Quantcast

GEBA logo

GEBA Group Term Life offers benefits that FEGLI doesn't.  

We are often asked how does GEBA's plan compare to Federal Employees' Group Life Insurance plan (FEGLI).  We have provided a comparison our our Group Term Life to help you understand the differences and help you make an informed decision.  

 

GEBA

FEGLI

Coverage for Federal
Employee





Up to $600,000 regardless
of pay





Basic:  Your annual salary rounded up to the next even 1,000 plus $2,000*

Option A - $10,000
Option B - Up to five times your salary

Portability

You can KEEP this insurance if you resign from your federal employment

Coverage ends if you
resign from your federal
employment

Coverage for Spouse or   Domestic Partners

Minimum:  $50,000
Maximum:  Up to $300,000
    or 100% of employee’s
    coverage, whichever is
    less

Minimum:  $5,000
Maximum:  $25,000

Coverage for Dependent Children

One Option:  $20,000
Up to age 26

Minimum:  $2,500
Maximum:  $12,500
Up to age 22

Premiums

Age based pricing



Basic: 15 cents per $1,000 of coverage
Option A, B, and C:  age based pricing
*Extra Benefit for employees under age 45

GEBA partners with New York Life Insurance, one of the largest and most respected life insurance companies in the nation.  New York Life has received the highest financial ratings currently awarded to any life insurer by all four major rating agencies:  A.M. Best (A++), Fitch (AAA), Moody's Investors Service (Aaa), Standard & Poor's (AA+)¹. 

Below is an example that may also help you understand the differences:

Federal Employee Example:
> Age = 45, Spouse age = 45
> Annual base pay = $100,000
> Additional Option B Coverage = 2 x annual pay
> Optional Spouse Coverage:  Multiple of 5
> Optional Dependent Coverage:  Multiple of 5


 

GEBA

FEGLI

Employee’s Coverage

$350,000

$302,000

Spousal Coverage

$50,000

$25,000*

Child Coverage

$20,000

$12,500*

Bi-weekly Premium

$25.00

$32.25

Annual Cost

$650.00

$838.50

Save $188.50 annually with GEBA with higher coverage

*Maximum Coverage

Each person's situation is unique -- your age, the level of coverage you need, marital status, and presence of children.  To make your own comparison, use our GEBA vs. FEGLI calculator.  

Our licensed Insurance and Financial Consultants can review your current life insurance policy and help you assess your coverage needs.  To schedule a no-obligation review, contact geba@geba.com, (800) 826-1126, or request an appointment.  




¹Individual independent rating agency commentary as of 6/9/16

Group Term Life Insurance plan underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Policy form GMR.

bates 1706172