Life Insurance Services - Pricing Only

The State of Illinois Department of Central Management Services is seeking a vendor to provide a group life and accidental death & dismemberment (AD&D) insurance program for its employees and annuitants. This is a pricing-only bid, and vendors are not to submit technical proposals. The bid requires offerors to provide detailed pricing on a per-unit basis for Basic Life, Optional Life, Spouse Life, Child Life, and AD&D coverages. Pricing must be firm, fixed, and guaranteed for a minimum of 3 years. Vendors must also quote administrative fees and interest rates, which will be evaluated. The contract term is for a minimum of 3 years, with a potential 5-year rate guarantee. The State will use the "Total Premium" and the difference between "Total Premium" and Current Premium to rank proposals in order of lowest cost and highest savings to state employees. All submissions must be made electronically through the BidBuy system, and no paper responses will be accepted. The bid is due on June 2, 2020.

The procurement documents do not mention any set-asides or restrictions on the types of organizations that can respond. The current incumbent vendor is not identified. Funding for the contract will come from the State of Illinois, but specific award values or budget ranges are not provided.