Optional Group Life Insurance Program Features for Active & Retired Members
If you are covered under the VRS Group Life Insurance Program, you may purchase additional coverage for yourself through the Optional Group Life Insurance Program. If you elect optional group life insurance coverage, you also may cover your spouse and dependent children. Optional group life insurance provides benefits for natural and accidental death or dismemberment. Once enrolled, you can increase, decrease or cancel coverage online with Securian Financial when you access your coverage information through myVRS. You pay the premiums through payroll deduction. Visit Securian to enroll or update your coverage.
Coverage Options
You can select one of the eight coverage options shown in the chart to cover yourself, up to a maximum of $975,000.
| Your Insurance Amount | 1x, 2x, 3x, 4x, 5x, 6x, 7x or 8x your creditable compensation | Maximum: $975,000 |
|---|---|---|
| Spouse Insurance Amount | ½x, 1x, 1½x, 2x your creditable compensation | Maximum: $487,500 |
| Insurance Amount per Dependent Child | $10,000, $20,000 or $30,000 | Children are eligible from 15 days to maximum age. |
Coverage for Your Spouse
You can cover your spouse for up to twice your creditable compensation, not to exceed $487,500. Coverage for your spouse ends when your coverage ends or if you and your spouse divorce. If both you and your spouse are eligible to participate in the Optional Group Life Insurance Program, neither of you can buy additional coverage for the other.
Coverage for Your Dependent Children
You can cover each dependent child who is at least 15 days old for $10,000, $20,000 or $30,000, depending on the coverage option you select for yourself. Coverage for dependent children ends when your coverage ends or your child marries, becomes self-supporting, reaches age 21 or reaches age 25 as a dependent attending college full time. Coverage continues for dependent unmarried children who are disabled.
Evidence of Insurability
Evidence of insurability (proof of good health) is not required if you enroll in the Optional Group Life Insurance Program within 31 days of your employment date. If you participate in the optional plan, you 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:
- You apply after 31 days from your employment date.
- You wish to add your spouse or dependent child to your coverage after 31 days from your employment date or a qualifying event.
- You wish to purchase more than $400,000 for yourself.
- You wish to increase your optional life insurance coverage for yourself or your spouse.
- Your spouse's insurance amount is more than half your creditable compensation.
Optional Group Life Insurance Program Features Just for Retirees
If you are enrolled in the Optional Group Life Insurance Program and meet the qualifications for retirement, you may continue a portion of your coverage upon leaving employment. You, as well as your spouse and dependent children, must have been continuously covered during the 60 months before you leave employment.
- You must elect to continue your coverage within 31 days of the last day of the month in which you leave your position.
- The amount of optional coverage eligible for continuation as a retiree may not be more than the level of coverage you had as an active employee.
- You may choose Option 1 for yourself (your creditable compensation at retirement) or Option 2 (twice your creditable compensation at retirement), not to exceed $375,000.
- Coverage for your spouse is half of the amount you choose for yourself.
- Coverage for your dependent children is $10,000 for each child.
- The value of your optional group life insurance reduces by 25% beginning with your normal retirement age under your plan, with additional reductions occurring at ages 70 and 75.
- Coverage ends at age 80.
- The accidental death benefit and dismemberment coverage end upon leaving employment.
- Proof of good health will not be required. You will be billed for the premiums. Submit a Retiree Optional Life Continuation (VRS-39R) to Securian Financial.
Once enrolled, you can maintain your benefit online. Log in to your myVRS account, select Life Insurance under the My History tab and then click the Visit Securian button. On the Securian site, you can reduce or cancel optional coverage if desired.
If you are currently enrolled in the optional plan but not eligible to continue coverage when you retire or defer retirement, you as well as your spouse and dependent children, can convert your coverage to an individual policy within 31 days of the last day of the month in which you leave your position. Proof of good health will not be required. You will be billed for the premiums. Submit a Conversion of Group Life Insurance Enrollment (VRS-35) to Securian Financial.
Keep Your Beneficiary Up to Date
VRS pays benefits according to the latest beneficiary designation in your record. For more information, see Naming a Beneficiary.