Federal Employees Group Life Insurance Act

Federal Employees' Group Life Insurance Act - Increases the amount of regular group life insurance to which Federal employees are entitled to up to twice the annual salary of such employee. Decreases the contribution of such employee to 60 percent of the cost of such insurance. Permits the continuation of regular and optional life insurance during the retirement of any Federal employee who has been insured by such insurance for a period of five years immediately preceding such person's date of retirement.

Authorizes the provision of additional optional life insurance on the life of such employee of up to five times such employee's annual salary and on the lives of such employee's family members. Requires such employee to bear the total cost of such additional optional insurance until he or she reaches the age of 65 years.