Life Insurance

Medical Center Retirement Plan (MCRP)

Group Term Life Insurance with Accidental Death & Dismemberment (AD&D)

All salaried Medical Center employees enrolled in the MCRP receive $25,000 in group life insurance coverage, provided by The Standard. This coverage also includes accidental death and dismemberment (AD&D) insurance, identity theft protection, will preparation, and beneficiary assistance.

Supplemental Life with Accidental Death & Dismemberment (AD&D)

All salaried Medical Center employees enrolled in the MCRP may purchase supplemental life. See additional information about this benefit below:

  • Employee coverage: Purchase additional coverage in multiples of salary, increments of 1x, 2x, 3x or 4x, up to the $500,000 maximum, with guarantee issue required over 3x salary
  • Spouse coverage: available in increments of $25,000 up to maximum $100,000, may not exceed employee’s coverage, with guarantee issue required for requests over $50,000
  • Dependent Child(ren): Coverage for $10,000 up to age 26

Employee/Spouse Supplemental Rate Variations (based on employee’s age)

Age Rate per $1,000 in coverage Reduction based on age
29 and under $0.063 n/a
30–34 $0.068 n/a
35–39 $0.075 n/a
40–44 $0.101 n/a
45–49 $0.147 n/a
50–54 $0.210 n/a
55–59 $0.318 n/a
60–64 $0.468 n/a
65–69 $0.797 65%
70–74 $0.797 50%
75 and up $0.797 35%

MCRP Contact and Resources


Virginia Retirement System (VRS)

VRS Basic Group Life Insurance

VRS members are provided the following:

  • a natural death benefit in the amount of double the annual salary rounded to the next highest thousand
  • a benefit of twice the salary for accidental loss of one or more limbs or of eyesight
  • 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. Access an informational brochure containing coverage details and rate information. In some cases, “Evidence of Insurability” will be required. See additional information about this benefit below:

  • Employee coverage: Purchase additional coverage in multiples of salary, increments of 1x, 2x, 3x or 4x, up to the $700,000 maximum.
  • Spouse and/or dependent child(ren) coverage: Coverage amount corresponds with the selected employee option. Spouse coverage provides half of your optional insurance amount up to a $350,000 maximum, and children can be insured for a maximum of $30,000.

VRS Contact and Resources