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VRS-39 R BCD Virginia Retirement System Retiree Optional Life Continuation A Minnesota Life Insurance Company A Security Company Richmond Branch Office PO Box 1193 Richmond, Virginia 23218-1193 A

How to fill out retiree optional life continuation

How to fill out retiree optional life continuation:

1. Contact your HR department or insurance provider: The first step to fill out retiree optional life continuation is to reach out to your HR department or insurance provider. They will provide you with the necessary forms and guidance on how to complete them.
2. Provide personal information: The forms will require you to provide personal information such as your full name, address, date of birth, and contact details. Make sure to fill in this information accurately and legibly.
3. Select coverage amount: Decide on the coverage amount you would like for your retiree optional life continuation. This is the amount that will be paid out to your designated beneficiaries in the event of your death. Consider your personal financial circumstances and the needs of your loved ones when making this decision.
4. Designate beneficiaries: You will need to designate one or more beneficiaries who will receive the insurance benefit upon your death. Provide their full names, relationship to you, and their contact information. Keep in mind that you can update your beneficiaries at any time, so it's important to review and make changes if necessary.
5. Review and sign the forms: Carefully review all the information you have provided in the forms. Ensure that there are no mistakes or missing information. Once you are satisfied, sign the forms and date them as required.

Who needs retiree optional life continuation?

1. Individuals with dependents: Retiree optional life continuation is especially important for individuals who have dependents relying on their income. It ensures that in the event of their death, their loved ones have financial support to cover expenses and maintain their quality of life.
2. Retirees with financial obligations: If you have financial obligations such as mortgage payments, outstanding debts, or funeral expenses, retiree optional life continuation can provide a safety net to cover these costs and relieve the burden on your loved ones.
3. Those seeking peace of mind: Even if you don't have significant financial obligations or dependents, retiree optional life continuation can still be beneficial for peace of mind. It ensures that your loved ones will have some financial assistance during a difficult time, allowing them to focus on healing and grieving instead of worrying about finances.

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What is retiree optional life continuation?

Retiree optional life continuation is a benefit that allows retirees to continue their optional life insurance coverage after retirement.

Who is required to file retiree optional life continuation?

Retirees who wish to continue their optional life insurance coverage after retirement are required to file for retiree optional life continuation.

How to fill out retiree optional life continuation?

Retirees can fill out the retiree optional life continuation form provided by their insurance provider and submit it according to the instructions.

What is the purpose of retiree optional life continuation?

The purpose of retiree optional life continuation is to allow retirees to maintain their optional life insurance coverage even after they have retired.

What information must be reported on retiree optional life continuation?

Retirees must report their personal information, insurance policy details, and desired coverage amount on the retiree optional life continuation form.