Group Term Life Insurance Services

The Vendor is required to provide group term life insurance on an as-needed basis.
- The current provider is company life.
-  The current group term life insurance plan provides the following net of commission:
• $10,000 basic life coverage for all 7,200 full-time employees - $3.60 per employee per year;
• Supplemental coverage up to 5 times salary to a maximum of $500,000 with no age restriction; current participation 3024
• Spousal coverage up to $250,000 with no age restriction; current participation 690
• Child life - $5,000 - $10,000- $15,000 for legal children up to age 26; current participation: employees 1,315, covering 2,345 children
• Accidental death & dismemberment - $100,000 maximum – employee/ family coverage - $100,000 for employee and spouse; $10,000 for children up to age 26.
- Premiums are age-based per $1,000 for employees and spouses.
- Child life premium covers all children per monthly premium of $0.78 for $5,000 and $1.56 for $10,000 and $2.34 for $15,000.
- Provide basic group term life insurance and to offer optional employee, spouse, and child group life and optional personal accident insurance (death and dismemberment) to all full-time employees.
- The proposed program for optional supplemental coverage shall include:
• All regular full-time employees are eligible upon the month following the date of hire for all optional supplemental coverage.
• Provide for optional child coverage without the employee electing supplemental coverage for the employee.
• Rates to be provided in increments of five (5) years.
• Dependent children to be covered to age 26.
• Handicapped/disabled children to be covered for life provided the employee maintains financial/legal responsibility.
- Provide assistance as needed with new employee meetings throughout the school year.
- provide quarterly updates on eligibility and claims data.
- The proposed program for basic group life insurance shall include:
• All regular, full-time employees are eligible upon the date of hire.
- Contract Period/Term: 4 years
- A Pre-Proposal Virtual Conference Date: February 24, 2025
- Questions/Inquires Deadline: February 28, 2025