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LIFE, ACCIDENTAL DEATH, AND DISMEMBERMENT INSURANCE
 
The Virginia Retirement System (VRS) includes coverage designed to provide financial protection for you and your beneficiaries in the event you become disabled or die. Basic Life and Accidental Death and Dismemberment (AD&D) insurance are fully paid by PWCS through your participation in VRS as a full-time employee. Beneficiaries are set up in order of precedence; spouse, child(ren), parents, siblings, etc.

Employee Group Term Life Certificate of Insurance
 
Basic Life Insurance
2x base annual salary rounded up to next $1,000
Accidental Death Insurance
4x base annual salary rounded up to the next $1,000
Dismemberment Insurance*
 
1x to 2x base annual salary rounded up to the next $1,000, depending on loss
*Employees have 90 days from the date of loss to file for dismemberment benefits.
 
Optional Life Insurance
 
Minnesota Life Insurance provides additional life insurance coverage for full-time employees. If eligible, you may purchase optional life insurance for yourself at a value up to four times your salary, with a maximum of $750,000. If you purchase this optional coverage for yourself, you may also purchase coverage for your spouse and dependent children. 
 
Applicants may need to provide proof of good health to be eligible. Optional Life Insurance premiums are paid on an after-tax basis. 
 
 
Employee
Spouse
Children
Option
Insurance Amount
Insurance Amount
Insurance Amount
1
1 x salary
0.5 x Employee salary
$10,000
2
2 x salary
1 x Employee salary
$10,000
3
3 x salary
1.5 x Employee salary
$20,000
4
4 x salary
2 x Employee salary
$30,000
 
Employee and Spouse Rates
Age
Monthly rates per $1,000
34 and under
$0.05
35 – 39
$0.06
40 – 44
$0.09
45 – 49
$0.14
50 – 54
$0.20
55 – 59
$0.33
60- 64
$0.65
65 – 69
$1.15
70 and over
$2.06
 
Child(ren) Rates
Option
Insurance Amount
15 days to maximum age
Flat Monthly Rate
1
$10,000
$0.80
2
$10,000
$0.80
3
$20,000
$1.60
4
$30,000
$2.40

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