Group Term Life Insurance
What is it?
Your group term life insurance provides an important source of financial security for you and your family. It forms the cornerstone of an employee benefit package at the university. There is no form to sign up for this benefit offered by the University. The university pays the entire premium. The basic benefit is two times annual salary. There is also an accidental death and dismemberment provision of four times annual salary. It is an automatic benefit that begins at employment.
Who is eligible?
Group term life insurance is offered to full-time faculty, full-time classified, and part-time classified staff.
Why do I need it?
The group term life insurance plan is offered through Mason as the university recognizes that its employees need a solid foundation upon which to build a long-term financial plan. Group term life insurance helps guarantee financial protection for your family in the case of your death. In addition to the basic group term life insurance policy, the university offers additional optional life insurance plans through:
a) Minnesota Life
b) Lincoln Financial
In its most basic form, life insurance offers security in the event of your death. Like all insurance, life insurance protects your family from the risk of financial ruin. It provides your dependents with the necessary funds to settle your financial obligations and to cover the loss of income created by your death.
What is it at Mason?
The Virginia Retirement System (VRS) provides life insurance through Minnesota Life effective on the date of employment. The university pays the entire premium. The basic benefit is two times annual salary. There is also an accidental death and dismemberment provision of four times annual salary. Life Insurance benefits are paid in accordance to the order established by law Spouse, Children or parents or could otherwise be designated by you. Term life insurance is designed to provide coverage for risk of premature death. With term life, you have "pure" insurance protection only, and there is no "cash value" growth.
For More Information ...