Group Life Insurance
NOVA provides employer paid group term life insurance coverage at no cost for salaried employees. No enrollment forms are required and coverage is effective as of your date of hire. The amount of coverage is twice the employee's annual salary rounded to the nearest $1,000 for natural death and four times the rounded annual salary for accidental death.
Your beneficiaries for your life insurance are designated according to state law in the following order: your spouse,(if no surviving spouse), your children and descendants of deceased children, (if none of the aforementioned), your parents equally or to the surviving parent, (if none of the aforementioned) the duly appointed executor or, administer of your estate, (if none of the aforementioned) your next of kin.
If you would like beneficiary designations different from the order shown above, you must fill out a Beneficiary Designation Form (VRS-2) found on the VRS website. The Group Life benefit is administered through the Virginia Retirement System with Securian Financial as the insurance carrier and is not available for family members.
Optional Group Life Insurance
Optional supplemental life insurance is available through Securian Financial for you and your eligible family members. Employees may purchase up to four times his or her annual salary. Newly hired employees may enroll within 31 calendar days of employment without evidence of insurability. However, evidence of insurability is required for coverage of eligible family members above Option 1.
- Option 1 – An additional 1 times an employee’s annual salary in life insurance coverage
- Option 2 – An additional 2 times an employee’s annual salary in life insurance coverage
- Option 3 – An additional 3 times an employee’s annual salary in life insurance coverage
- Option 4 – An additional 4 times an employee’s annual salary in life insurance coverage
- Maximum coverage of $700,000.
The cost of coverage varies depending on level of coverage, age of the employee and the age of participants. Coverage is effective when you sign the enrollment form (VRS-39) if you enroll within 31 calendar days of employment.
Newly hired employees must return the VRS-39 form either electing or waiving optional coverage to Human Resources within 31 calendars days of hire date. Existing employees may make application for Optional Group Life coverage at any time by completing an Evidence of Insurability form (VRS-32) for the employee and any eligible family member. Applications are reviewed by Securian Financial. Both the VRS-39 and VRS-32 forms can be found on the VRS website.