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Committee approves MetLife 40‑month guarantee for group life plan
Summary
The Insurance Committee recommended switching the district’s group life insurance to MetLife with a 40‑month rate guarantee after comparing bids; staff said the change would save roughly $115,000 per year vs. the incumbent carrier’s renewal and carry administrative provisions for retirees.
The Insurance Committee of the Bossier Parish School Board voted to accept staff’s recommendation to move the district’s group life insurance to MetLife under a 40‑month rate guarantee.
Jason Allman, presenting the renewal, said the district’s group basic life plan provides a $10,000 benefit for active employees and a $5,000 benefit for retirees; active employees pay about 80% of the cost, and retirees pay their full cost. The plan carries roughly $374 million of total death benefit across group and supplemental coverage, Allman said.
Allman reviewed recent claims and vendor quotes. He told the committee the plan paid about $7.7 million in premium…
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