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Indian River County Group Life and LTD RFP - 2014034 Recommendations Group Life Insurance Leve of any Ranking Insurer Rationale Net Cost Benefits Qualification it Total --------- Lowest Group Life Cost-saving the County around$24,000 annually over current Basic Life cost;3 Year Rate Guarantee;Employees can increase Optional Life 1 increment($10,000)Annually;Benfits are comparable to Mutual of current plan design,Superior financial ratings;3 Florida service offices.AM j 1 Omaha Best rating is A+Superior/Financial Size$2 Billion+. 40 40 20 100 Second Lowest Cost-saving County around$8,000 annually over current cost.Benfits are comparable to current plan design however expanded AD&D was not offered on Optional Life,AM Best Financial Rating is A-and 2 Hartford Financial Size is$2 Billion+.There is a Florida Service Office. 30 1 35 15 80 Standard is the County's current insurer.Their proposal would save the County and its employees around$27,000 more than current costs annually! BUT significantly increase costs for Retirees by an approximate$52,000 annually.Placing higher premium cost on retirees is a concept that more public employers are embracing as the old method of blending the active employees with retirees to combine the rate is a costly one for employers and employees.Even with this cost shifting arrangment,the Standard proposal is around$24,000 more annually overall compared to current costs and around$29,244 overall more annually that Mutual of Omaha.AM Best rates Standard A with a Financial Size of$1.25 to$1.50 Billion. 3 Standard Standard has 3 Florida Service Offices_. 15 40 20 75 Minnesota - 4 Life Pricing Higher Than Others 5 40 20 1 65 5 Symetra Pricing Higher Than Others 5 40 20 65 Florida 6 Combined Pricing Higher Than Others 5 40 15 60 7 CIGNA Pricing Higher Than Others;some spouse coverage not quoted 5 20 20 45 Group LTD Insurance Level of Company Ranking j InsurerRationale Net Cost Benefits Qualification Total - - - - - - Competitive LTD Rates-3 Year Rate Guarantee-An advantage is there would be one Insurer servicing both Life and LTD lines of coverage;Mutual Mutual of has Superior financial ratings and 3 Florida service offices;Some cost 1 Omaha _ savings from not having to transition to another insurer. 40 40 20 100 Competitive LTD Rates;Madison National did not propose a Life Plan.Their, financial rating with AM Rest is A-and Financial Size is 100-250 Million, i Madison i compared to Mutual's A+Financial Rating and Financial Size of$2 Billion+; 2 National There appears to be no Florida service office. 40 40 10 90 _ -- 3 CIGNA Pricing Higher Than Others 25 40 20 85 -- - - - - - 4 Standard Pricing Higher Than Others 10 40 20 70 5 Symetra Pricing Higher Than Others 5 40 20 65