Group Life Insurance Benefits

The contract is for group life insurance benefits for Tampa International Airport employees and retirees. The initial term is for one year, with four one-year renewal options. The estimated annual premium rate is $22,437. The contract includes basic, dependent, and supplemental life insurance, as well as accidental death and dismemberment (AD&D) coverage. The rates are guaranteed for three years. The contract was awarded to Standard Insurance Company, which was ranked as the top firm in the technical ranking. • The contract includes a rate structure similar to the current plan, with a non-elective basic life rate partially supported by participant-elected additional life rates. • The contract provides a 90-day notice of rate change. • The contract includes a plan summary of benefits and sample contracts, forms, and riders. • The contract is funded through the O&M Budget. • The contract includes a provision for retirees to purchase basic and dependent life insurance at the full premium rate.