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Retirement Services Calculators

Continuation of Coverage after Retirement
for

Calculated on

FEGLI Announces NEW 2016 Premiums. More Information

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Summary Report

Basic Insurance Amount at Retirement

Age at Retirement = 		Amount after final reduction
(you elected )		 Extra Benefit Total Basic Life Insurance including Extra Benefit Monthly cost before Age 65: Monthly cost at Age 65* and after:
For Basic For Total
Basic Retirement Basic Amount Reduced Extra Benefit BasicCost65 MonthlyBasicBefore65 MonthlyBasicAfter65 MonthlyBasicBefore65+MonthlyBasicAfter65 MonthlyBasicAfter65

The Extra Benefit reduces 10% of the original amount each year until at age 45 you will have no Extra Benefit.

* The change in premiums is effective the first of the month following the month in which you reach age 65. After age 65, Basic life insurance is free for all retirees. The 50% and No Reduction premiums continue for life.

Option A - Standard
Effective at the end of the month after the month in which you become age 65 or retire (if later), your Option A coverage will reduce by 2 percent of the pre-retirement amount per month until it reaches 25% of the pre-retirement amount ($2,500.00). Coverage is free after you turn age 65 or retire (if later). You cannot choose No Reduction for Option A.
Coverage Amount:Monthly Cost at the age of retirement
you selected ():		Monthly Cost at Age 65 and after:
TotalOptionAInsurance CostForOptionA $0
Show me how the cost of my Option A - Standard Insurance will change over time after retirement.

Option B - Additional
Amount at Retirement
(Number of Multiples = OptionB)		 Amount at age 65 Amount after Final Reduction Monthly Cost
Number of Multiples Number of Multiples
OptionBCoverage
No Reduction
OptionBNoReduction
Full Reduction
OptionBReduction
No Reduction
OptionBNoReduction
Full Reduction
OptionBReduction
Cost at the age of retirement you selected

Cost at Age:
(OptionBNoReduction/OptionB)* OptionBCoverage
(OptionBFullReduction/OptionB)* OptionBCoverage
(OptionBNoReduction/OptionB)* OptionBCoverage
$0.00
CostFBI(m)
Show me how the cost of my Option B - Additional Insurance will change over time after retirement.

Option C - Family
Amount at Retirement
(Number
of Multiples = OptionC)		 Amount at age 65 Amount after Final Reduction Monthly Cost
Number of multiples Number of multiples
No Reduction
OptionCNoReduction
Full Reduction
OptionC - OptionCNoReduction
No Reduction
OptionCNoReduction
Full Reduction
OptionC - OptionCNoReduction
Cost at the
age of retirement
you selected

Cost at Age:
Spouse: FormatCurrency(OptionC * 5000) FormatCurrency(OptionCNoReduction*5000) FormatCurrency(OptionCFullReduction*5000) FormatCurrency(OptionCNoReduction*5000) $0.00 FormatCurrency(CostFCI(m))
Each eligible child: FormatCurrency(OptionC * 2500) FormatCurrency(OptionCNoReduction*2500) FormatCurrency(OptionCFullReduction*2500) FormatCurrency(OptionCNoReduction*2500) $0.00
Show me how the cost of my Option C - Family Insurance will change over time after retirement.

Change to the amount of your Basic Insurance over time
AgeBasic Insurance AmountExtra BenefitTotal Basic Life Insurance
Monthly reductions thereafter = (Based on ).

Change to the cost of your Option A - Standard Insurance over time
The cost of Option A - Standard insurance depends on your age, in five year age brackets. As an annuitant, you pay the same rates for Option A as employees do until you reach age 65. When you have a birthday that moves you to another age group, the change in premiums will be effective at the beginning of the month following your birthday, and will be reflected in the annuity payment that you receive the following month.
Age GroupMonthly cost for Option A Insurance

Option A is free the month after you reach age 65 or retire (if later). It is free but reductions begin.

Your Option A-standard coverage will reduce by 2% of the pre-retirement amount per month ($200.00) until it reaches 25% ($2500.00) of the pre-retirement amount.

Change to the cost of your Option B - Additional Insurance over time
(Number of Multiples = OptionB)
The cost of Option B - Additional insurance depends on your age, in five year age brackets and the number of multiples. As an annuitant, you pay the same rates for Option B as employees do until you reach age 65. When you have a birthday that moves you to another age group, the change in premiums will be effective at the beginning of the month following your birthday, and will be reflected in the annuity payment that you receive the following month.
Age Group Monthly cost for Option B Insurance
Number of No Reduction Multiples
OptionBNoReduction
Number of Full Reduction Multiples
OptionBFullReduction
 

Your Full Reduction Option B multiples are free after you reach age 65 or retire (if later), but reductions start. The Full Reduction multiples will reduce by 2% of the pre-retirement amount per month for 50 months, at which time that coverage will end.

Your monthly reduction will be FormatCurrency(0.02 * x * OptionBFullReduction).

Change to the cost of your Option C - Family Insurance over time
The cost of Option C - Family insurance depends on your age, in five year age brackets. As an annuitant, you pay the same rates for Option C as employees do until you reach age 65. When you have a birthday that moves you to another age group, the change in premiums will be effective at the beginning of the month following your birthday, and will be reflected in the annuity payment that you receive the following month.
Age Group Monthly cost for Option C Insurance
Number of No Reduction Multiples
OptionCNoReduction		 Number of Full Reduction Multiples
OptionCFullReduction
 

Your Option C Full Reduction multiples are free after you reach age 65 or retire (if later), but reductions start. These Full Reduction multiples will reduce by 2% of the pre-retirement amount per month for 50 months, at which time that coverage will end.

Your monthly reduction for:

  • the amount on your spouse will be:FormatCurrency(OptionCFullReduction*5000*0.02)
  • the amount on each child will be:FormatCurrency(OptionCFullReduction*2500*0.02)

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