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Life Insurance

All full-time and part-time salaried University Staff Operational & Administrative employees must participate in the Virginia Retirement System (VRS). Part-time employees are defined as those who work at least 20 hours, but less than 32 hours per week.

All full-time and part-time salaried University Staff Managerial & Professional, Executive & Sr. Administrative and Faculty employees must participate in either the Optional Retirement Plan (ORP) or the Virginia Retirement System (VRS). The retirement program selected effects the AD&D, disability and life insurance benefits, so careful consideration should be given to this decision. Once a retirement program is elected, the decision is irreversible.

ORP Life Insurance

The Standard Group Term Life Insurance

Employees who enroll in the ORP must also participate in The Standard Group Term Life Insurance Plan. The Plan provides $75,000 of coverage for each participant age 64 or under. Coverage does not begin to decline until age 65, when it reduces to $48,750 and coverage levels out at $37,500 at age 70. The plan also provides $10,000 of life insurance for retirees. The University pays the total cost of the insurance.

The Standard Supplemental Life Insurance

In addition to the basic policy, all members may purchase supplemental insurance in increments based upon a multiple of salary (1 to 4 times salary) up to the maximum benefit of $1,000,000. When participating in the multiple of salary plan, members may also cover their spouse (maximum benefit of $100,000) and/or dependents (maximum benefit of $10,000). Premiums vary according to age.

If a new member enrolls within 60 days of their date of hire, there is no requirement to complete The Standard Medical Statement up to the guarantee issue amount of $500,000. Any enrollment/change to supplemental life insurance after the 60 day new hire period will require this form to be completed for the employee, spouse and/or child(ren).

Since The Standard Life Insurance program is a group term plan, insurance coverage stops the day you terminate employment for reasons other than retirement. The insurance may be converted to an individual policy with The Standard if application is made within 31 days of coverage termination.

VRS Life Insurance

VRS Basic Group Life Insurance

VRS members are provided the following: (a) a natural death benefit in the amount of double the annual salary rounded to the next highest thousand; (b) a benefit of twice the salary for accidental loss of one or more limbs or of eyesight; and (c) coverage at the level of four times the salary for accidental death. For service retirees, the plan also provides 25 percent of the original value of insurance at the time of retirement for each service retiree. The cost of the benefit is paid entirely by the University. Since the Life Insurance program is a group term plan, insurance coverage stops 31 days after termination for reasons other than service or disability retirement. The insurance may be converted to an individual policy with Minnesota Life Insurance Company if application is made within 31 days after termination of employment.

VRS Supplemental Optional Life Insurance

VRS members may also purchase additional life insurance for themselves or coverage for their spouse or dependents. Click here for an informational brochure containing coverage details and rate information. In some cases, "Evidence of Insurability" will be required. With this optional life insurance coverage, a participant has four options from which to choose. You can be insured for one, two, three or four times your annual salary up to $700,000. If you enroll in the optional coverage, you may also insure your spouse, your child(ren), or both. The amount of the coverage corresponds with the selected employee option. Spouse coverage provides half of your optional insurance amount up to a maximum of $350,000. Depending on which option you select, your children can be insured for a maximum of $30,000.

Life Insurance Summary Information

The Standard Life Insurance Website - ORP Life Insurance

The Standard Life Insurance Customer Service - 1.800.843.7979

ORP Links and Forms

VRS Life Insurance Website - Life Insurance

VRS Life Insurance Customer Service - 1.800.441.2258

VRS Links and Forms