Life Insurance

• For information about program features, forms, and other resources, see VRS Life Insurance Benefits
• If you have questions, contact VRS at 800.441.2258

Features include the following:

• Natural death benefit is twice annual salary, rounded to the next highest thousand (as of January 1)
• Accidental loss of one or more limbs, or of eyesight, benefit twice annual salary
• Accidental death coverage is four times annual salary

VRS members may also purchase additional life insurance directly with the vendor outside of Workday. The amount of coverage corresponds with the selected employee option. Learn more about levels of coverage and life insurance maximums.

Features include the following:

• Eligibility for you, your spouse, and dependents
• No evidence of insurability is required if the form is received within 31 days of your date of hire (spousal coverage is up to .5X with no EOI)
• Four tiered options for coverage
• Enrollment application for VRS optional group life insurance
• Group life evidence of insurability
• Request for change under optional group life insurance plan

This link includes forms for enrollment, change, EOI, and beneficiary requests. 

If you have questions, contact The Standard at 800.843.7979.

The following resources have detailed information:

• Employee Benefits Guide Booklet
• The Standard Life Insurance Policy Document
• Coverage Highlights
• Insurance Estimator for UVA Employees

Features include the following:

• Equivalent to your annual salary in group life insurance
• Reductions after age 65; see chart in Optional Group Life Insurance section below for additional details
• Accidental Death and Dismemberment (AD&D)
• Identity theft protection
• Will preparation
• Beneficiary assistance

More about Basic Group Life Insurance for Academic Division employees

More about Basic Group Life Insurance for Medical Center team members and Housestaff

Salaried, benefits-eligible employees may purchase supplemental life insurance by enrolling in Workday. See additional information about this benefit below.

Features include the following:

• Your coverage
  Buy additional coverage in multiples of salary, increments of 1x, 2x, 3x, or 4x, up to the $500,000 maximum, with evidence of insurability required over 3x salary
• Spouse coverage
  Increments of $25,000 up to a maximum of $100,000 (cannot exceed your coverage), with evidence of insurability required for requests over $50,000. Please note you cannot cover a spouse who is also a benefitted employee of UVA. 
• Dependents
  $10,000 up to age 26 at a rate of .120 per $1,000 of coverage, or $1.20/month (all eligible children are covered, and premium does not increase per child)

Employee/Spouse Monthly Rate Variations and Age Reduction Schedule

• How do I enroll Job Aid
• Evidence of Insurability
• Travel Assistance
• Life Services Toolkit - provides additional services for members with ORP Life coverage, including identity protection, wills, and estate planning. Type in "assurance" for user name.
  • Life Services Toolkit flyer
  • Beneficiary Assistance flyer

An EOI refers to an ‘Evidence of Insurability’ medical questionnaire that is required by insurance vendors in some instances. 

For VRS/ORP/MCRP members:

• Without EOI:
  • Up to the guaranteed amount during your new hire benefits election
  • ORP/MCRP members can increase from lower amount ($25k+) to guaranteed amount during Open Enrollment
• With EOI:
  • When electing spouse coverage above the guaranteed amount during your new hire benefits elections
  • Anytime after your 31st (VRS) / 60th (ORP/MCRP) day of eligibility, contingent upon EOI review and vendor approval
     

VRS: To change your beneficiary, log in to your myVRS account to make updates. Should you need assistance, call 888.827.3847(select option 3 for myVRS online assistance).

ORP/MCRP: Follow the instructions in this job aid.

That depends.

• If simply separating from UVA:
  • You would lose the life insurance benefit.
  • The benefit is portable if you contact your vendor prior to termination.
• 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 or upon separation of service, to convert part or all of the basic and supplemental insurance you have as an active employee.

The Standard Options for your Life Insurance

Dependents lost eligibility as follows:

Spouse:

• VRS: When the employee drops/loses eligibility for supplemental coverage, or when the spouse becomes a benefits eligible employee of UVA
• ORP: When the spouse becomes a benefits eligible employee of UVA

Child:

• VRS: Coverage for dependent children ends when your coverage ends or your child marries, becomes self-supporting, reaches age 21, or reaches age 25 as a dependent attending college full time. Coverage continues for dependent unmarried children who are disabled.
• ORP: Coverage for dependent children ends when your child reaches age 26.