LIFE INSURANCE BENEFITS
Basic Group Life Insurance
The university provides all eligible employees with basic group life insurance. The principal amount of life insurance is two times the annual salary rounded to the next highest thousand dollars for natural death, four times the annual salary rounded to the next highest thousand for accidental death. Life insurance premiums are paid by the university. The plan is administered by Virginia Retirement System (VRS) and underwritten by Minnesota Life Insurance.
Optional Life Insurance
The optional group life insurance plan provides all eligible employees a way to supplement the basic group life insurance for themselves, a spouse and/or their children. There are four options for level of coverage: one, two, three or four times the employee’s annual salary. Optional life insurance premiums are paid by the employee, and based on the employee's age and annual salary for coverage of employee and their child. Cost for spousal coverage is based on spouse's age and employee's annual salary. If the employee does not apply for optional life insurance within 31 days of employment a Group Life Evidence of Insurability form must be completed. The Optional Group Life Insurance Plan is administered by Virginia Retirement System (VRS) and underwritten by Minnesota Life Insurance.
Keep Your Beneficiary Up to Date
Virginia Retirement System (VRS) pays benefits according to the latest beneficiary designation in the employee record. The Designation of Beneficiary is established in the order of precedence set by Virginia law.
- Surviving spouse: if no surviving spouse;
- Surviving children: if no surviving children;
- Surviving parents; if no surviving parents;
- Executor of estate; if no executor listed;
- Next of kin
