You’ve been presented with the Federal Employees’ Group Life Insurance (FEGLI), but it’s not the only life insurance option for federal and state government employees. Federal Advantage Benefit Company, also called FABC, offers more affordable and flexible plans for government employees.
With FEGLI, the premium begins at a low cost, but increases as you get older. For example, if you’re 45 earning $50,000 per year and want five times coverage, or a $250,000 policy, you would begin paying $43.25 per month. However, your rate will increase dramatically every 5 years, eventually costing you thousands per year. See the table below to see how much FEGLI premium rates increase every five years.
|AGE RANGE||FEGLI MONTHLY COST|
Here at FABC, we offer more affordable plans with level premiums, so there are never any costly surprises. With a 20 year $250,000 policy from FABC, a 45 year old male would pay $103.40 a month, but the monthly premium would not increase for the entire 20 year period. This plan could save you thousands of dollars!
Our plans are not only affordable, but they provide great coverage as well. We offer many accident and health coverage programs as standalone products or as riders to life insurance plans. Some of the coverage we offer includes Disability Income Insurance, Critical Illness Insurance, Medicare Supplement Policies, and more. We also offer specialized plans for people with health concerns like diabetes and COPD.
We also offer Government Allotments, which means that your premiums will be automatically deducted from your paycheck. With the Government Allotment process in place, you’ll never have to worry about accidentally missing payments on your insurance, so your coverage is guaranteed to remain active.
Now that you’ve discovered that FEGLI isn’t the only option for you, fill out the form to the right or call us today to get more information on our products and receive a free quote. One our certified agents can help you find a plan that meets your coverage needs and helps you save!
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