How do I inform OPM of death?
You can report the death in one of three ways:
- Phone: Call 1-888-767-6738 (1-88USOPMRET). If you’re calling from Washington, D.C. metropolitan area, call 202-606-0500.
- Mail: Write to: U.S. Office of Personnel Management. Retirement Operations Center. P.O. Box 45.
- Email: Fill in and submit our online reporting form.
What happens when a retired federal employee dies?
If a former employee dies and no survivor annuity is payable, the retirement contributions remaining to the deceased person’s credit in the Civil Service Retirement and Disability Fund, plus applicable interest, are payable. This lump sum is payable under the order of precedence.
How much is OPM basic life?
Basic Insurance Premiums for Annuitants All retirees pay for Basic life insurance until age 65. The premium is the same rate as that for active employees ($0.3250 monthly per $1,000). After age 65, Basic life insurance is free.
How do I know if I have Fegli?
1. Log on to Retirement Services Online to view and print a Verification of Life Insurance (VOLI). Your VOLI will show which types of FEGLI coverage you have, your amount of coverage before reduction, your post-65 reductions, and your amount of coverage after reductions complete.
What type of insurance is Fegli?
Healthcare & Insurance Life Insurance FEGLI provides group term life insurance. As such, it does not build up any cash value or paid-up value. It consists of Basic life insurance coverage and three options.
Can you keep Sgli after retirement?
Your SGLI ends 120 days after you retire or transition from U.S. military service. Retiring and transitioning veterans have the option to convert their SGLI to Veterans’ Group Life Insurance (VGLI). You can also replace your SGLI by purchasing life insurance from a non-government provider such as USBA.
Do you lose life insurance when you retire?
When you retire, you have the option to continue paying for the life insurance you had while you were working or buying your own policy that is not connected to your employer at all.
Is it worth getting life insurance at 60?
The same whole life policy for 30-year-olds costs just $72 per month. At 60, you might be better off just saving the $3,000 or so a year you would have paid to an insurer for a whole life policy. While whole life coverage lasts a lifetime and can increase in value, temporary term life coverage is usually much cheaper.
Can I cash out my life insurance policy?
Yes, cashing out life insurance is possible. The best ways to cash out a life insurance policy are to leverage cash value withdrawals, take out a loan against your policy, surrender your policy, or sell your policy in a life settlement or viatical settlement.
Do I get money back if I cancel my life insurance?
Once you cancel your life insurance policy, you will not get back any of the premiums you paid. If you have a term life insurance policy, you won’t get a refund if you cancel your policy or let it lapse.