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Mailing Address:
U.Va. Human Resources
914 Emmet Street
P.O. Box 400127
Charlottesville, VA
22904
Phone: (434) 924-4598
Email: hrdept@virginia.edu
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| Benefits Summary for Faculty |
Effective January 1, 2008
Life Insurance
A. The Standard Group Term Life Insurance
Faculty who enroll in the FRP must also participate in The Standard Group Term Life Insurance Plan. The Plan provides $75,000 of coverage for each participant age 54 or under. The coverage declines in varying increments beginning at age 55 until age 70 when it levels at $22,000. The plan also provides $5,000 of life insurance for each participant who retires at age 55 or over with five or more years of service to the University, provided the sum of age and service is 70 or greater. The University pays the total cost of the insurance.
Supplemental Life Insurance
In addition to the basic policy, all faculty members may purchase supplemental insurance in increments based upon a multiple of salary (1 to 4 times salary) up to the maximum benefit of $1,000,000. When participating in the multiple of salary plan, faculty members may also cover their spouse (maximum benefit of $100,000) and/or dependents (maximum benefit of $10,000). Premiums vary according to age.
Only those faculty members enrolled in The Standard Supplemental Life Insurance Plan prior to January 1, 2008, may purchase supplemental insurance in increments from $50,000 to $200,000 of coverage. There is no spouse or child life available with this option. Premiums vary according to age.
If a new faculty member enrolls within 60 days of their date of hire, there is no requirement to complete The Standard Medical Statement. Any enrollment/change to supplemental life insurance after the 60 day new hire period will require this form to be completed for the employee, spouse and/or child(ren).
Since The Standard Life Insurance program is a group term plan, insurance coverage stops the day you terminate employment for reasons other than retirement. The insurance may be converted to an individual policy with The Standard if application is made within 31 days of coverage termination.
B. VRS Group Life Insurance
VRS Group Life Insurance provides the following: (a) a natural death benefit in the amount of double the annual salary rounded to the next highest thousand; (b) a benefit of twice the salary for accidental loss of one or more limbs or of eyesight; and (c) coverage at the level of four times the salary for accidental death. For service retirees, the plan also provides 25 percent of the original value of insurance at the time of retirement for each service retiree. VRS members may also purchase additional life insurance for themselves or coverage for their spouse or dependents. Click here for an informational brochure containing coverage details and rate information. In some cases, "Evidence of Insurability" will be required. The cost of the benefit is paid entirely by the University. Since the Life Insurance program is a group term plan, insurance coverage stops 31 days after termination for reasons other than service or disability retirement. The insurance may be converted to an individual policy with Minnesota Life Insurance Company if application is made within 31 days after termination of employment.
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