Rate reduction for VRS Optional Life Insurance through Securian

From: Human Resources

The VRS Optional Group Life Insurance Program will see an overall rate reduction of five percent effective July 1. Based on plan experience and actuarial projections, premium rates will reduce for four age brackets:

• Ages 45-49: Decreases from $0.14 to $0.12 per month per $1,000 of coverage.
• Ages 55-59: Decreases from $0.33 to $0.31 per month per $1,000 of coverage.
• Ages 60-64: Decreases from $0.59 to $0.54 per month per $1,000 of coverage.
• Ages 65-69: Decreases from $1.06 to $1.02 per month per $1,000 of coverage.

Rates remain the same for policy holders in most age groups. View the chart.

Optional group life insurance provides a cost-effective way for members to ensure financial security for loved ones. For members who have had optional life for at least 60 months, and are eligible to retire, they may continue a portion of their optional coverage upon separation while taking advantage of these same group rates.