FEGLI Life Insurance Rates by Age Chart 2024
last updated on March 22, 2024Are you looking to compare Federal Employees’ Group Life Insurance (FEGLI) life insurance rates to the life insurance rates offered by the nation’s top life insurance companies?
Great! Then you have come to the right place.
In this article, we’ll show you FEGLIs’ group term life insurance rates for Option B – Additional coverage by age and annual salary as well as a chart with the rates for an individual term life insurance policy from the top life insurance carriers in the country.
This will help you in your decision to on whether to keep the FEGLI Option B plan or replace it with your own individual term life insurance policy separate from FEGLI.
Table of contents
FEGLI Rates by Age Chart: 45-80 Years Old for Option B – $50k Annual Salary
Below are the costs per pay period and monthly rates for FEGLI Option B – Additional coverage for ages 45-80 for a federal employee with an annual salary of $50,000 and choosing a 5x multiple for: $250,000 of life insurance coverage amount.
| Age Group | Cost Per Pay Period | Cost Per Month |
|---|---|---|
| 45-49 | $15 | $30 |
| 50-54 | $25 | $50 |
| 55-59 | $45 | $90 |
| 60-64 | $100 | $200 |
| 65-69 | $120 | $240 |
| 70-74 | $215 | $430 |
| 75-79 | $450 | $900 |
| 80 and over | $720 | $1,440 |
FEGLI Life Insurance Rates by Age Chart: 45-80 Years Old for Option B – $75k Annual Salary
Below are the costs per pay period and monthly rates for FEGLI Option B – Additional coverage for ages 45-80 for a federal employee with an annual salary of $75,000 and choosing a 5x multiple for: $375,000 coverage amount.
| Age Group | Cost Per Pay Period | Cost Per Month |
|---|---|---|
| 45-49 | $22.50 | $45 |
| 50-54 | $37.50 | $75 |
| 55-59 | $67.50 | $135 |
| 60-64 | $150 | $300 |
| 65-69 | $180 | $360 |
| 70-74 | $322.50 | $645 |
| 75-79 | $675 | $1,350 |
| 80 and over | $1,080 | $2,160 |
FEGLI Life Insurance Rates by Age Chart: 45-80 Years Old for Option B – $100k Annual Salary
Below are the costs per pay period and monthly rates for FEGLI Option B – Additional coverage for ages 45-80 for: a federal employee with an annual salary of $100,000 and choosing a 5x multiple for: $500,000 coverage amount.
| Age Group | Cost Per Pay Period | Cost Per Month |
|---|---|---|
| 45-49 | $30 | $60 |
| 50-54 | $50 | $100 |
| 55-59 | $90 | $180 |
| 60-64 | $200 | $400 |
| 65-69 | $240 | $480 |
| 70-74 | $430 | $860 |
| 75-79 | $900 | $1,800 |
| 80 and over | $1,440 | $2,880 |
FELGI Life Insurance vs. Pacific Life vs. Protective Life vs. Banner Life vs. AIG vs. Transamerica vs. Prudential vs. Primerica vs. Lincoln Financial vs. AAA Life Insurance vs. SBLI vs. Mutual of Omaha for a Male
The table below compares the term life insurance rates between: FELGI Life Insurance vs. Pacific Life vs. Protective Life vs. Banner Life vs. AIG vs. Transamerica vs. State Farm vs. Prudential vs. Primerica vs. AAA Life Insurance vs. SBLI vs. Mutual of Omaha for a $250,000 policy on a 15-year level (fixed) term.
| Company | Rating | $250,000 |
|---|---|---|
| SBLI | A | $75 |
| Protective Life | A+ | $77 |
| Pacific Life | A+ | $78 |
| Banner Life | A+ | $79 |
| AIG | A | $79 |
| Symetra Life | A | $79 |
| Lincoln Financial | A | $83 |
| Transamerica | A | $85 |
| Prudential | A+ | $89 |
| AAA Life Insurance | A | $105 |
| Mutual of Omaha | A+ | $107 |
| Primerica | A+ | $119 |
| FEGLI | A+ | $200.00 |
Rates for a 60 year old male $250k 20-year term Preferred Plus health class- D.O.B. 3/1/1964. FEGLI is for Option B with $50k annual salary and a 5x multiple of annual basic pay. FEGLI is underwritten by MetLife. Rates current as of 3/15/2024
FEGLI Option B rates increase every five years at each age band whereas the other company rates are fixed for 15 years in the above chart.
FELGI Life Insurance vs. Pacific Life vs. Protective Life vs. Banner Life vs. AIG vs. Transamerica vs. Prudential vs. Primerica vs. Lincoln Financial vs. AAA Life Insurance vs. SBLI vs. Mutual of Omaha for a Female
The table below compares the term life insurance rates between: FELGI Life Insurance vs. Pacific Life vs. Protective Life vs. Banner Life vs. AIG vs. Transamerica vs. Prudential vs. Primerica vs. AAA Life Insurance vs. SBLI vs. Mutual of Omaha for a $400,000 policy with rates fixed for 20-years.
| Company | Rating | $400,000 |
|---|---|---|
| Banner Life | A+ | $56 |
| Protective Life | A+ | $57 |
| Symetra Life | A | $57 |
| AIG | A | $57 |
| SBLI | A | $57 |
| Pacific Life | A+ | $58 |
| Lincoln Financial | A | $59 |
| Transamerica | A | $60 |
| Prudential | A+ | $66 |
| Mutual of Omaha | A+ | $79 |
| AAA Life Insurance | A | $83 |
| Primerica | A+ | $91 |
| FEGLI | A+ | $100.00 |
Rates for a 50 year old male $400k 20-year term Preferred Plus health class- D.O.B. 3/1/1974. FEGLI is for $400k coverage Option B with $100k annual salary and a 4x multiple of annual basic pay. FEGLI is underwritten by MetLife. Rates current as of 3/15/2024
FEGLI Option B rates increase every five years at each age band whereas the other company rates are fixed for 20 years in the above chart
Pacific Life vs AIG vs Banner Life vs Symetra Life vs Lincoln Financial vs Transamerica
FEGLI Term Life Insurance Competitors: Term Life Insurance Rates by Age Chart for: $250,000 10-Year, 15-Year, 20-Year Term
The table below shows the monthly term life insurance rates (quotes) from FEGLI’s top term life insurance competitors for a healthy, non-smoker male and female at the Preferred health class for a 10-year, 15-year and 20-year level term policy.
Rates are from Superior rated term life insurance companies, such as Pacific Life, Banner Life, Protective Life and Lincoln Financial. You can compare these rates to the FEGLI rates by age tables above. As you will notice these rates are fixed, unlike FEGLI which increase every five years.
| Age | Gender | Coverage Amount | 10-Year Term | 15-Year Term | 20-Year Term |
|---|---|---|---|---|---|
| 45 | Male | $250,000 | $20.93 | $23.89 | $30.62 |
| 45 | Female | $250,000 | $18.00 | $20.26 | $24.57 |
| 50 | Male | $250,000 | $29.13 | $34.60 | $45.02 |
| 50 | Female | $250,000 | $24.36 | $28.27 | $35.84 |
| 55 | Male | $250,000 | $44.83 | $56.68 | $70.47 |
| 55 | Female | $250,000 | $33.89 | $41.13 | $51.62 |
| 60 | Male | $250,000 | $69.52 | $88.75 | $117.09 |
| 60 | Female | $250,000 | $49.57 | $61.47 | $89.01 |
| 65 | Male | $250,000 | $119.18 | $158.31 | $227.67 |
| 65 | Female | $250,000 | $81.82 | $109.20 | $163.14 |
| 70 | Male | $250,000 | $203.36 | $292.16 | $474.47 |
| 70 | Female | $250,000 | $131.33 | $197.34 | $390.74 |
| 75 | Male | $250,000 | $383.77 | $662.96 | NA |
| 75 | Female | $250,000 | $263.79 | $440.51 | NA |
| 80 | Male | $250,000 | $867.00 | NA | NA |
| 80 | Female | $250,000 | $636.64 | NA | NA |
Date of birth used is 9/1.
Chart Takeaways- FEGLI Life Insurance: Ages 45-80
- As you can seen in the table above, a $250k 20-year level term life insurance policy for a 60-year old at the Preferred health class from a Superior rated term life insurance company is only $117.09 month for a male and $89.01 month for a female. These rates are less than half of FEGLI’s rates for the same $250k coverage for a female and about $80 month less expensive per month for a male. Unlike the FEGLI term group policy Option B, these rates are fixed for 20 years and will not increase as you get older, regardless of any changes in age or health!
- As you can see in FEGLI rate table above, a 65-year old, both male and female, that has $500k in life insurance from FEGLI would pay $480 month in premiums for Option B. The same $500,000 in coverage for an individual policy outside of the FEGLI group term on a 10-year level term policy at the preferred plus health class would only cost $188 month for a male and $121 month for a female. Also, the individual policy rate would be fixed until age 75, unlike the FEGLI coverage which would increase in price again at age 70.
- As you can see in the table above, a healthy 50-year old female can lock in a $500,000 20-year level premium term life insurance policy from a highly rated life insurance company for $55 month. This rate would not increase for the next 20 years regardless of changes in age or health. Compare this to the FEGLI plan that would be $100 month at age 50 and the price increases every 5 years and becomes extremely expensive as the policy goes on (up to $480 month at age 65).
- As you can see in the table above, a 70-year old male with $250,000 of FEGLI Option B coverage would pay $645 month for their life insurance. The same 70-year old male in excellent health could get a $250,000 10-year level term private policy from a highly rated life insurance company for as low as $175 month.
FEGLI Term Life Insurance Calculator and Cost Details
The best way to view the current cost of FEGLI coverage as well as see what the rates will change to as you get older and enter into a new age bracket is the FEGLI online calculator. The calculator is very user friendly. It’s quick, easy to use and provides detailed a breakdown of the coverage for each Option and costs based on your annual salary for Basic, Option A , Option B and Option C and shows the coverage amount for Accidental Death and Dismemberment (AD&D).
FEGLI Coverage Option B – Additional Coverage Explained
FEGLI Option B is basically a 5-year renewable term life insurance policy. Similar to other group life insurance and association plans, the rates increase every five years as the insured enters into a new age bracket and can become prohibitively expensive as you get older.
FEGLI Option B offers federal employees multiples of: one, two, three, four or five times your annual basic pay (salary).
FEGLI Option B coverage is optimal for people with major health conditions, smokers or those that participate in dangerous avocations. However, for those that are moderately healthy and don’t smoke cigarettes the rates are much higher compared that what can be secured in the commercial market, specifically after the age of 50.
FEGLI Option B Rates Explained: Continued
Let’s take a look at the sample numbers from the FEGLI online calculator for a federal employee with an annual income of $80k and selects a 5x multiple annual basic pay for Option B – Additional for a 55-year old in the image below.
As you can see in the image above from the FEGLI online calculator, $400,000 of Option B coverage (5 time multiple of annual salary) the premium is $72 per pay period or $144 a month. This rate is not fixed and will increase every five years. Compare this to a $400k 20-year level term life insurance from a highly rated insurance company which is $92 month and the rate is fixed for 20 years.
FEGLI Coverage Details- The Fine Print
FEGLI premiums are automatically taken out of the employees paycheck every two weeks (each pay period). Therefore, to calculate the monthly cost of FEGLI coverage you should multiply the cost per pay period amount 2x. Multiplying the cost per pay period rate by two will provide a better apples to apples comparison of the FEGLI premiums compared to the rates for an individual level term life insurance policy outside FEGLI.
Let’s take a look at the fine print for FEGLI Option B in the image below.
“You may elect Option B life insurance in an amount equal to one, two, three, four or five times your annual basic pay (after rounding up to the next $1,000). The cost of Option B insurance depends on your age, in five year age brackets. When you have a birthday that moves you to another age group, you will begin paying the premiums for the new age group in the first pay period that starts after your birthday.”
As you can see in the Option B – Additional (Number of Multiples) age group by age chart above, the rates increase significantly every 5 years and become cost prohibitive for many FEGLI current and retired employees. For example, as you can see above a 70 year old FEGLI Option B rate will increase to $688 month for $400k of coverage. Compare this to a $400k 10-year level term policy on the open market outside of FEGLI which costs $276 month or $380 month for a 15-year level term for a healthy 70 year old male in excellent health.
FEGLI Option B – Rate Increases by Age Chart
Premiums for FEGLI Option B – increase every five years when the employee enters a new age group. Age group brackets for FEGLI Option B can be seen in the table below.
| Under 35 |
| 35 through 39 |
| 40 through 44 |
| 45 through 49 |
| 50 through 54 |
| 55 through 59 |
| 60 through 64 |
| 65 through 69 |
| 70 through 74 |
| 75 through 79 |
| 80 and over |
What Is FEGLI?
The Federal Employees’ Group Life Insurance program is the largest group life insurance program in the world. Underwritten by MetLife, FEGLI offers every eligible federal government employee Basic and Optional group life insurance.
Basic Insurance
Every eligible federal employee is automatically enrolled in Basic insurance unless they ask for a waiver. Basic insurance offers coverage of your annual rate of Basic pay, rounded up to the next nearest $1k or $2k or $10k, whichever is greater. The cost of Basic insurance is shared with the employee and the Government with the employee paying two-thirds and the Government pays one-third. USPS pays 100% of the premiums for postal employees for Basic coverage.
Option A
Option A is additional group term life insurance for $10k. The premium increases every 5 years as you enter a new age group.
Option B
Option B is additional group term life insurance with the option of 1x, 2x, 3x, 4x, 5x your annual rate of Basic pay rounded up to the next even $1k. The premiums for Option B increase every 5 years as you enter a new age bracket.
Option C
Option C (Family Insurance) is additional group term life insurance that insures an eligible spouse and children. It comes in multiples of one to five with each multiple equaling $5k for a spouse and $2.5k for each eligible dependent child. Same as Option A and Option B, the premiums for Option C increase every 5 years.
Accidental Death & Dismemberment (AD&D)
AD&D coverage is included with Basic insurance as well as Option A at no additional cost. The AD&D coverage amount is equal to the Basic plan.
Is FEGLI Worth It?
FEGLI Basic coverage is usually worth it for most people while the additional plans: Option A, Option B and Option C are typically not worth it for most federal employees, especially those over the age of 50.
FEGLI optional coverage is worth it for those that have major health issues or would be uninsurable with a private life insurance coverage.
What is A Good Alternative to FEGLI?
A good alternative to the three Optional FEGLI group term life insurance plans is a level term life insurance policy from a highly rated insurer. Although you will have to qualify for the level term life insurance policy medically, (often without an exam) the rates are typically significantly lower than FEGLI and also they are fixed.
Another alternative to FEGLI group term life insurance is a permanent life insurance policy. Again, you will have to qualify for this policy but the rates are fixed for the rest of your life and the premiums can be affordable.
Bottom Line
As you can see FEGLI Life Insurance Rates by Age Chart, rates range from $15 month up to $2,880 month depending on your age, annual salary and multiple of income chosen. The rates for FEGLI Option B increase every five years as you enter a new age group (bracket).
FEGLI’s group term life insurance program underwritten by MetLife offers two types of plans: Basic and Optional. Since the Federal Government covers one-third of the cost of basic insurance and the coverage is free after the age of 65, the majority for federal employees keep the Basic plan for the rest of their life. The signup process for FEGLI is simple and the premiums are automatically taken out of your paycheck every pay period.
However, there is one major drawback to FEGLI coverage: the increasing cost for the additional coverage, specifically Option B.
Additional Information
Since the FEGLI Option B – Additional coverage rates increase every 5 years, many federal employees cannot afford the FEGLI Option B coverage as they get older since the rates increase so much (as seen in the tables above).
Also, since FEGLI is a group term life insurance policy for federal employees and every employee qualifies for coverage, the rates become very expensive for Option B after the age of 50. The rates from the nation’s top life term life insurance companies 2024 are often $50 to $700 less per month for the same amount of coverage.
An often much better alternative to FEGLI Optional group term plan is to secure a level term life insurance policy from one of the top term life insurance companies that offer both a fixed death benefit and a level term. This allows the policy holder to have the same fixed rate for the term they select, regardless of changes in age or health.
As you can see, if you are comparing FEGLI Optional insurance rates for federal employees compared to term life insurance rates from a highly rated insurer on the open market, FEGLI is not cheap specifically for those over the age of 50. The coverage is easy to signup for but the Optional B coverage is expensive and only becomes much more expensive as you get older.
FAQ
Are FEGLI Option B rates fixed?
No. FEGLI’s Option B – Additional Coverage- group term life insurance product is a step rate plan and the premiums increase every 5 years when you enter into a new age bracket. FEGLI Age Groups Option B – Automatic Rate Increases. Sample rates for each age bracket are seen in the tables above.
Why is FEGLI so expensive?
FEGLI is expensive for two main reasons: 1. FEGLI is a group life insurance plan, in fact FEGLI is the largest group life insurance plan in the world. This means the healthy people are subsidizing the costs for the unhealthily people. 2. FEGLI (Option B – Additional coverage) is a step rate plan and the rates increase every 5 years as you get older. The reason for the rate increases is to offset the risk FEGLI incurs as their insureds age. This is why someone in moderate to excellent can get a much lower and also fixed rate on the open market with a highly rated insurance company outside of FEGLI since they are underwriting you personally and can better assess the risk.
Is FEGLI term life insurance?
Yes, FEGLI provides group term life insurance. FEGLI Option B is essentially a 5-year renewable group term life insurance policy.
Who is insurance company that underwrites FEGLI?
The Office of Personnel Management (OPM) has a contract with MetLife to provide life insurance for the FEGLI program.
Is FEGLI Option B worth it?
Federal Employees’ Group Life Insurance (FEGLI) Option B – Additional coverage is not worth it for most people, specifically for those over the age of 50 that are in moderate to excellent health. FEGLI Option B is a step rate term life insurance plan and the premiums increase every five years. These rates eventually become very expensive and unaffordable for a great number of employees as they enter into the new age group brackets. A better alternative for the many people is a level term life insurance policy purchased on the open market from a highly rated insurer.
Is FEGLI mandatory?
No. Although all eligible federal employees are automatically enrolled in the Basic plan when hired, FEGLI is not mandatory and can be canceled anytime by submitting a wavier form.
Can you cancel or reduce FEGLI at anytime?
Yes, you can cancel or reduce FEGLI coverage at anytime. You do not need to wait for open season or a have a qualifying life event.
Does FEGLI life insurance have a cash value?
No. FEGLI is group term life insurance and does not have a cash value.
*We are not affiliated, endorsed or sponsored by the Federal Government or FEGLI. We are an independent life insurance website.
