Federal Employees' Group Life Insurance (FEGLI) Program
The Office of Federal Employees ' Group Life Insurance (OFEGLI) is an administrative unit of Metropolitan Life Insurance Company that pays claims for the Federal Employees' Group Life Insurance (FEGLI) Program.
When an insured enrollee dies while insured under FEGLI, the beneficiary(ies) or other survivors will receive the insured's Basic, and Option A/Option B benefits (if enrolled).
If OFEGLI is paying the beneficiary less than $5,000, the beneficiary will receive a check.
If OFEGLI is paying the beneficiary $5,000 or more, the beneficiary will have a choice of two ways to receive the payment.
A MetLife Total Control Account or (TCA), an interest bearing account set up in the beneficiary's name, with Metropolitan Life Insurance Company (MetLife)
If the beneficiary is receiving $5,000 or more and does not make a decision on how to receive payment, a MetLife Total Control Account will be set up in the beneficiary's name.
The MetLife TCA is a settlement option offered by MetLife for the payment of claims. A MetLife TCA is not a checking, savings, or money market bank account. Since the MetLife TCA is not a bank account, it is not insured by the FDIC or any government agency.
MetLife guarantees the full amount in the MetLife TCA, including all interest earned. MetLife's guarantee is further backed by the beneficiary's respective state guaranty association. Maximum guarantee limits vary from state to state and may change over time. If the beneficiary chooses a MetLife TCA, the relationship is between the beneficiary and MetLife, not with the federal government or any of its agencies.
The MetLife TCA offers a minimum guaranteed annual effective interest rate, meaning that MetLife commits to pay the beneficiary at least that specified rate of interest on the money in the account. The beneficiary begins earning interest the day the MetLife TCA is created. Interest is earned daily, but is not credited until the last day of the month.
The interest rate offered on the MetLife TCA may be better or worse than the prevailing market rates. The MetLife TCA is a product offered by MetLife on which the company may make a profit. The beneficiary pays no monthly maintenance fees on a MetLife TCA.
The beneficiary has complete control of, and access to, the entire amount of the insurance proceeds. The beneficiary can withdraw the full amount from the MetLife TCA at any time. The information packet the beneficiary receives will include a draft book (similar to a checkbook). At any time and at no cost, the beneficiary can write drafts (similar to checks) from a minimum of $250 up to the full balance of the account.
The beneficiary will receive periodic activity statements, and can designate a beneficiary for the account. If the beneficiary chooses the MetLife TCA settlement option, he or she will receive more detailed information when the account is opened.