHB?

Please try again later. Yes, if you are eligible for this TRICARE program, you can suspend your FEHB coverage.