Basic/Optional Life Insurance 2023
Basic Group Life Insurance
The City offers Basic Life Insurance to eligible employees at a rate paid by the City. The Basic Life Insurance benefit is equal to two (2) times your annual salary, rounded to the next highest thousand. Coverage is automatic upon employment for eligible employees paid for by the employer. No medical examination is required. The plan carries a conversion option upon termination of employment for reasons other than retirement. For more information click here.
The Virginia Retirement System (VRS) administers the Group Life Insurance Plan. Minnesota Life provides the coverage. Certificate of Insurance for Group Life If you have questions about your life insurance coverage, contact Securian’s Richmond Office using any of the options below: firstname.lastname@example.org ;1-800-441-2258; P.O. Box 1193, Richmond, VA, 23218-1193. For inquires contact VRS at 1-888-827-3847 Mon-Fri from 8:30 to 4:00pm. VRS Website - Information about VRS
After you separate employment and/or retire, your life insurance continues at no cost to you provided you are at least age 55 with at least five years of service as an employee; or are age 50 with 10 years of service under Plan 1. Under Plan 2 or the Hybrid Retirement Plan you must be at least age 60 with five years of service or the combination of your age and service equals 90. Your life insurance also continues if you retire because of disability.
To add or change your beneficiaries visit: MyVRS Portal
If you are unable to log in here are the forms required: VRS Designation of Beneficiary Form and Continuation of Designation of Beneficiary form(use this form to designate additional beneficiaries when the number of beneficiaries you desire exceeds the number allowed on the Designation of Beneficiary (VRS-2). Please to confirm receipt of your form.
Optional Life Insurance
The City offers Optional Life Insurance through Securian Financial (Minnesota Life) to you, your spouse and your dependent children at an age based group rate fully paid by you. Certificate of Insurance for Group Life. Optional Life Insurance is available to newly hired employees without Evidence of Insurability for Options 1-8 coverage (up to guaranteed issue $400,000), if selected within the first 31 days of hire. Dependents are eligible only if the employee elects optional coverage as well. Your spouse can apply for coverage equivalent to your annual salary for Options 1-4, and 2x your annual salary for Options 5-8. Employees can also enroll/make changes at any time during the year. Employees pay the premiums through payroll deduction. See below to Enroll and Make Changes.
Optional Life Insurance Special Enrollment Period (October 1, 2022 to November 30, 2022):
- For employees not previously enrolled in VRS Optional Group Life Insurance, you are eligible to enroll during the Special Enrollment Period effective (October 1, 2022 to November 30, 2022)—Open Enrollment with same Guaranteed Issue (Options 1 – 8)as previously available only to new hires without answering health questions (EOI).
- Members who already participate in the VRS Optional Group Life Insurance program can increase their existing coverage by one level (e.g., if their current coverage is 1x compensation, they can increase to 2x) not to exceed the lesser of 4x compensation, or $400,000, during the Special Enrollment Period (October 1 to November 30, 2022) without answering health questions (EOI).
- The maximum coverage options increased to 8x, however, coverage amount remains unchanged at $800,000 for individuals and $400,000 for spouses.
To take advantage of the Special Enrollment visit https://myvrs.varetire.org/login/. Once logged in/registered, click My History, Life Insurance, and then the Visit Securian button.
To Enroll and Make Changes
You can apply for, add, decrease, or terminate Optional Life Insurance at any time during the year Enrollment and changes to your Optional Life Insurance must be made on the web by visiting https://myvrs.varetire.org/login/. Once logged in/registered, click My History, Life Insurance, and then the Visit Securian button.
If you are unable to log in here are the forms required: Optional Group Life Insurance Enrollment Application (VRS-39) Evidence of Insurability Form. To make changes here are the forms required: Request for Change Under the Optional Group Life Insurance Form (VRS-39a) Evidence of Insurability Form
Evidence of Insurability (EOI)
Evidence of insurability (proof of good health) is not required if members enroll in the Optional Group Life Insurance Program within 31 days of their employment date. If members participate in the optional plan, they may add dependents within 31 days of a qualifying event, such as marriage or the birth or adoption of a child, without evidence of insurability.
Evidence of insurability (proof of good health) is required if:
- Members apply after 31 days from their employment date.
- Members wish to add their spouse or dependent child to their coverage after 31 days from their employment date or a qualifying event.
- Members wish to purchase more than $400,000 for themselves.
- Members wish to increase their optional life insurance coverage for themselves or their spouse.
- The spouse's insurance amount is more than half the member's creditable compensation.
When Optional Life Insurance Coverage Ends
Your spouse and/or dependent's coverage ends when your coverage ends. Your spouse coverage ends also if there is a final divorce decree between you and your spouse. Optional Life coverage for minor children ends when a child turns age 21, or age 25 if he or she is a full-time student. Optional Life also ends when a child marries or becomes self-supporting.