Understanding Life Insurance Options

VRS members may 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. No medical evidence of insurability (EOI) is required if enrollment is within 31 days of your date of hire (up to $400,000 coverage for yourself and up to half your creditable compensation for your spouse with no EOI).

Features include the following:

• Natural death benefit is equal to your creditable compensation*, rounded to the next highest thousand and then doubled
• Accidental Dismemberment:
  • For accidental loss of one limb or the sight of one eye, the benefit is equal to your creditable compensation, rounded to the next highest thousand.
  • For accidental loss of two or more limbs, total loss of eyesight, or the loss of one limb and one eye, the benefit is equal to your creditable compensation, rounded to the next highest thousand and then doubled.
• Accidental death coverage is an additional amount equal to the natural death benefit

*Creditable compensation is the member's current annual base salary and excluding the following:

• overtime
• extraordinary pay
• bonus pay
• housing and moving expenses
• mobile device and internet costs
• vehicle allowances
• termination pay for leave
• non-permanent shift differentials
• payments of a temporary nature including but not limited to acting pay (if not permanently confirmed for the position)
• payments for extra duties, such as pay for teachers who serve as coaches

VRS members may also purchase additional life insurance.  The amount of coverage corresponds with the selected employee option. Visit the VRS Group Life Insurance webpage to 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 (up to $400,000 for employee coverage and spousal coverage is up to .5X creditable compensation with no EOI)
• Four tiered options for coverage

If you were covered under the Virginia Retirement System (VRS) Group Life Insurance Program as a member, some benefits continue into retirement.  Visit the VRS website and click on the "Just for Retirees" tab for details.

The following resources have detailed information:

• The Standard Life Insurance Policy Document
• Coverage Highlights
• Beneficiary Assistance
• Travel Assistance
• Identity Theft Assistance
• Insurance Estimator for UVA Employees

Features include the following:

• Equivalent to your annual salary in group life insurance
• Accidental Death and Dismemberment (AD&D)
• Identity theft protection
• Will preparation
• Beneficiary assistance

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. (Note open enrollment exception at the top of this page.) 

• 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.  (Note open enrollment exception at the top of this page.) 

  • 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 Rate Variations (based on employee’s age)

• Insurance Estimator for UVA Employees
• Coverage Highlights
• Beneficiary Assistance
• Travel Assistance
• Identity Theft Assistance
• The Standard Life Insurance Policy Document
• 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
• Evidence of insurability, medical questionnaire

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, less the $10,000 retiree life benefit.