Virginia Tech - New Employee Orientation - Life insurance

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Virginia Tech - New Employee Orientation - Life insurance

  1. 1. L I F E DEPARTMENT OF HUMAN RESOURCES INSURANCE
  2. 2. Life Insurance at Virginia Tech ► Includes an employer paid life insurance ► Includes an optional life insurance ► Accidental death and dismemberment insurance
  3. 3. Employer Paid Life Insurance ► Provider is Minnesota Life. ► Employees receive two times their annual salary in coverage. ► Includes double indemnity for accidental death. ► Includes a dismemberment benefit. ► There is no waiting period.
  4. 4. Optional Life Insurance ► Minnesota Life Insurance Company ► Coverage is elected in multiples of salary (1x, 2x, 3x, or 4x annual salary) ► Cost is based on amount of coverage and the age of the covered member
  5. 5. Optional Life Insurance ► Guarantee issue limit is $375,000 (no medical questions) ► 31 days to apply with guarantee issue ► After first 31 days an Evidence of Insurability form must be completed. ► Maximum coverage limit is $750,000 ► Can pick up or drop coverage at any time
  6. 6. Optional Life Insurance ► Benefits available to spouse and children ► Spouse is eligible for half of employee election ► Spouse has guarantee issue within 31 days under Option 1 only ► Spouse must complete Evidence of Insurability form for Options 2, 3, or 4 ► Children have guarantee issue under all options within 31 days and must complete Evidence of Insurability form after 31 day deadline
  7. 7. Beneficiaries Beneficiary form should be completed or benefit will be paid by order of precedence ► Spouse ► Children ► Parents ► Executor of estate ► Next of kin
  8. 8. Optional Accidental Death and Dismemberment
  9. 9. Optional Accidental Death and Dismemberment ► ZURICH is the provider ► No deadline to enroll ► Coverage election will range from $10,000 to $250,000 ► May select employee only or family plan ► Benefit paid out only in the event of death or dismemberment due to an accident (loss of sight, arms, legs, etc.)
  10. 10. Optional Accidental Death and Dismemberment ► Includes Travel Assist Program for local and international travel ► Includes medical repatriation
  11. 11. Completed Forms Return all completed forms to: Human Resources Service Center 300 Turner Street, NW, Suite 2300 Blacksburg, VA 24061 Mail Code: 0318

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