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It provides your beneficiaries with a $10,000 death benefit in the event of your death.
Through the Federal Employees' Group Life Insurance (FEGLI) Program, you have several choices in selecting the amount of life insurance that's right for you. FEGLI offers: Basic insurance: equal to the greater of (a) your salary rounded up to the next $1,000 plus $2,000, or (b) $10,000.
When you retire, your Basic insurance will be equal to your salary at the time you retired (rounded up to the next higher $1,000) plus $2,000. The cost of that insurance to you will depend on the post-retirement option you choose.
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.
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