Recommend approval to renew an annual contract for the City of Savannah’s life insurance policy from The Standard Life Insurance Company in the estimated amount of $1,600,000. The City of Savannah makes available to its eligible employees, retirees and family members access to term life insurance coverage.  The group term life policy includes Basic Life, Basic Accidental, Death and Dismemberment (AD&D) Life, Basic Dependent Life, Supplemental Employee Life, Supplemental Employee AD&D and Waiver & Accelerated Death Benefit. 

The estimated cost is $1,600,000 of which the employees and retirees pay an estimated $1,000,000 of the cost.  The City will pay an estimated $600,000 towards the policy. The City’s current benefits consultant, USI Insurance Services, conducted a market assessment RFP of multiple vendors and determined this is the most competitive and cost-effective plan. The Standard Life Insurance had a savings of $31,000 over the current premium on active coverage.

Approval