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.
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.
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.
Features include the following:
VRS members may also purchase additional life insurance. The amount of coverage corresponds with the selected employee option. Click here to learn more about levels of coverage and life insurance maximums.
Features include the following:
This link includes forms for enrollment, change, EOI, and beneficiary requests.
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.
If you have questions, contact The Standard at 1.800.843.7979.
The following resources have detailed information:
Features include the following:
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. See additional information about this benefit below.
Features include the following:
Employee/Spouse Monthly Rate Variations (based on employee’s age)
Age | Rate per $1,000 in coverage | Reduction based on age |
---|---|---|
29 and under |
$0.063 |
n/a |
30–34 |
$0.068 |
n/a |
35–39 |
$0.075 |
n/a |
40–44 |
$0.101 |
n/a |
45–49 |
$0.147 |
n/a |
50–54 |
$0.210 |
n/a |
55–59 |
$0.318 |
n/a |
60–64 |
$0.468 |
n/a |
65–69 |
$0.797 |
65% |
70–74 |
$0.797 |
50% |
75 and up |
$0.797 |
35% |
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.
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.