Many Federal employees believe that FEGLI Option C is a great way to get life insurance coverage for their children. However, FEGLI provides a maximum of $12,500 coverage that does not last the child's entire life, and the rates increase over time. FEGLI Option C in most cases also won't allow you to cover your grandchildren.
If your child should pass away, their funeral and burial costs, as well as outstanding medical bills could cost way more than the $12,500 maximum coverage provided by FEGLI. If your child lives beyond the age of 22 or the time that you work for the federal government, the policy will expire and you or the child will have to get a new life insurance policy on them. Not to mention that the rates increase in 5 year increments. If the FEGLI policy on your child expires, your child could have to pay higher rates on a new policy if they've developed illnesses or increased high risk activities, like smoking. Your child may not even qualify for a new policy.
With a child life insurance policy outside of FELGI, you could get up to $30,000 worth of coverage that lasts for the child's lifetime with rates that will never increase. Because the coverage lasts for life, your child won't have to worry about qualifying for coverage or high premiums if they develop illnesses, injuries, or participate in high risk behaviors. Your children can also choose to add to their coverage when they get older and have a family of their own. Unlike FEGLI, you can also choose to cover your grandchildren if you wish.
Parents and grandparents all over the country want to provide coverage to their younger loved ones, but not all of them make the right coverage choice. Don't let FEGLI Option C fail to protect your family – contact Federal Advantage Benefit Company to get the right plan for your loved ones.
If you're interested in getting coverage for your child or grandchild, simply fill out the form to the right or give us a call today. We'll ensure that your loved one gets the protection he or she deserves at an affordable rate.
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