I was reviewing my paystub, and I noticed that I pay for Federal Employee Group Life Insurance at $54.00 per month and the payout is maxed at $172,000. I don't recall selecting this Basic FEGLI coverage, but indeed I have been paying $648.00 a year for a $172,000 policy. I'm a bit upset that I missed this deduction on my paycheck for the past 15 years, but the US government assured me that I selected this plan when I was hired in 2007. I have no children, no dependents, and no plans at age 57 to have children. I honestly don't think that I need life insurance, since I have stock, real estate, and retirement holdings of 4-5 million that my partner and two nieces would inherit if I passed.
The payout of $172k seems paltry for $648 a year, right?
Ultimately I would like to cancel this policy and go without lIfe insurance, but I'm wondering if I'm missing something.
The payout of $172k seems paltry for $648 a year, right?
Ultimately I would like to cancel this policy and go without lIfe insurance, but I'm wondering if I'm missing something.
Statistics: Posted by FogCity — Tue Jan 09, 2024 1:51 pm — Replies 10 — Views 491