RFP Checklist - Group Life Insurance
Providing complete information on a Request for Proposal (RFP) helps us give an accurate and objective quote for your group life and AD&D insurance plans. Below are the items we find most helpful, with each category listed in order of priority from "need to have" to "nice to have".
General- Name of company
- Objectives/Reason for possible change in plan
- Coverage type(s) requested:
• Basic Term Life
• Voluntary Term Life (employee, spouse, child, dependent package)
• Accidental Death and Dismemberment - Copy of current policy
- RFP deadline and mailing instructions
- Implementation/Enrollment deadlines
- Self administered or insurance company administered
Census of eligible employees
- Date of birth
- Gender
- Annual benefit salary
- Basic, voluntary and dependent amount of coverage
- Class indicator (if applicable)
- Actives vs. retirees (if applicable)
Plan design
Description of current and requested plan designs for each coverage requested, including:
- Guaranteed issue requirements
- Plan maximums
- Open enrollment requirements
- Portability definition
- Waiver of Premium definition
- Age reductions
- Exclusions
Financial
- Three years of financial experience (premium and claims) for each line of coverage
- Current rates and rate history for the past three years
- Copy of recent monthly billing/premium remittance statement
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If you have questions or special requirements
Ochs, Inc. administers life and AD&D products on behalf of the issuing insurance company, Minnesota Life.
