Re: [TSPStrategy] Life insurance

If you are a retiree, you can cancel or reduce your FEGLI life insurance at any time. There is no form; you must mail a signed letter to OPM's Retirement Office at:

U.S. Office of Personnel Management
Retirement Operations Center
P.O. Box 45
Boyers, PA 16017-0045

The cancellation or reduction must be in writing and have an original signature by the insured retiree.  Be sure to include your retirement claim number (CSA) or Social Security Number (SSN) and specify what action you want taken.  Please note that you cannot increase your coverage after retirement or reinstate coverage that you cancel.

On Friday, April 9, 2021, 4:05 PM, Sherry Bauer <sherry.bauer@gmail.com> wrote:

No open season is needed.  In order to drop your FEGLI you need to write to OPM and tell them to drop it. There aren't even any forms that I know of.  

On Fri, Apr 9, 2021 at 3:34 PM John Crotty via groups.io <vpf116prez=yahoo.com@groups.io> wrote:

Is there an open season when you can drop your insurance after your in retirement to avoid the big increases that come with some of the options on certain years?   I believe the rates jump up big at 60?

John

On Friday, April 9, 2021, 10:21 AM, Tony B. <tonybmail@gmail.com> wrote:

I currently have outside life insurance 20 year term policy through USAA for 500k for 20 years to cover my kid growing up if something were to happen.  Also have FEGLI at a lower amount. 

On Fri, Apr 9, 2021 at 8:33 AM <eljosco@mail.com> wrote:

I also had "outside" term life, which was initiated when I was younger and had a very young family. It was $500K w/ annual cost of $360, 20 year term with convertible option. Then picked up FEGLI during last open season to make sure I have it to carry through retirement. Total FEGLI premium cost over the entire term (with the 75% reduction) is less than the final payout. Totally recommend this strategy for younger generation - only difference is outside term life will require health exam (so do while you're young) and FEGLI doesn't require one.



On 4/8/21 at 5:24 PM, Paul Machiele wrote:

> I've been happy with WAEPA for years for term life insurance. However, as I near retirement I will like drop it, as the premiums rise and my needs decline. The one thing to hang onto into retirement if you had it prior to retirement is the free portion of FEGLI.
> > On Apr 8, 2021, at 11:03 AM, DENNIS GRANT <dgrantrescue@gmail.com> wrote:
> >
> > I have recently retired and I remember reading on here about some various life insurance options instead of FGLI. Can someone please assist with what you are using? Thanks
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