As an LCPS employee, you are automatically enrolled in Group Term Life Insurance through the Virginia Retirement System. The value of your life insurance is 2 times your salary. Is that enough to support your family in the event of your death? Not a question anyone wants to answer "No".
Additional term life insurance at group rates is available to VRS members as an optional benefit. Members may purchase additional coverage, up to 4 times the employee’s annual salary. Spouse and children coverage is also available (note that coverage must be consistent with the option level elected by the employee).
The guaranteed issue amount is up to $375,000 for the employee and .5x your salary for your spouse, and up to $30,000 for children when coverage is elected within 31 days of eligibility. If you choose to enroll after 31 days, an Evidence of Insurability form is required and coverage may be denied.
Premiums: Premiums are based on the employee’s age (and the age of the employee’s spouse, if spousal coverage is elected), annual salary and amount of elected coverage. Premiums are conveniently deducted through payroll deduction.