Federal workers have until July 1 to buy into the government's life insurance program or optional insurance packages. If you think you might wait until the next open season, be advised that this is only the third one in 31 years.

Although many younger federal workers can find better life insurance deals elsewhere, the federal program is attractive to older workers and employes in poor health, because it does not require them to pass a physical. Premiums are deducted from paychecks.

All U.S. workers are entitled to basic life insurance coverage that is roughly equal to an employe's annual salary, plus $2,000. Postal employes, because of their union contract, get the basic coverage free. Other federal workers pay premiums based on their age.

During the open season, workers may also sign up for any or all of the three optional programs offered by Uncle Sam. They are:

* Option A: $10,000 of life insurance plus $10,000 accidental death or dismemberment. Premiums are lowest for younger workers, and get more expensive with age.

* Option B: This package provides optional insurance of up to five times annual salary. Premiums are based on age.

* Option C: A family plan that provides $5,000 coverage for a spouse and $2,500 for each unmarried child.

For details on premiums and coverage contact your agency insurance office.