Do Government employees ought to purchase private life insurance?

As a government worker, you should know the benefits and factors of the federal employee’s group life insurance (FEGLI). The FEGLI is one of the widespread employer-provided insurance schemes in the nation and is life-term insurance. You are automatically part of the insurance policy if you are a federal government employee.

You may like to change the scope to private insurance as you grow older, although the FEGLI is best for some workers.

Five factors of FEGLI you should be aware of are:

i. FEGLI provides exclusive customization options: the FEGLI might not be a perfect option for you. Please ignore that it is an automatically enrolled scheme for you as a government worker. Privately-owned insurance provides more flexible options, such as permanent life insurance. Unlike the private insurance company, the FEGLI does not offer you term insurance policies that can enhance your living benefits. Private insurance is more costly but provides more effective and efficient insurance packages than the FEGLI.

ii. FEGLI plans to provide fewer coverage limits: Most insurance plans recommend 7-10 times your salary as their coverage limit. In comparison, the federal employee’s group life insurance coverage limit is five times your annual salary, making these plans less valuable than other insurance schemes.

iii. FEGLI  premium payments are gone forever: FEGLI policy is basically “Rented” insurance. Therefore, it does not give cash values, unlike private insurance that offers you “Permanent” life insurance, such as the monthly premiums in the form of cash value or the Indexed Universal Life (IUL).

iv. FEGLI offers you less coverage when you retire: Different types of FEGLI provide less coverage for retirement, specifically the basic FEGIL, which the package reduces after retirement. The decreased coverage payments end if you retire at age 65.

v. FEGLI plans become more expensive after age 50: The FEGLI monthly premiums fluctuate. You might start the plan at a younger age with cheap premiums, but as time passes, it will get more expensive, especially at age 50. The effect of this FEGLI is that you end up paying more for less coverage when you are 50 years old and above.

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After entering the financial services industry in 1994, it was a desire to guide people towards their financial independence that drove Aaron to start Steele Capital Management in 2013. Armed with an extensive background in financial planning and commercial banking coupled with a sincere passion for helping people, Aaron has the expertise and affinity for serving the unique needs of those in transition. Clients benefit from his objective financial solutions and education aligned solely with
helping them pursue the most comfortable financial life possible.

Born in Olympia, Washington, Aaron spent much of his childhood in Denver, Colorado. An area outside of Phoenix, Arizona, known as the East Valley, occupies a special place in Aaron’s heart. It is where he graduated from Arizona State University with a Bachelor of Science degree in Business Administration, started a family, and advanced his professional career.

Having now returned to his hometown of Olympia, and with the days of coaching his sons football and baseball teams behind him, he now has time to pursue his civic passions. Aaron is proud to serve on the Board of Regents Leadership for Thurston County as the Secretary and Treasurer for the Morningside area. His past affiliations include the West Olympia Rotary and has served on various committees for organizations throughout his community.

Aaron and his beautiful wife, Holly, a Registered Nurse, consider their greatest accomplishment having raised Thomas and Tate, their two intelligent and motivated sons. Their oldest son Tate is following in his father’s entrepreneurial footsteps and currently attends the Carson College of Business at Washington State University. Their beloved youngest son, Thomas, is a student at Olympia High School.

Focused on helping veterans and their families navigate the maze of long-term care solutions, Aaron specializes in customized strategies to avoid the financial crisis that care related expenses can create. Experience has shown him that many seniors are not prepared for the economic transition that takes place as they reach an advanced age.

With support from the American Academy of Benefit Planners – an organization with expertise and resources on the intricacies of government benefits – he helps clients close the gap between the cost of care and their income while protecting their assets from depletion.

Aaron can help you and your family to create, preserve and protect your legacy.

That’s making a difference.

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