Virginia Tech provides life insurance for its employees. The university pays the premium for all benefited faculty and staff employees. The program is administered through the Virginia Retirement System with Minnesota Life as the insurance carrier. No enrollment forms are required.
The coverage is the current annual salary rounded up to the nearest thousand and doubled. In cases of accidental death, a double indemnity clause provides the beneficiary double the amount of insurance.
If there is not a beneficiary designation on file, the state will pay your beneficiaries in the following order: spouse; if no living spouse, children; if no living children, parents; if no living parents, estate; next of kin.
Faculty or staff members who leave the university may convert the term insurance to a private whole life policy if the request is made within 31 days after separation. Contact Minnesota Life at 888-827-3847.