Life Insurance

• Securian Financial
• If you have questions, contact VRS at 800.441.2258 or Securian 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

• Summary of options and coverage levels: VRS Optional Life

• Evidence of Insurability will be required for requests for employee/dependent optional life when application is submitted outside of the first 45 days from date of hire.

• Employees in the Virginia Retirement System can request changes to their Securian life insurance through MyVRS. This is also where you can designate or edit beneficiaries. 

• Additional resources: VRS Life Insurance ,  Securian Life forms

Features include the following:

• Eligibility for you, your spouse, and dependents
• Tiered options for coverage
• For new hires only: No evidence of insurability is required for the following levels of coverage if the form is received by Securian within 45 days of your date of hire:
  • Employee life: up to $400,000
  • Spouse life: .5x (half of 1x salary)
  • Child life: $10,000, $20,000 or $30,000
    • Children are eligible from live birth to age 21, or age 25 if the child is a full-time college student.

To change your life insurance beneficiary for Securian Life, log in to your myVRS account to make updates. Should you need assistance, call 888.827.3847 (select option for myVRS online assistance).

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

Benefits-eligible employees may request supplemental life insurance through Workday.

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 for employees who are not electing within their initial new hire benefits election.New hires can elect up to 3x salary without EOI within their new hire benefits election. 

• Spouse coverage
  Increments of $25,000 up to a maximum of $100,000 (cannot exceed your coverage), with evidence of insurability required for employees who are not electing within their initial new hire benefits election. New hires can elect up to $50,000 without EOI within their new hire benefits election.

  • 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

*Age reduction is calculated based on the member's (employee’s) age for both employee life and spouse life coverage.

To update your beneficiaries for The Standard Life Insurance (Individuals in MCRP/ORP retirement plans)

• During open enrollment, update your beneficiaries through your open enrollment event.
• After open enrollment, from Workday, go to Personal/Benefits & Pay Hub
• Click Change Benefits
• Reason-change life insurance. 
• Enter today's date
• Click submit, then Open, then Let's Get Started
• Click manage or enroll in the area you want to change
• Confirm & continue
• On the next page, you will use the + button to add a row, enabling you to add a beneficiary to primary or secondary (contingent). You can have multiple beneficiaries but you must indicate a percentage. All percentages must add up to 100%. 
• Review and sign, check the "I accept" if everything is correct, and submit

• Life Services Toolkit Flyer
  • Life Services Toolkit online - provides additional services for members with ORP Life coverage, including identity protection, wills, and estate planning.
  • Type in "support" when asked for user name.
• Travel Assistance

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
     

Dependents lose 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.