FEGLI Life Insurance – Specifications to Account For
FEGLI is short for Federal Employees’ Group Life Insurance, and was established by the Federal government on the 29th of August back in 1954. It is by far the largest group life insurance program in the entire world, and it covers over 4 million federal employees, as well as retirees, and their family members as well. Unfortunately, FEGLI may deny or delay payment of your life insurance claim, or may file an Interpleader for life insurance if they cannot determine who the proper beneficiary is.
What is a Beneficiary?
A beneficiary under the FEGLI Life insurance is the individual, corporation, trust, or other entity that is eligible to receive FEGLI benefits when you die. Federal employees typically sign a Beneficiary Designation form in order to specify who they wish to receive the life insurance benefits. This is a Notice, signed by you, and witnessed and signed by 2 persons, indicating the person(s) you want to receive your life insurance benefits. The form generally used for life
insurance designations is the SF 2823.
Denied FEGLI Life Insurance – How to Proceed
FEGLI has a manual consisting of more than 200 pages detailing just some of the procedures that may apply in the case of a life insurance claim. If you had a FEGLI life insurance claim denied, contact a life insurance lawyer at the Law Offices of Jason Turchin to see if you may still be entitled to benefits. You can reach us at 800-337-7755 or submit your question through our contact form.
FEGLI Life Insurance Claims – Who Gets The Benefits
When you die, OFEGLI will pay benefits in a particular order, as set by law:
•If you assigned ownership of your life insurance by filing an Assignment, Federal Employees’ Group Life Insurance (RI 76-10), OFEGLI will pay benefits:
First, to the beneficiary(ies) designated by your assignee(s), if any; Second, if there is no such beneficiary(ies), to your assignee(s).
•If you did not assign ownership and there is a valid court order on file, OFEGLI will pay benefits in accordance with that court order.
•If you did not assign ownership and there is no valid court order on file, OFEGLI will pay benefits:
►First, to the beneficiary(ies) you validly designated;
►Second, if no such beneficiary (ies), to your widow or widower;
►Third, if none of the above, to your child or children and the descendants of any deceased children;
►Fourth, if none of the above, to your parents in equal shares, or the entire amount to the surviving parent;
►Fifth, if none of the above, to the court-appointed executor or administrator of your estate;
►Sixth, if none of the above, to your other next of kin entitled under the laws of the State where you lived.
There are many exceptions and considerations. If your FEGLI claim was denied, contact a life insurance attorney at the Law Offices of Jason Turchin today to see if you have a claim.