The Civil Life

There are many spreadsheets and formulas on the web that claim to give you an idea of how much life insurance you need. Life insurance, like life, can be very complicated and some insurance companies take advantage of this, so keep it simple. The real answer is that it depends — do you have people who depend on your income? If not, you may not need a cent of life insurance. To give an example, if you are single, childless and without dependents, you probably don’t need to buy any life insurance, even if you make a million dollars a year. Similarly, if your kids have gone through college and your spouse’s retirement is taken care of, there is no need to hand your money over to the insurance company.

What if someone does depend on you?

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In general, yes, if you have at least 18 months of service and are married at least 9 months. The 9 month rule doesn’t apply if there was a child born of the marriage or your death was accidental.

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FEGLI, the Federal Employees’ Group Life Insurance program, claims to cover over 4 million federal employees. But unless you are seriously ill, it’s not a great use of your money to purchase even the most basic options. Why?

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