SAMBA Employee Benevolent Fund

If you are like many in the Federal Government you have probably heard of the SAMBA Benevolent Fund, but don’t know if it is worth getting especially if you already have life insurance to take care of your family. Well I am here to explain exactly what SAMBA is and the benefits.

First, what is the SAMBA Benevolent Fund?

It is a life insurance policy where the death benefit is paid out to the beneficiary within 24 hours following agency notification. There are two levels of coverage to choose from. You can pay $39 annually or $1.50 per pay period that is automatically deducted from your pay check to receive $17,500 of coverage or $78 annually or $3.00 per pay period for $35,000 of coverage. Coverage cannot be denied due to your age or health and it may be converted to an individual policy without proof of insurability upon retirement, resignation or transfer to another agency. 

Who is eligible to apply?

This benefit is available only to active employees during open enrollment periods or within 60 days of entry on duty. Permanent full-time or permanent part-time status employees may apply. Click here to see a list of participating agencies as there are too many to list and you can also apply from there.

What is the benefit?

If you have never experienced a death in the family where you were responsible for funeral arrangements, well let me put some perspective on the matter. You may be thinking that you already have life insurance so why would you need a policy as small as this one. Well, a regular life insurance policy only pays out after you have received and mailed in a copy of the death certificate. Which means it could take a couple of week to a month, before the money is received. Now, think of all the things that take place during that time. If you live out of state you may want your remains sent back home, your family may have to buy last minute plane tickets, maybe pay for a hotel, rental car and depending on the funeral home there may be some upfront costs while the funeral arrangements are being made.  Even the church you choose to have the service may require money up front for use of their facility and food provided for the family.   Since SAMBA pays out within 24 hours of notification from your agency and without a death certificate all of these expenses can be handled without the stress of how you are going to pay for them.

Ms. Smart