Life Insurance – Henrico County Public Schools

Life Insurance

Employees are offered two types of life insurance coverage: basic (paid in full by Henrico County) and optional (paid by the employee):

Basic Coverage

All full-time eligible employees participate in a group term life insurance and accidental death and dismemberment insurance program through the Virginia Retirement System. Life insurance coverage is two times, or in the case of accidental death, four times the next highest thousand dollars above annual salary. Example: If annual salary is $13,455, coverage is for $28,000 life insurance in the case of regular death, or $56,000 for accidental death. Henrico County assumed the cost of this coverage effective July 1, 1977. Federal law requires that the employer report the value of this coverage (exceeding $50,000) as income received by the employee for tax purposes.

Optional Life Insurance

Employees covered for basic group life insurance may purchase optional group life insurance coverage in an amount equal to one, two, three or four times their salary. Optional group life insurance also is available to the member’s spouse and dependent children. This life insurance is offered through the Virginia Retirement System and is underwritten by Minnesota Life.

If you have a question about life insurance, you may email the HCPS Payroll Office at hcpspayroll@henrico.k12.va.us or call 804-652-3623.

Important Links

Virginia Retirement System — Group Life Program
Optional Group Life – Virginia Retirement System/Securian Financial – log in to your myVRS account, select Life Insurance under the My History tab and select the Visit Securian button.