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Life insurance may become more accessible for government employees

New rules would make it easier for enlisted and civilian government employees to buy life insurance, even if they are overseas

The federal government’s Office of Personnel Management has proposed new rules to make life insurance more available for government employees stationed abroad., reports.

The Federal Employees Group Life Insurance program, or FEGLI, would be newly opened to federal employees who are called into active duty in the National Guard or Reserves. At present, military members only have access to the Servicemembers Group Life Insurance program; under the new rules, government workers would be able to maintain FEGLI coverage for up to two years. The government would foot the cost for the first year and the servicemember would pay in the second year.

The second part of the proposed regulation would allow federal employees stationed abroad in support of the military to enroll in FEGLI in one of three levels. The first, Basic, provides coverage at the level of the employee’s annual salary plus $2,000. The second, Standard, grants a $100,000 payment. And Additional coverage provides payments in multiples of a salary.

Experts recommend that people have life insurance in a multiple of six or seven times their salary.

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Posted: January 5, 2010

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