Basic Group Life Insurance
All full-time eligible employees participate in a group term life insurance and accidental death and dismemberment insurance program through the Virginia Retirement System (VRS). Life insurance coverage is two times, or in the case of accidental death, four times the next highest thousand dollars above annual salary. Example: If annual salary is $33,455, coverage is for $68,000 life insurance in the case of regular death or $136,000 for accidental death. Federal law requires that the employer report the value of this coverage (exceeding $50,000) as income received by the employee for tax purposes.
Optional Life Insurance
Employees covered for basic group life insurance may purchase optional group life insurance coverage up to an additional eight times their salary. Optional group life insurance also is available to the member’s spouse and dependent children. This life insurance is offered through the Virginia Retirement System and is underwritten by Minnesota Life.
Enroll or Make Changes to Your Optional Life Coverage
As an active VRS member you can enroll or make changes to your Optional Life coverage online. Members may log in to their MyVRS accounts, select Life Insurance under the My History tab and select the Visit Securian button.
While using the Securian site, members can purchase additional coverage for themselves, or choose coverage for their spouses and dependent children. Once enrolled, they can increase, decrease, or cancel coverage online through myVRS.
Note: Paper enrollment and change forms are no longer accepted. All enrollments and changes should be made by logging in to your MyVRS account.
- Virginia Retirement System Life Insurance Benefits
- Optional Life Rates—effective September 1, 2017
- Optional Life Rate Calculation Worksheet – New Employee
- Optional Life Rate Calculation Worksheet – Existing Member
- Naming a Beneficiary
Contact the vendor:
Securian Financial (formerly Minnesota Life)
P.O. Box 1193
Richmond, Virginia 23218-1193