HomeMy WebLinkAbout2002 09 23 Consent D City's Life Insurance and Long Term Disability Needs for FY 03
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COMMISSION AGENDA
ITEM D
ICONSENT
INFORMATIONAL
PUBLIC HEARING
REGULAR
x
Septemher 21, 2002
Meeting
MGR IZ. /DEPT. ~_
Allthori7.Mion
REQUEST: The Finance Department is requesting the City Commission select an
Insurance Carrier for the City's Life Insurance and Long Term Disability Needs for FY 03.
PURPOSE: To select an insurance carrier for the City's life insurance and long term
disability needs for FY 03.
CONSIDERATIONS:
.' The City currently has Standard Insurance as our Long Term Disability carrier and
AnthemJAlta/Great West as our Life Insurance carrier.
. Our third party agent has shopped the market and received quotes for both types of
Insurance.
. Per review of the quote analysis spreadsheets prepared by our agent, Unum offers better
coverage and lower rates then the current carriers.
RECOMMENDATION:
Staff recommends selecting Unum as our carrier for both life insurance and long term disability
for the period October 1,2002 - September 30, 2004 based on the quote provided.
ATTACHMENTS:
Spreadsheet - FY 03 Premium Quote Analysis - Life
Spreadsheet - FY 03 Premium Quote Analysis - L TD
. COMMISSION ACTION:
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City of Winter Springs
Disability Plan Comparison
200~
Standard Insurance Co Unum Hartford
Rate/$100 of Payroll $0.37 $0.36 $0,56
Rate Guarantee Feb-03 2 Year 2 Year
Waiting Period 180 Days 180 Days 180 Days
Benefit Duration 65 SSNRA 65 SSNRA 65 SSNRA
Monthlv Maximum $6,000 $6,000 $6,000
Zero Dav Residual Yes Yes Yes
Class 1 - Age 65 Class 1 - Age 65
Own Occupation Period 24 Months Class 2 - 24 Months Class 2 - 24 Months
Mental & Nervous 24 Months Max Unlimited Unlimited
Dru~ & Alcohol 24 Months Max 24 Months Max? 24 Months Max?
Social Security Inte~ration Primary Primary Primary
Pre Ex 3/12 3/12 3/3/12
Rehabilitation Yes Yes Yes
Minimum Monthlv Benefit $100 $100 $100
Survivor Benefit 3 Months/Monthly Install 3 Months/Lump Sum 3 Months/Lump Sum
Waiver Yes Yes Yes
Disability
Total Yes Yes Yes
Partial Yes Yes Yes
Conversion No Yes No?
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CITY OF WINTER SPRINGS
L-:LF E.
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Anthem Health Unum
Conversion yes Yes
Seat Belt Benefit No Yes
Waiver of Payment Yes Yes
Accelerated Death Benefit Yes Yes
Rate Guarantee 03-Apr 2 years
PLAN 1 (Employer Paid)
Reductions Age 70 50% 65%
Age 75 25% 50%
Guarantee Issue 50,000 250,000
Retirees Included Yes Yes
Rate Per $1000 of Payroll (including
AD&D) $0.38 $0.32
Dependent Life $3.00 $3.17
2,000 for Children 5,000 for Children
10,000 for Spouse 10,000 for Spouse
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