DMS-2425-232 (Group Term Life Insurance)

Background
The State of Florida, through its Department of Management Services (DMS) and the Division of State Group Insurance (DSGI), is seeking to establish a contract for Group Term Life Insurance. This initiative aims to provide insurance benefits to state employees, retirees, and their dependents as part of the State Group Insurance Program. The anticipated implementation date for this contract is January 1, 2026.

Work Details
The contract will cover various group term life insurance options for eligible participants, including:

1. Basic group term life insurance for salaried employees with a benefit of $25,000.

2. Group term life insurance for vested legislators with a benefit of $150,000.

3. Spousal coverage options of either $15,000 or $20,000 for employees enrolled in basic life insurance.

4. Dependent child coverage with a benefit of $10,000 at a monthly premium of $0.85 per child.

5. Optional term life insurance for salaried employees ranging from 1 to 7 times their annual earnings, capped at $1 million; initial coverage up to 5 times their earnings or $500,000 without evidence of insurability during the eligibility period.

6. Coverage options for retirees between $2,500 and $10,000 with continuous coverage requirements.

Period of Performance
The contract is expected to last four (4) years with the possibility of up to four (4) one-year renewals.

Place of Performance
The services will be provided within the State of Florida.