Life Insurance

Life Insurance

Life insurance financially protects you and / or your loved ones in the event of your passing. That may mean paying daily expenses, managing debt, or paying for education.

If you are enrolled in a UVA retirement plan (VRS, ORP, or MCRP), if you are Housestaff, or a Postdoctoral Fellow, you already have basic life insurance coverage at no cost to you. Find out more about your specific plan details below, and the option to purchase additional coverage.

Life Insurance for VRS Members

VRS members are enrolled in the VRS Basic Group Life Insurance Program - administered by Securian - at no additional cost. If you would like additional life insurance (for yourself, your spouse, and dependents), you can purchase Optional Group Life Insurance.

Life Insurance for ORP and MCRP Members, Housestaff, and Postdoctoral Fellows

ORP and MCRP members, as well as Housestaff, are enrolled in Group Term Life Insurance with Accidental Death & Dismemberment through The Standard. ORP and MCRP members, as well as Housestaff, can secure additional life insurance (for themselves, their spouses, and dependents) by purchasing Supplemental Life with Accidental Death & Dismemberment.

Frequently Asked Questions

  • What happens to my life insurance if I leave UVA?

    That depends:

    • If simply separating from UVA, you would lose the life insurance benefit
    • If you were to go onto disability, there are options to continue based on your retirement plan and disability vendor
    • If you retire, life insurance is maintained, but the details vary depending on your retirement plan (VRS, ORP, or MCRP):

    If you are in the Virginia Retirement System (VRS) and have Basic Life insurance with Minnesota Life, your insurance continues after you retire at no cost to you if you meet both of the following requirements:

    1. You are at least 55 years old
    2. You have at least five years of continuous service as an employee, or are age 50 with 10 years of service (including five years of continuous service as an employee)

    The insurance amount reduces by 25% annually starting January 1 following 12 months of retirement, and on every January 1, thereafter until coverage reaches 25% of its value at your retirement.

    If you are eligible to retire but defer receipt of your annuity, reduction begins on January 1 following the first 12 months from the date you separate from service. At its fully reduced level, you will have approximately half of your preretirement compensation in life insurance.

    If you retire due to disability, your life insurance also continues and does not begin to reduce until you reach age 65. Beginning January 1 of the first full year following the date you reach 65, your insurance begins to reduce at the rate of 25% annually until your coverage reaches 25% of its value at retirement.

    If you took either a service or disability retirement before July 1, 2001, your basic group life insurance reduces 2% each month until it reaches 25% of its value at retirement.

    Although accelerated death benefit and the right to voluntary irrevocable assignment continue into retirement, accidental death and dismemberment (AD&D) coverage ceases.

    If you are a Medical Center employee or an Optional Retirement Plan (ORP) enrollee and enrolled in life insurance with The Standard, your retiree life insurance provides a death benefit of $10,000 payable to your designated beneficiaries upon your death. The death benefit amount stays level for the rest of your life. 

    The Standard plan also allows you, at retirement, to convert part or all of the basic and supplemental insurance you have as an active employee.