Optional insurance offeredBy Doug Martin, human resources manager
Spectrum Volume 18 Issue 01 - August 24, 1995
The 1995 General Assembly approved and the governor signed into law a bill which adds an optional life-insurance and accidental-death-and-dismemberment plan to the overall state benefits program. This plan, administered by Virginia Retirement System, and underwritten by the Life Insurance Company of Virginia, provides the opportunity to purchase additional term life insurance at low rates and, if desired, family members can be included.
The current VRS group life insurance provides basic insurance coverage equal to two times salary--four times salary for accidental death. However, some faculty and staff members have expressed a need for additional life insurance to cover expenses and/or to cover family members.
All full-time employees currently insured by the basic VRS group life insurance plan are eligible to participate in this plan. Premiums will be payroll deducted and spouse and children can be included in the coverage. Open enrollment will be in September--October 1995 with coverage to be effective in November for the September enrollees and December for the October enrollees.
Additional literature will be sent to individuals shortly explaining choices, costs, and enrollment procedures. Several presentations are scheduled across campus in September to provide information and to answer any questions regarding enrollment procedures, premium costs, tax implications or other related issues. Interested faculty and staff members are encouraged to consider this insurance as part of their overall benefits programs.