UNSPSC 64122000: Life insurance contracts

Life insurance is a contract between an insured and an insurer or assurer, wherein the insurer promises to pay a designated beneficiary a sum of money --the benefits-- in exchange for a premium, upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum. Other expenses such as funeral expenses are also sometimes included in the benefits.

UNSPSC 64122000 Life insurance contracts (Class) encompasses employee group life insurance, voluntary supplemental life coverage, accidental death and dismemberment (AD&D), and related ancillary products—often bundled with disability, medical, dental, and vision administration through brokers or direct carriers. State and local governments procure this code primarily through RFPs for broker services, where a single qualified firm manages plan design, carrier negotiation, enrollment administration, and claims support for municipal and county workforces. Recent solicitations show life and disability insurance frequently paired with medical and dental administration; standalone life-only buys are less common but appear in specialized contexts such as firefighter workers' compensation claims administration and student accident coverage.

Issuing bodies include city HR departments (Lewisville, Madison, Waxahachie, Holly Hill, DeBary, Pflugerville, Okaloosa County), county commissioners (Catoosa County, Brevard County, Greenville County), independent school districts (Amity Regional School District No. 5), transit and special-purpose authorities (Central Health in Travis County, Texas A&M University System, Mississippi Transportation Commission), and state agencies (Illinois). The State of Illinois Central Management Services (MetLife renewal, $561 million contract value through 2031) represents the largest recent procurement. Cities of Madison and Lewisville, and Greenville County recur across multiple benefit lines, indicating ongoing lifecycle activity and replacement cycles. Geographic concentration spans Florida (multiple RFPs from DeBary, Holly Hill, Brevard, Okaloosa), Texas (Lewisville, Waxahachie, Pflugerville, Central Health), South Carolina (Greenville County), Georgia (Catoosa County), Connecticut (Amity Regional), Mississippi, and Illinois. Representative recent opportunities include Catoosa County Board of Commissioners RFQ 2026-21 Broker Services (430 employees, qualifications due October 22, 2026), City of Holly Hill RFP 26-HR-01 Broker Services (109 employees and 53 retirees, proposals due April 8, 2026), City of Madison Life and Disability Insurance RFP (3,103 active employees plus retirees, proposals due August 31, 2026), and Brevard County RFP for Group Life & Disability supplemental health benefits ($2.1 million annual premium base, July 28, 2026 deadline). Texas A&M University System RFP SBA-26-280 covers 42,285 employees and retirees with September 1, 2026 effective date and three-year rate guarantee requirement.