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Virginia Life Insurance: What you need to know

Employers have no obligation under Virginia law to offer life insurance to their employees. However, if group life insurance is among the benefits offered to workers, certain minimum requirements must be satisfied (VA Code Sec. 38.2-3318.1et seq.).
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Group characteristics. The group to be insured must have at least two employees in it. The group must include all employees belonging to the class defined as eligible for coverage. The group may include employees of one or more subsidiary corporations and the employees of businesses under common control. Employees may include individual proprietors or partners if the employer is an individual proprietorship or partnership, retired employees, former employees, and directors of a corporate employer.
Beneficiary. The employee may name anyone except the employer as beneficiary.
Employer/employee contributions. Employers are not required to make any contribution toward the cost of group insurance. If the employer pays the full premium, all eligible employees except those who reject coverage in writing must be insured.
Insurability. The insurer may exclude or limit coverage of anyone who is unable to produce satisfactory evidence of individual insurability.
Dependents. Employees have the right to elect coverage to insure their spouses, children under the age of 19, under the age of 25 if full-time students, or any age if incapable of self-support and dependent on the employee for support; any other person in whom the insured group member has an insurable interest under state law as is agreed upon by the insurer and the group policyholder. The amount of the insurance on the spouse, each child, and any other person may not exceed the amount for which the ...

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