Are you in the federal service and nearing retirement age? If yes, have you considered how to factor life insurance into your retirement planning efforts? If not, it probably is time to begin thinking about it. Here are a few things on the Federal Employees’ Group Life Insurance program that I found while surfing.
One of the most common questions people ask is how much FEGLI coverage they are allowed to keep in retirement. According to experts, the amount of basic FEGLI you will carry into retirement is based on your salary on the day you retire. You are eligible to continue basic insurance or have it reinstated if you meet certain requirements. Govexec.com reports:
If you are eligible to continue or have reinstated basic insurance, you also are eligible to continue or reinstate optional insurance, as long as you meet the requirements listed above. Your optional insurance initially will be the same value as you had on the last day of employment.
Read more: Life Insurance Options
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on Sunday, September 17th, 2006 at 4:46 am and is filed under Tips.
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For decades now, the entire life insurance industry, experts, lay persons and just about everyone else in between has been telling us about the need for life insurance and about the various types of life insurance available. What is missing is an educated viewpoint on life insurance needs in various communities. African-Americans are one community that has yet to understanding the need for life insurance.
There was a time long ago when life insurance in the African-American community was known as burial insurance –African-Americans were allowed only to buy a small policy to bury themselves and this is how it was marketed to them. And the worst part was the open discrimination — more often than not, their Caucasian counterparts, who had the same type of insurance policy, paid less and were offered more coverage. Thankfully, today underwriters of life insurance are not allowed to know the race of individuals applying for insurance. However, the attitudes towards life insurance haven’t changed much since the days of burial insurance. Financial-shopper-network.com reports:
You have to be able to look past this year, $30,000 may take care of your daughter for a couple of years but Social Security will pick not pay the cost of raising a child. Some in the African-American community will spend $500 on a car note, but do not have enough life insurance to feed, clothe, or send your children to college, as well as provide income for their spouse if they die.
Read more: African-Americans and Life Insurance
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on Saturday, September 2nd, 2006 at 11:57 am and is filed under News.
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