Group Life Insurance

Background

The State of New Hampshire, through the Department of Administrative Services (DAS) and the Division of Risk and Benefits, is issuing this Request for Proposal (RFP) for Group Life Insurance. The objective is to procure group term life insurance coverage for eligible full-time employees, ensuring that the current benefit offerings are maintained. The State aims to continue providing comprehensive life insurance benefits as part of its employee compensation package.

Work Details

The selected vendor will provide a fully insured Life/AD&D insurance program with the following coverage options: 1. Basic Life Insurance: $50,000 (100% State Paid). 2. Basic AD&D: Choice of $20,000 or $25,000 (100% Employee Paid). 3. Supplemental Basic Life (No AD&D): $5,000 (100% Employee Paid). 4. Supplemental Life with AD&D: 1x to 4x salary up to $1,000,000 (100% Employee Paid). 5. Spousal Supplemental Life: Options of $10,000 and/or $25,000 to $100,000 (100% Employee Paid). 6. Child(ren) Life Insurance: $3,000 per child (100% Employee Paid). The contract will also require implementation activities to commence within seven days of approval from the Governor and Executive Council and include a detailed implementation project plan.

Period of Performance

The contract will commence on January 1, 2027, and will run for five years until December 31, 2031, with an option to extend for two additional years upon mutual agreement.

Place of Performance

The services will be performed in New Hampshire for the State's eligible full-time employees.

Bidder Requirements

Bidders must be licensed insurance producers in New Hampshire and provide proof of their license. They must demonstrate financial stability with a minimum rating of B++ from A.M. Best or equivalent. Bidders are required to have at least five years of experience providing similar services to public sector clients and must submit a completed Bidder Application Package prior to bid award.