Title
One Year Contract Extension for Advance Life Insurance.
Body
Recommended Action: Approve the One Year Extension.
Advance Insurance Company of Kansas, Inc. provides life insurance benefits and services to Sedgwick County employees. The original contract with Advance Insurance was entered into on June 27, 2011, and contained an initial term of three (3) years, with County having the option of exercising two (2) one-year options to renew. The County exercised both those options, the last of which expires on December 31, 2016. An extension of the original contract is now necessary for calendar year 2017.
Alternatives:
Financial Considerations: For 2017 costs for Advance LIfe Insurance will be the same as 2016 costs at approximately $18,000 per month with the following costs:
Life: $0.09/$1,000 coverage
Accidental Death & Dismemberment: $0.02/$1,000 coverage
Dependent Life: Varies between $1.95-$4.74 based off coverage level
Legal Considerations:
Policy Considerations: