Get to Know Your VRS Life Insurance Benefit
Life insurance is a financial safety net for your loved ones, providing a lump-sum payment to your beneficiaries in the event of your death. Coverage under the VRS Group Life Insurance Program is one of many benefits available to eligible VRS members.
The program’s basic benefit is equal to your annual base salary rounded to the next highest thousand and then doubled. For example:
| Your base salary. | $41,400 |
| Rounded to the next highest thousand, then multiplied by two. |
$42,000 x2 |
| Your life insurance benefit. | $84,000 |
The program through Securian Financial includes coverage for a variety of scenarios, including an accidental death benefit and an accelerated payment for a terminal condition. Check with your employer to see if you are eligible.
Consider Additional Coverage
You may be able to purchase additional coverage through the Optional Group Life Insurance Program.
You pay premiums through payroll deductions and may choose from coverage options for:
- Yourself up to $800,000.
- Your spouse for up to twice your creditable compensation, not to exceed $400,000.
- Your children for $10,000, $20,000 or $30,000, depending on the coverage you select for yourself.
To enroll, log in to myVRS. Evidence of insurability, or proof of good health, is not needed if you enroll within 31 days of your employment date.
NOTE:
Some optional group life insurance coverage amounts will increase July 1. See Announcements.
Know Your Options After Employment
If you leave covered employment, you have the option to convert coverage by submitting the Conversion of Group Life Insurance Enrollment (VRS-35E)within 31 days of your last day of employment. This option is not available after 31 days. Evidence of insurability is not required.
If you retire from a VRS-covered position, your life insurance benefits continue and reduce over time.
