This letter is in follow-up to our article on FEGLI coverage http://postalbenefitsgroup.net/postal-news/what-postal-employees-need-to-know-about-fegli/. Now that you understand what coverage you have and how it changes you might need to know how to make changes to your coverage.
If you are wanting to reduce or cancel your Postal life insurance there are a few steps you must take.
1) You must confirm what coverage you have:
This is very important because you need to make sure you understand what you are cancelling. To confirm what coverage you have you must refer to a code in the deduction section of your paystub that starts with IN then a number then another letter. If you need help in finding this code you can email us at email@example.com.
2) You need the correct forms:
The form you need to use to cancel your Postal life insurance is a SF2817. You can find the form here http://www.opm.gov/forms/pdf_fill/sf2817.pdf
Once you have the form you will need to complete sections 2 and 3. Section 2 contains all your identifying information. Section 3 is where you will elect to KEEP YOUR BASIC COVERAGE. You need to sign and date in section 3 to keep your free Basic Life Insurance. If you fail to sign and date you lose the coverage and will not be able to get it back most likely.
Section 4 is where you determine what you want to cancel. For example, let’s say an employee is wanting to cancel all of their Option B coverage. Option B is where you can elect up to 5 times your base pay. To cancel the coverage all you have to do is leave that section blank. If this same employee had Option A and wanted to keep that coverage they would sign and date in the Option A section. The same would be true if the employee wanted to keep Family Coverage or Option C. To keep it you have to sign and date in that section. It is important that you indicate the same number of units of family coverage you currently have. If you are not sure how many family units you have you can email us at firstname.lastname@example.org.
I have attached below an example form filled out for an employee who wants to cancel all of their Option B coverage but keep Option A and 3 multiples of Family Coverage.
3) Mail the forms to Shared Services:
Once you have the form completed you will need to make 2 copies. Send the original and the two copies to the following address certified mail:
P.O. Box 970400
Greensboro, NC 27497-0400
Once your coverage has been cancelled Shared Services will send you one of the copies stamped verifying the coverage has been cancelled. It typically takes 30-45 days for your life insurance to cancel.
Changing life insurance coverage is very serious. If you are not sure what you have or how to work with the forms please feel free to contact us.