Employee Benefits: Life Insurance

Group Life Insurance
As an employee of Christopher Newport University, you are entitled to group life insurance that is administered through the Virginia Retirement System and paid for by Christopher Newport University.  The amount of your group life insurance equals your salary rounded up to the nearest thousand multiplied by two: example, an employee currently making $25,400 would be entitled to $52,000 worth of group life insurance ($26,000 x 2 = $52,000).  Minnesota Life currently holds the State contract for the life insurance benefit.  There are additional benefits associated with your group life policy.  (Please see Group Life Insurance brochure.)

More information:  http://www.varetire.org/Members/BenefitPlans/BasicLifeIns/Index.asp

Optional Group Life Insurance (OGL)
You may want to purchase additional life insurance on yourself; yourself and your spouse; or yourself, your spouse and your children through payroll deduction.  You may elect coverage of one, two, three or four times your salary.  If you elect coverage in excess of one times your salary and would like coverage on your spouse, your spouse must complete an evidence of insurability form and be approved for coverage through Minnesota Life.  While the coverage is being approved, their cost and coverage will be based on .5 times your salary.  As you can see below, the cost of the additional life insurance is based on your age and your salary.  You must enroll in the OGL plan within 31 days of hire in order to not have to complete an evidence of insurability form. 

More information:http://www.varetire.org/Members/BenefitPlans/OptLifeIns/Index.asp