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 re-solicitation for these services, with the technical proposal and required forms to be submitted under Bid #B-20592. Vendors will not submit pricing on this bid, but will instead provide pricing separately under Bid #B-20593. The state is only accepting electronic submissions through the BidBuy platform, with no paper responses permitted. Proposals must include monthly cost per $1,000 of coverage, administration fee percentages, and annual interest rates for the basic life insurance, as well as monthly term life insurance rates per applicable unit of coverage for the optional life, spouse life, child life, and AD&D insurance. All rates quoted must be firm, fixed, and maximum for the entire contract term. The state will evaluate proposals based on the lowest administration cost and fee percentage, as well as the highest cost to the state in annual interest rates.

There are no set-aside designations or restrictions on the types of organizations that can respond to this opportunity. The incumbent vendor is not disclosed. The state has not provided a budget range or estimated award value for this procurement. Vendors must submit their proposals by March 19, 2021 through the BidBuy platform. Questions regarding the procurement process can be directed to the point of contact listed in the vendor instructions.