UNSPSC 64122005: Whole life insurance policy

A type of life insurance policy that pays a benefit on the death of the insured and also accumulates a cash value.

UNSPSC 64122005 Whole life insurance policy, a Commodity code, encompasses fully insured and self-funded group life insurance products that state and local governments procure for employee benefit programs, including basic life, voluntary life, supplemental life, accidental death and dismemberment (AD&D), and related coverages bundled into comprehensive benefits packages. State and local purchasing across this code comes from school districts, county governments, municipal workforce agencies, public hospital systems, transit authorities, and special-purpose districts, with school districts and county governments appearing as repeat buyers across the recent opportunities. Central Health (Travis County Healthcare District) in Texas is soliciting hospital indemnity insurance for 2,300 employees with coverage effective January 1, 2027; the City of Waxahachie, Texas is seeking ancillary benefits including voluntary life and AD&D for 475 employees with a proposal deadline of May 29, 2026; and the State of Illinois Chief Procurement Office issued a renewal for MetLife life insurance coverage valued at $561 million (basic life at $261 million plus optional life at $300 million) for a five-year term beginning July 1, 2026. The Texas A&M University System is procuring claims administration and fully-insured group life and AD&D for approximately 42,285 employees and retirees across 12 universities with proposals due May 4, 2026, and the Mississippi Transportation Commission solicited proposals for voluntary group term life insurance for employees by May 26, 2026.

Texas emerges as the most active jurisdiction in recent opportunities, with multiple school districts and municipal governments pursuing life and disability coverage renewals; Georgia, Florida, Colorado, Illinois, and Connecticut show secondary activity. City Colleges of Chicago issued RFP #NC2608 for group life, AD&D, critical illness, and disability coverage with a 36-month term commencing January 1, 2027 and proposals due March 30, 2026. The Board of Education of the City of St. Louis is seeking comprehensive benefit services including basic life and AD&D for active and retired employees with an April 22, 2026 deadline, and Boulder County, Colorado conducted a two-phase RFQ and RFP process for basic life, optional life, optional AD&D, and disability coverage effective January 1, 2027. Solicitations in this code often require guarantee-issue enrollment, fully insured or self-funded options, integration with existing benefits administration platforms such as UKG or Workday, claims processing and online portal capabilities, and comprehensive reporting. Many state and local bodies impose MBE/WBE and HUB certification requirements where applicable, mandate compliance with prevailing wage and executive order standards, require carrier AM Best ratings of A or higher, and evaluate proposals on weighted criteria emphasizing cost, customer service, claims administration, and implementation quality.