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Life Insurance
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Eligibility Making Changes Costs |
| What's Covered? |
| Basic Group Life: |
| Beneficiaries of eligible employees are entitled to receive two times the employee's annual base pay in the case of natural death and four times in the case of accidental death. For more information refer to VRS Certificate of Coverage or VRS Member Handbook or Public Safety VRS Member Handbook. |
| Optional Life: |
| Eligible employees can purchase additional coverage up to four times annual base pay, not to exceed $600,000. Spouse can be covered up to 50% of employee's coverage. Optional Life coverage for children can be $10,000, $20,000 or $30,000 depending on option chosen. For more information, refer to the Optional Life Booklet or the VRS Certificate of Coverage. |
| Beneficiary |
| Is It Necessary to Complete a Beneficiary Form? |
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No, but if you do, you must remember to update your beneficiary if you have a family situation change such as a divorce or birth/death of a family member. Beneficiary information is maintain by VRS. In the event of an employee's death, if there is no beneficiary designation on file, VRS benefits are paid in the following order of precedence: • Spouse Employees may change their beneficiary at any time by submitting a beneficiary form to Human Resources or by sending directly to VRS.
What Happens to My Life Insurance Coverage If I Leave? Life Insurance Coverage at Retirement Questions? |