UNSPSC 64122001: Credit life insurance policy

A type of life insurance policy designed to pay off a borrower's debt if that borrower dies. The face value of a credit life insurance policy decreases proportionately with an outstanding loan amount as the loan is paid off over time until both reach zero value.

UNSPSC 64122001 Credit life insurance policy is a Commodity code, but the recent state and local opportunities tagged under it do not reflect credit life insurance procurement—instead they show group term life insurance, voluntary life and AD&D, disability, and ancillary benefits administration solicited by municipalities, school districts, county governments, and public authorities. The code's nominal scope (individual credit life coverage triggered by loan default) does not align with what state and local buyers are actually purchasing under this tag, which centers on employer-sponsored group term life, accidental death and dismemberment, and bundled voluntary benefits for active employees and retirees.

The issuing bodies pursuing these benefits span city governments (Waxahachie, Burleson, Lewisville, New Smyrna Beach, Orlando, DeBary, Holly Hill, and Austin-area Central Health), counties (Okaloosa, Boulder, Clarke, Athens-Clarke), school districts (Manor Independent School District, Tempe Elementary, Amity Regional, St. Louis Public Schools, City Colleges of Chicago), and state or quasi-state entities (Employees Retirement System of Texas, Texas A&M University System, Illinois Chief Procurement Office, Mississippi Transportation Commission). Repeat buyers include Manor Independent School District (two separate re-solicitations posted in February and April 2026 after rejecting prior proposals) and city and county procurement offices in Texas and the Southeast conducting annual or multi-year benefit renewals. Recent activity concentrates in Texas (Central Health, City of Waxahachie, City of Burleson, City of Lewisville, Manor ISD, Tempe Elementary, ERS of Texas, Texas A&M), Florida (Okaloosa County, City of Orlando, City of Holly Hill, City of DeBary, New Smyrna Beach Utilities), and Georgia (Athens-Clarke County, City Colleges of Chicago, Clarke County School District), with secondary activity in Colorado, Connecticut, Illinois, Mississippi, and Missouri. Representative recent solicitations include Central Health (Travis County Healthcare District) RFP posted June 30, 2026, due July 13, 2026, seeking hospital indemnity insurance for 2,300 active employees and dependents with 100% employee-funded premiums, four coverage tiers, and guarantee-issue enrollment; City of Waxahachie RFP posted May 6, 2026, due May 29, 2026, for basic life/AD&D, voluntary life/AD&D, short-term disability, long-term disability, and worksite products for 475 full-time employees; and Employees Retirement System of Texas RFP posted April 2, 2026, due April 2, 2026, for underwriting and administrative services for group term life and AD&D under the Texas Employees Group Benefits Program with contract execution anticipated December 2026 and term through August 31, 2033. State of Illinois Chief Procurement Office issued a renewal notice June 12, 2026, for Metropolitan Life Insurance Company's continuation of life insurance services valued at $561 million total contract value (basic life $261 million, optional life $300 million) for a five-year term beginning July 1, 2026, with 5 percent BEP utilization allocated to Leal & Associates (2.21 percent) and Richards Graphic Communications (2.79 percent). These solicitations are not classified as set-asides except where noted; Athens-Clarke County, St. Louis Public Schools, and City Colleges of Chicago each established MBE or MBE/WBE participation goals (Athens-Clarke 25 percent MBE, St. Louis 25 percent MBE and 5 percent WBE, Chicago 25 percent MBE and 7 percent WBE), and several Texas procurements require HUB (Historically Underutilized Business) certification or subcontracting plans.