Mark Aguon, Fund administrator, said beginning this month NetCare Life and Health Insurance Program, a sister-company of Moylan’s Insurance Underwriters (Int’l.) Inc. will replace the Guam-based IAC Insurance.
The Fund is required to open its life insurance program to a competitive bidding every three years.
Aguon said the government life insurance program is on a voluntary basis and is entirely separate from the life pension program.
“If somebody dies we do all the paper work and we verify that the premiums are paid (to release the benefits of the deceased to the family). This is a supplemental coverage,” he said.
The Fund is holding an “open enrollment” period for the life insurance program this month for both active government employees and retirees.
“During the period of open enrollment, NCLH will honor those insured and currently enrolled and on file at GHLITF with Individual Assurance Company,” said Aguon.
He said IAC and NCLH submitted competitive bid proposals but the board decided to choose the latter.
NCLH’s premium offer is as low as 42 cents every two weeks for active employees seeking basic life and accidental coverage.
Four other coverage options are available for both retirees and active government workers with biweekly premiums ranging from $3.62 to $27.33.
