UNSPSC 64122004: Term life insurance policy

A type of life insurance policy that pays a benefit in the event of the death of the insured during a specified term

UNSPSC 64122004 Term life insurance policy (Commodity) represents a narrow product line within state and local employee benefits procurement, where government entities and public institutions buy standalone term life coverage or bundle it within comprehensive ancillary benefits packages for active employees, retirees, and dependents. Recent solicitations show term life appearing most commonly as one component of larger voluntary and mandatory benefit suites rather than as a standalone procurement, reflecting how state and local HR departments structure benefits administration and RFP strategy.

State departments, counties, municipalities, school districts, and special-purpose agencies (transit authorities, health systems, universities) all solicit under this code. Repeat issuers include Texas entities—the State of Illinois Chief Procurement Office, Texas A&M University System, Manor Independent School District, and City of Waxahachie—and several Florida local governments including Holly Hill, New Smyrna Beach, and Okaloosa County. A June 2026 renewal notice from the State of Illinois Central Management Services for Metropolitan Life Insurance Company covering basic life ($261 million) and optional life ($300 million) for a five-year term through June 2031 exemplifies the scale of state-level procurements. Representative recent opportunities span Texas (Central Health's June 2026 RFP for hospital indemnity insurance covering 2,300 employees due July 13, and the Texas A&M University System's May 2026 RFP for group life and AD&D administration covering 42,285 employees and retirees), Mississippi (the Mississippi Transportation Commission's May 2026 competitive procurement for voluntary group term life due May 26), Connecticut (Amity Regional School District's April 2026 student accident insurance RFP due May 21), Georgia (Athens-Clarke County's April 2026 voluntary benefits RFP due May 19), and Illinois (City Colleges of Chicago's February 2026 RFP for life, AD&D, critical illness, and disability due March 30). Geographic activity concentrates in Texas, Florida, Illinois, Georgia, and Colorado, with activity also in Connecticut, Mississippi, and Missouri. Term life procurement follows either standalone RFQ or RFP processes when carriers compete directly or broker-mediated procurement when entities solicit agent-of-record services; response windows typically range from 30 to 60 days, with contract terms spanning 1 to 5 years and frequent renewal options.