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Group Term Life Insurance

Group Term Life Insurance

The Iowa Bankers Benefit Plan (IBBP) offers group term life (GTL) insurance through Standard Insurance Company of Portland, Oregon. The Standard has provided group term life, short term disability, and long term disability insurance to IBBP members since 1991. The IBBP currently provides GTL coverage to nearly 8,000 employees.

Iowa Bankers Insurance and Services, Inc. (IBIS) manages all the administrative functions for the life insurance plan, including customer service, and contracts with Standard Insurance Company for claims processing.

Group Term Life Insurance

Group term life (GTL) insurance benefits are an important part of a strong benefits package that provides essential protection to your employees at competitive group rates. GTL insurance is a cost effective benefit that provides employees and their dependents with a financial safety net. Coverage options include basic term life, supplemental term life, dependent term life, director term life, and retiree term life. Group term life insurance is the lowest cost employee benefit available and is the easiest benefit to administer.

Basic Term Life Insurance

Basic term life insurance is the easiest and least expensive way to buy life insurance. Similar to other IBIS insurance programs, premiums are pooled for the group with claims paid from the premium pool. Funds that remain in the pool at the end of each policy year may be returned to the premium payer.

You can offer either a multiple-of-salary benefit or a flat benefit. The maximum benefit available is six times the annual salary with a maximum benefit of $700,000. All coverage is guaranteed, which means no one can be refused coverage because of a prior medical condition. The basic life insurance plan also includes accidental death and dismemberment (AD&D) coverage, which pays benefits in the event of loss of life, limb, or sight due to an accident. As a complement to our basic term life insurance, AD&D coverage gives your employees added peace of mind.
Supplemental Term Life Insurance

Supplemental term life insurance is an inexpensive, optional benefit that can enable your employees to obtain extra protection to meet their personal insurance needs. Covered employees have the option of increasing their basic term coverage by an additional one to three times their annual salary up to a maximum of $200,000 in supplemental life coverage, which includes AD&D coverage similar to the basic term life plan. Since premiums for supplemental life are lower than for other traditional life products, the program is an affordable way for your employees to gain additional life insurance coverage. Note: Evidence of insurability is required for two and three times the annual salary and for late enrollment.
Dependent Term Life Insurance

If you offer basic term life insurance to your employees, you can also offer affordable dependent term life coverage for spouses and eligible children that employees can purchase at group rates. For a small premium, an employee can purchase $25,000 of dependent term life insurance on his or her spouse and $10,000 on each dependent child under the age of 26. Evidence of insurability is not required for dependent children.  Dependent term life is a very affordable program, and dependents cannot be denied coverage regardless of medical history. Spouse plans are also available for $35,000 and $50,000 with evidence of insurability.
Director Term Life Insurance

Many IBBP employers provide extra life insurance coverage to their board of directors. Director term life insurance allows you to purchase up to $50,000 in life insurance for each director without evidence of insurability.
Retiree Term Life Insurance

To reward retiring employees who have provided you and your customers with many years of service, consider offering these employees retiree term life insurance. Under this program, you can provide retired employees with either $2,000, $5,000, or $10,000 of level or reducing life insurance coverage for the rest of their lives. No retiree can be denied coverage, and the coverage is available on either an employee-pay or employer-pay basis.

Assist America Travel Assistance

IBBP group term life insurance coverage includes Assist America Travel Assistance, which can help employees and their family prepare for trips and during critical situations while away from home (when members travel more than 100 miles away from home or in a foreign country and for fewer than 180 consecutive days). A single phone call can provide help with medical care situations and legal or other emergencies that arise during travel. Employees don’t have to enroll in Assist America. If they are covered by IBBP group term life insurance, they automatically are covered. Family members, including spouses or domestic partners, and dependent children, are covered as well. For more information, click here to go to the Assist America flier.

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Mid America Banking Insurance Services, Inc., a subsidiary of IBIS, provides insurance programs to banks outside of Iowa. 

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Iowa Bankers Mortgage Corp. (IBMC) offers the products & experience Iowa banks need in the secondary mortgage market.

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The Iowa Bankers Association (IBA) is dedicated to serving Iowa banks and their employees.

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