Federal Employees Group Life Insurance Washington

Your basic insurance amount depends on your annual basic pay. This excludes Cost of Living Adjustment (COLA). The minimum amount of basic life insurance is $10000, for those earning $8,000 or less.Federal Employees Group Life Insurance Washington gives basic life insurance.

Basic Life Insurance

The cost of Basic Life Insurance is 15 cents hi-weekly or 32.5 cents monthly per thousand. however free for postal employees.

Line 1 – Your current basic pay       $_______
Line 2 – If not an exact thousand,   $_______
round up to next thousand
Line 3 – Add $2,000                         $2,000_
Line 4 – Total insurance                   $_______
(Add lines 2 and 3)

Basic Life Insurance – Option A
Option A is a fixed amount of $10.000 of coverage. An employee must have Basic coverage to be eligible for Option A. The costs are as follows:

AGE GROUP BI-WEEKLY MONTHLY
35 & Under $0.20 $0.43
35-39 $0.30 $0.65
40-44 $0.40 $0.87
45-49 $0.70 $1.52
50-54 $1.10 $2.38
55-59 $2.00 $4.33
60-64 $6.00 $13.00
65-69 $6.00 $13.00
70-74 $6.00 $13.00
75-79 $6.00 $13.00
80+ $6.00 $13.00

Federal Employees Group Life Insurance Washington Accidental Death and Dismemberment
Accidental death benefits are equal to your Basic Life insurance coverage. Accidental dismemberment benefits for the loss of a hand, foot, or eye are equal to half of the Basic Life Insurance Amount: however, If you lose any two of these, the full amount is payable. There is no additional cost for this coverage.
***Theses rates will be effective the first pay period beginning on or after January 1, 2012 

Federal Employees Group Life Insurance Washington

Basic Life Insurance – Option C
You may elect Option C, or Family Optional Insurance, as part of your Basic Life insurance. This allows you to cover eligible family members in multiples up to five times per unit coverage. One unit is $5,000 for your spouse and $2,500 for each child.
* Eligible Family Members includes your present spouse and your unmarried, dependent children, including an adopted child, a stepchild, or a recognized natural child who is either living with you or receiving regular and substantial support from you. To be covered, a child must be under 22 years of age or, if over 22, incapable of self-support because of a mental or physical disability that was present before the child became 22 years of age.
The chart below lists the bi-weekly and monthly costs for Option C coverage.

Federal Employees Group Life Insurance Washington Basic Life & Option A
Starting at the later date between when you retire and when you turn 65, the amount of life insurance decreases at a rate of 2% per month until 25% of the amount you had at the time of retirement is reached.

Basic Life Insurance – Extra Benefit

AGE FACTOR
35 & Under 2.0
36 1.9
37 1.8
38 1.7
39 1.6
40 1.5
41 1.4
42 1.3
43 1.2
44 1.1
45 1.0

Line 5 – Basic Life Insurance (Line 4) $______
Line 6 – Multiplication Factor               ___x___
Line 7 – Total Insurance                      $______

Basic Life Insurance – Option B
An employee may choose Option B – Additional coverage with Basic Life, which is one, two, three, four, or five times the actual rate of basic pay, rounded to the next thousand.
Line 8 – Put the amount in line 2 here $________
Line 9 – Multiple                                    ____x____
Line 10- Total Insurance                      $________
(line 8 times line 9)

Withholding Per $1,000 Insurance

AGE GROUP BI-WEEKLY MONTHLY
35 & Under $0.02 $0.043
35-39 $0.03 $0.065
40-44 $0.04 $0.087
45-49 $0.07 $0.152
50-54 $0.11 $0.238
55-59 $0.20 $0.433
60-64 $0.44 $0.953
65-69 $0.54 $1.170
70-74 $0.96 $2.080
75-79 $1.80 $3.900
80+ $2.64 $5.720
AGE GROUP BI-WEEKLY MONTHLY
Under 35 $0.22 $0.48
35-39 $0.27 $0.59
40-44 $0.41 $0.89
45-49 $0.59 $1.28
50-54 $0.92 $1.99
55-59 $1.48 $3.21
60-64 $2.70 $5.85
65-69 $3.14 $6.80
70-74 $3.83 $8.30
75-79 $5.26 $11.40
80+ $7.20 $15.60

Federal Employees Group Life Insurance Washington

Option B & C
At the later date of age 65 or retirement, an additional 2% monthly reduction of the original life insurance amount will take effect for 50 months. Your coverage will cease at the end of 50 months. If you elect to continue this coverage, the full premium will increase dramatically as you age through retirement.