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  5. ›22-6621 Basic Life, Voluntary Life Insurance and AD&D

Awarded contract·City of Goodyear·Arizona

22-6621 Basic Life, Voluntary Life Insurance and AD&D

Won by Standard Insurance Company$375kSingle Award
Contract source

Awarded vendors

  • Standard Insurance Company

Description

This contract is for basic life, voluntary life insurance, and AD&D services provided by Standard Insurance Company to the City of Goodyear. The contract started on July 1, 2022, and is set to end on June 30, 2026. The contract has a guaranteed rate for 2 years and offers various services such as travel assistance and life services toolkit. The contract is renewable, and the city can extend the contract with mutual agreement. The key aspects of this contract include the provision of life insurance services, the guaranteed rate, and the renewable nature of the contract. • The contract provides basic life, voluntary life insurance, and AD&D services to the City of Goodyear. • The contract has a guaranteed rate for 2 years. • The contract offers various services such as travel assistance and life services toolkit. • The contract is renewable, and the city can extend the contract with mutual agreement. • The contract started on July 1, 2022, and is set to end on June 30, 2026.

Attached files

Key dates

Starts
7/1/2022
Ends
6/30/2026Renews
Duration
4 years

Last updated

Details

Award type
Single Award
Industry
Insurance
NAICS
524113
Solicitation №
C-22-6621

Contract value

$375,000

The contract value is not explicitly stated in the document, but based on the provided information, we can estimate the value. The contract provides life insurance services to the City of Goodyear, and the rates are guaranteed for 2 years. The rates are $0.075 per $1000 of benefit for basic life and $0.020 per $1000 of benefit for AD&D. The total number of employees is not provided, but we can assume an average annual salary of $50,000. With an average of 2-3 dependents per employee, the total number of lives insured could be around 1,000-1,500. Using these estimates, the total annual premium could be around $75,000 to $112,500. Over the 4-year contract period, the total contract value could be around $300,000 to $450,000.

AI estimate from the award documents

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