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Cancellation of insurance means a written declaration stating that the basic or all or part of an optional life insurance coverage is not required in future. Such a declaration ends the policy coverage on the date of the policy cancellation and it can be given before the policy period ends.
This is a benefit given to the employees covered by the Federal Employees' Group Life Insurance (FEGLI) program where employees are automatically covered under basic insurance coverage unless they file a waiver. Basic and optional insurance coverage can be cancelled by an employee any time. Cancellation of basic coverage will cancel optional coverage automatically. However, cancellation of optional coverage will not affect basic coverage.