ITEM NUMBER: 6.F.
School Board Regular Meeting
- Meeting Date:
- 05/03/2021
- Prepared By:
- Tom Sager
Item Type:
Action
Subject:
Act on Effective 1/1/2022 Employee Life and AD&D Insurance Renewal
Background:
Mankato Area Public School’s employee life insurance was sent out for bids through a formal Request for Proposal process. The current basic life and AD&D coverage rate is 10.4 cents per thousand per month. Madison National Life quoted a matching plan with a four year rate guarantee of 9.5 cents per thousand per month. Supplemental term life coverage remains at 20 cents per thousand per month. Both the base and supplemental include accidental death and dismemberment coverage. The estimated annual savings is $6,585.
Recommended Action:
The administration recommends approval of the Madison National Life employee life and AD&D insurance bid, as described.