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. You pay the premiums through payroll deduction.

Coverage Options

You can select one of the following coverage options to cover yourself, up to a maximum of $800,000.

Option
Select one of the following
Your Insurance Amount
Not to exceed $800,000
Spouse Insurance Amount
Not to exceed $400,000
Insurance Amount per Dependent Child
At age 15 days
1 1 x your creditable compensation ½ x your creditable compensation $10,000
2 2 x your creditable compensation 1 x your creditable compensation $10,000
3 3 x your creditable compensation 1 ½ x your creditable compensation $20,000
4 4 x your creditable compensation 2 x your creditable compensation $30,000

Coverage for Your Spouse

You can cover your spouse for up to half the maximum amount of the coverage you select for yourself, not to exceed $400,000. 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 salary.

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 $300,000.
  • Coverage for your spouse is half of the amount you choose for yourself.
  • Coverage for your dependent children is $10,000 for each child.
  • Optional life insurance amounts reduce by 25% every five years based on your age, beginning with your normal retirement age under your plan, until your coverage reaches 25% of what it was when you left employment.
  • Coverage ends at age 80.
  • Accidental death and dismemberment coverage ends 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.

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.