Life insurance


Q. I am a 66-year-old retired federal worker with their Basic Life Insurance. Is it possible to withdraw the money and then cancel the insurance policy?

A. The FEGLI premiums you pay are not contributions, they are fees. You have no equity stake in your FEGLI coverage and there is nothing to withdraw.


About Author

Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to and view his blog at

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