State of Delaware's Life Insurance Program

Background
The State of Delaware, Department of Human Resources (DHR), on behalf of the State Employee Benefits Committee (SEBC), seeks professional services for providing life insurance benefits. This RFP is issued pursuant to 29 Del. C. §§ 6981 and 6982. The SEBC manages all employee benefits, including health, dental, vision, disability, and life insurance for eligible state employees and their dependents.

Work Details
The selected life insurance carrier will provide:

1. Group Universal Life (GUL) coverage for employees at 1-6 times their annual base salary, up to a maximum of $350,000.
2. Accidental Death and Dismemberment (AD&D) coverage matching the GUL amount.
3. Spouse term life insurance options of $10,000 or $20,000.
4. Child term life insurance options of $10,000 or $20,000 per child.
5. Portability and conversion options for retirees.
6. A cash value account with a guaranteed minimum interest rate of 4% for GUL participants.
7. Proposals may include enhancements to current offerings or alternative plan designs that maintain GUL while improving benefits.

Period of Performance
The contract will commence on July 1, 2026, and will last for three years until June 30, 2029, with two optional one-year extensions.

Place of Performance
Services will be performed primarily within the State of Delaware.