Orange County NC Website
Browse       Search
County's history with Group Insuurance Services, Inc. it was noted that the County has not had <br />an increase in its life insurance premiums in over 10 years, <br />2005 Life Insurance Rates <br />Group Insurance Services, Inc. has proposed monthly rates be modified as follows: <br />• An increase in the life insurance rate from 0.25 to 0.28 per $1,000 of annual salary (up to <br />$50,000). <br />• No change in the current Accidental Death and Dismemberment insurance rate of $0.05 per <br />$1,000 of annual salary (up to $50,000). <br />An increase in the dependent life insurance rate from 0.33 to 0.37 per $1,000 of <br />coverage or an increase in the total monthly employee cost for dependent coverage from <br />$1.65 to $1.85 per month, <br />County Contribution for Employee Life Insurance <br />The County pays the full cost of individual employee life and accidental death and <br />dismemberment insurance coverage. The employee pays the cost of any dependent life <br />insurance coverage elected. <br />FINANCIAL IMPACT: The County had budgeted about $101,000 far employee life insurance in <br />2004-05. The estimated cost of the increase for 2004-05 over the amount budgeted is about <br />$6,000, The Budget Director advises that the cost of the increase can be covered from savings <br />from the amount budgeted far dental insurance far 2004-05. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the new life and <br />dependent life insurance rates as shown above under "2005 Life Insurance Rates" effective <br />January 1, 2005. <br />