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Members covered under the VRS Group Life Insurance Program may purchase additional coverage through the Optional Group Life Insurance Program. If members elect optional group life insurance coverage, they also may cover a spouse and dependent children. Optional group life insurance provides benefits for natural and accidental death or dismemberment. Members pay the premiums through payroll deduction.
|Option Select one of the following||Member's Insurance Amount Not to exceed $800,000||Spouse Insurance Amount Not to exceed $400,000||Insurance Amount per Dependent Child At age 15 days|
|1||1 x creditable compensation||½ x creditable compensation||$10,000|
|2||2 x creditable compensation||1 x creditable compensation||$10,000|
|3||3 x creditable compensation||1 ½ x creditable compensation||$20,000|
|4||4 x creditable compensation||2 x creditable compensation||$30,000|
A member can cover a spouse for up to half the maximum amount of the member’s coverage, not to exceed $400,000. Coverage for the member’s spouse ends when the member’s coverage ends or if they divorce. If both the member and spouse are eligible to participate in the Optional Group Life Insurance Program, neither can buy additional coverage for the other.
Members can cover each dependent child who is at least 15 days old for $10,000, $20,000 or $30,000, depending on the coverage option the member selects for himself or herself. Coverage for dependent children ends when the member’s coverage ends or the child marries, becomes self-supporting, reaches age 21 or reaches age 25 as a dependent attending college full time. Coverage continues for dependent unmarried children who are disabled.
Evidence of insurability (proof of good health) is not required if members enroll in the Optional Group Life Insurance Program within 31 days of their employment date. If members participate in the optional plan, they may add dependents within 31 days of a qualifying event, such as marriage or the birth or adoption of a child, without evidence of insurability.
Evidence of insurability (proof of good health) is required if: