An assignment is the transfer of ownership of your life insurance to another individual (s), corporation, or trustee. You are still the insured person, but you no longer own the insurance on your life. You continue to pay the FEGLI premiums from your salary. When you die life insurance benefits would be paid to the individual (s), corporation, or trustee assigned the insurance. An assignment is irrevocable. You may not later change your mind or cancel the assignment. You can not cancel your Basic, Option A – Standard or Option B – Additional coverage if you have assigned it.
You may assign your Basic insurance and Option A – Standard or Option B - Additional life insurance (if you have that coverage).
You can not assign Option C – Family.