Life Insurance

Medical Center Retirement Plan Life Insurance

Prudential Basic Life

Basic Life Insurance coverage is provided free of charge to all salaried Medical Center salaried employees enrolled in the MCRP without a physical examination. The amount of basic life insurance coverage is $25,000.

Prudential Supplemental Life

A significant amount of supplemental life insurance may be purchased to meet individual needs. The maximum combined basic and supplemental benefit is $500,000. At date of hire, a benefit equal to two times salary is guaranteed without health questions; all other increases require evidence of insurability.

VRS Life Insurance

VRS Basic Group Life Insurance

VRS members are provided 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. 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.

VRS Supplemental Optional Life Insurance

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. With this optional life insurance coverage, a participant has four options from which to choose. You can be insured for one, two, three or four times your annual salary up to $700,000. If you enroll in the optional coverage, you may also insure your spouse, your child(ren), or both. The amount of the coverage corresponds with the selected employee option. Spouse coverage provides half of your optional insurance amount up to a maximum of $350,000. Depending on which option you select, your children can be insured for a maximum of $30,000.

Life Insurance Plan Summary Information

Prudential Life Links and Forms

VRS Links and Form

VRS Life Insurance Website - Life Insurance

VRS Life Insurance Customer Service - 1.800.441.2258

VRS Links and Forms