You generally may voluntarily cancel (waive) Basic, Option A, B, or C or reduce multiples of Option B and/ or Option C at any time under FEGLI – the Federal Employees’ Group Life Insurance program.
You generally have three main opportunities to enroll or increase coverage: an open enrollment, a physical exam, or a life event.
Open Enrollment – An open enrollment is relatively rare. These generally are ordered when Congress makes some type of change in FEGLI benefits or when the plan’s claims experience triggers a change in premiums.
Physical Exam – As long as at least one year has passed since the effective date of your last waiver of life insurance coverage, you may get a physical exam at your own expense. You and your agency must complete part of form SF 2822, Request for Life Insurance. Then you take the form to your physician or other medical professional who will examine you, complete the rest of the form, and send the form to the Office of Federal Employees’ Group Life Insurance (OFEGLI).
Life Event – An employee who experiences a FEGLI qualifying life event, including the acquisition of an eligible child, has 60 days from the date of the event to elect Basic, plus any or all optional insurance: Option A, Option B (up to the maximum of five multiples with no restrictions), and/or Option C (up to the maximum with no restrictions).
Canceling Coverage – You may voluntarily cancel (waive) Basic, and/or Options A, B, or C, or reduce multiples of Option B and/or C at any time by completing a form SF 2817, Life Insurance Election, unless you have assigned your coverage; in that case only the assignee(s) may reduce or cancel your coverage. To cancel coverage, simply sign only for the insurance, if any, you wish to keep. If you do not sign for a particular type of insurance, you have cancelled (waived) it.
*Note that if you cancel Basic insurance, you automatically cancel all forms of Optional insurance.