Employer-Provided Group Life Insurance

Virginia Tech provides life insurance and pays the premium for all eligible faculty and staff employees. The program is administered through the Virginia Retirement System (VRS) 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.

• VRS Certificate of Life Insurance

The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn’t add anything to your income tax bill. But the employer-paid cost of group term coverage in excess of $50,000 is taxable income to you. It’s included in the taxable wages reported on your W-2. More information can be found on the IRS Website.

Beneficiaries

The Virginia Retirement System (VRS) 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 your beneficiaries, log in to your myVRS account. Should you need assistance, call 888-827-3847. 

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 1-888-827-3847. More about Basic Group Life Insurance