Federal Employee Group Life Insurance
|This calculation page is only available when working with a federal retirement system. Also, note that FEGLI stands for Federal Employer Group Life Insurance, a life insurance option available to federal employees.
The FEGLI calculation screen illustrates the cost of insurance through the federal government. The options are listed on the top part of the page, and the calculations are on the bottom part of the page.
# of Years After Retirement
Enter the number of years to show after retirement. This will affect the number of records shown in the details grid.
FEGLI Insurance Coverage
Select the options for the client's FEGLI account. If you know the client's FEGLI code, click the button and enter the code. The FEGLI options will automatically be configured.
The calculations appear at the bottom of the page in various presentations on three different tabs: Summary, Details, and Chart. Information for each one is provided below.
The summary tab displays the projected current FEGLI premiums:
and the estimated average premiums until retirement.
|Doing the math determines that while the bi-weekly and monthly premiums shows above match, the annual values (displayed above) do not correspond to the weekly. The annual values correspond to the annualized values in a year, while the bi-weekly and monthly values are the current premium values.
This details tab provides a year by year, or per paycheck, cost breakdown of FEGLI.
|The report will print the data that is being viewed--and a per paycheck view can product a much longer report.
The Chart tab can display the Annual Premium by age, Accumulated Premium by age, or the Life Insurance Coverage by age in a graphic chart.