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Employer-Provided Group Life Insurance

Virginia Tech provides life insurance and pays the premium for all eligible faculty and staff employees. The university pays the premium for all benefited faculty and staff employees. The program is administered through the Virginia Retirement System with Securian Financial as the insurance carrier. No enrollment forms are required.

Coverage

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.

Beneficiaries

The Virginia Retirement System pays benefits according to the latest beneficiary designation in the employee record. The Designation of Beneficiary is established in the order of precedence set by Virginia law. The order of precedence, unless otherwise noted, is listed as:

  • Surviving spouse; if no surviving spouse;
  • Surviving children; if no surviving children;
  • Surviving parents; if no surviving parents;
  • Executor of estate; if no executer listed;
  • Next of kin

To update beneficiaries, submit a Beneficiary Designation form to VRS.

Conversion Option

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. Employees should contact Securian Financial at 1-888-827-3847More about Basic Group Life Insurance

Optional Life Insurance Available

Eligible employees can purchase either a term or whole life insurance plan, or both.