Federal Government Insurance
Definition - What does Federal Government Insurance mean?
Federal government insurance is an insurance program that provides coverage for employees of the state in all its legally recognized departments and their offices. The coverage that it provides usually comes from taxes for social security.
Insuranceopedia explains Federal Government Insurance
Government insurance doesn't just cover the employee but coverage also extends to expenses for injuries suffered by the employee's family members.
In the United States, employees can avail themselves of the basic life insurance provided by Federal Employees Group Life Insurance (FEGLI). There are optional programs for those who want better insurance coverage, which are more expensive than the basic one but pay a higher benefit for death and injury.
Apart from life insurance, the federal government also has insurance programs for health, retirement, and other concerns that are covered by private insurers. The federal government may also contact private insurers to provide insurance for its employees.