Finding Vcu Life Insurance: A Comprehensive Guide

Life insurance is an important consideration for anyone looking to protect their family's future and ensure financial security in the event of their death. Virginia Commonwealth University (VCU) offers various life insurance options for its employees and students. VCU's life insurance plans provide comprehensive coverage, including basic and optional life insurance, accidental death and dismemberment insurance, and supplemental life insurance. Understanding these options is crucial for making informed decisions about your financial and insurance needs. This introduction will provide an overview of VCU's life insurance offerings, eligibility requirements, and the benefits provided, helping you navigate the process of finding the right life insurance plan for your specific situation.

VCU life insurance for students

Virginia Commonwealth University (VCU) offers a student health insurance program through its partners, United Health Care. This comprehensive health insurance package is available to all full-time PhD students, first professional students (DDS, MD, PharmD), and international students (those on F- and J-visas).

First professional students (DDS, MD, PharmD) must enrol full-time to access the insurance portal, while full-time PhD students must enrol in a minimum of nine credits. International undergraduate, master's, or PhD students on F- and J-visas must enrol in 1-15 credits to access the portal.

The VCU Student Health Insurance Program is a semester-based plan, and students must take action during each open enrolment period. The fall open enrolment period, for instance, ran from August 1, 2024, through September 6, 2024.

Students who already have health insurance coverage can opt out of the VCU Student Health Insurance Program. However, those who are unable to provide proof of other insurance will be required to enrol in the program.

In addition to the VCU Student Health Insurance Program, students without coverage have other options, including the Health Insurance Marketplace and Virginia Medicaid.

While VCU offers health insurance for students, I found no specific mention of life insurance for students. However, VCU does provide basic and optional life insurance coverage for faculty, university and academic professionals, classified employees, and postdoctoral scholar employees who work 20 or more hours per week. This coverage is provided by the Virginia Retirement System (VRS) and managed by Securian Financial.

Basic life insurance benefits include group life insurance without a medical examination, natural death benefits, double indemnity for accidental death, dismemberment payments for accidental loss of limbs or eyesight, and an accelerated death benefit for a terminal condition. The life insurance benefit is equal to the annual salary, rounded to the next highest thousand, and then doubled.

For further clarification on life insurance options for students, it is recommended to contact VCU directly or refer to their website for more information.

VCU life insurance for employees

Life insurance is an important aspect of financial planning, and VCU offers various options for its employees in this regard.

Basic Life Insurance Coverage

VCU provides basic life insurance and accidental death and dismemberment insurance to eligible employees through the Virginia Retirement System (VRS). This coverage is managed by Securian Financial and offers several benefits, including:

• Group life insurance without a medical examination
• Natural death benefits
• Double indemnity for accidental death
• Dismemberment payments for accidental loss of limbs or eyesight
• Accelerated death benefit for terminal conditions

The basic life insurance benefit is calculated by doubling the employee's annual salary, rounded to the next highest thousand. Similarly, the accidental death benefit is calculated by multiplying the annual salary, rounded to the next highest thousand, by four.

Optional Life Insurance Coverage

In addition to the basic coverage, VCU offers optional life insurance benefits through the VRS. The rates and enrollment instructions for these optional benefits can be found on the VRS website. Further information, including enrollment forms and the optional life premium calculation worksheet, is available on the Securian life insurance website.

Supplemental Life Insurance

VCU employees can also purchase supplemental life insurance for themselves, their spouses, and/or their children.

Eligibility

Faculty, University and Academic Professionals, Classified employees, and Postdoctoral Scholar employees who work 20 or more hours per week are eligible for the basic and optional life insurance coverage offered by VRS.

For more detailed information about VCU's life insurance options and benefits, employees can refer to the VRS and Securian websites, or contact VCU Human Resources through the provided email or phone number.

VCU life insurance for retirees

VCU offers life insurance and accidental death and dismemberment insurance to its retirees. This basic coverage is provided by the Virginia Retirement System (VRS) and is managed by Securian Financial. The benefits include:

• Group life insurance without a medical examination
• Natural death benefits
• Double indemnity for accidental death
• Dismemberment payments for accidental loss of one or more limbs or eyesight
• Accelerated death benefit for a terminal condition

The life insurance benefit is calculated by doubling your annual salary, rounded to the next highest thousand. In the event of an accidental death, the benefit is equal to your annual salary, rounded to the next highest thousand, and then multiplied by four.

It is important to note that if the group life insurance coverage exceeds $50,000 for natural death, policyholders may be required to report a portion of the premiums paid as income for state, federal, and FICA tax purposes.

For the accidental loss of one limb or sight in one eye, the policyholder will receive a payment equal to their annual salary, rounded to the next highest thousand. For the loss of two or more limbs and/or total eyesight, the payment is equal to the annual salary rounded to the next thousand and then doubled.

VCU also offers optional life insurance coverage, which includes additional benefits and rates. Information about this optional coverage, including enrollment instructions, can be found on the VRS optional group life insurance website and the Securian life insurance website.

For VCU retirees, it is beneficial to review the specific details of the life insurance coverage offered, as well as any applicable terms and conditions, to ensure a comprehensive understanding of the benefits provided.

VCU life insurance for spouses

VCU Health offers a basic life insurance plan and an optional life insurance plan for spouses of employees. The basic plan is provided at no cost and is equal to two times the employee's base salary. The optional plan allows employees to purchase additional coverage for their spouses.

The Virginia Retirement System (VRS) also offers basic and optional life insurance coverage for VCU employees who work 20 or more hours per week. The basic coverage includes group life insurance without a medical examination, natural death benefits, double indemnity for accidental death, and dismemberment payments for accidental loss of one or more limbs or eyesight. The optional coverage includes various benefits, which can be found on the VRS website.

The VCU Health Employee Benefits Program includes medical, dental, supplemental life insurance, and disability benefits. The supplemental life insurance plan allows employees to purchase additional coverage for their spouses. This benefit begins on the first day of the month coinciding with or following the employee's date of hire.

The VCU Health Direct Dental plan allows employees and their spouses to choose between two levels of providers: Advanced Education (graduate-level residents) and the Dental Faculty Practice. This plan has no pre-existing condition limitations and eliminates the need to file claims.

VCU life insurance for children

VCU offers a range of life insurance options for its employees, including basic and optional life insurance coverage. The basic life insurance coverage includes life insurance and accidental death and dismemberment insurance. This coverage is provided through the Virginia Retirement System (VRS) and is managed by Securian Financial.

The basic life insurance benefits include:

• Group life insurance without a medical examination
• Natural death benefits
• Double indemnity for accidental death
• Dismemberment payments for accidental loss of one or more limbs or eyesight
• Accelerated death benefit for a terminal condition

The life insurance benefit is calculated as twice the employee's annual salary, rounded to the next highest thousand. For accidental death, the benefit is equal to four times the annual salary, rounded to the next highest thousand.

In addition to the basic coverage, VCU offers optional life insurance benefits, including supplemental life insurance. This allows employees to purchase additional coverage for themselves, their spouses, and/or their children. The rates and enrollment instructions for the optional life insurance benefits can be found on the VRS optional group life insurance website.

VCU also provides a HelpLink Employee Assistance Program (EAP) as a benefit for team members and their household members. This program offers confidential consultations with internal or external EAP providers at no cost. The program can help team members with a range of issues, including stress management, career options, and work-life balance.

For specific questions about benefits, VCU employees can submit a help ticket through the HR Service & Support Tool, contact [email protected], or call (804) 827-1723.

Frequently asked questions