Iowa Bankers Association Iowa Bankers Mortgage Corporation
Iowa Bankers Insurance
and Services
8800 NW 62nd Avenue
PO Box 6210
Johnston, IA 50131
Toll-Free: 800-532-1423
Fax: 515-286-4214

IBBP Customer Service:
    800-258-1415
125 Claim Fax:
    515-286-4244
IBBP Billing Fax:
    515-286-4369

Agent Customer Service:
    800-775-8858

Disability Insurance

Disability Insurance

One of the most important assets your employees have is the ability to earn an income. Most employees, officers and non-officers alike, would be financially devastated if they lost their income due to an accident or illness. A group disability plan for employees can help solve that problem.

A group disability plan continues a portion of an employee’s salary while he or she is recovering at home or while in the hospital. The financial burden of losing the salary during the disability is alleviated by the payments and assures the employee can pay his or her bills.

Either the employer or the employee can pay the premiums for this comprehensive plan. In most cases, the premium is at least half of an individual disability policy and provides exactly the same benefits. The two types of group disability plans available through Iowa Bankers Insurance and Services (IBIS) are Short Term Disability and Long Term Disability. 

Short Term Disability

Short Term Disability pays benefits to employees for a maximum of six months equal to 60% of their gross weekly wage with a maximum weekly benefit of $1000. Most Short Term Disability claims are for maternity leave, but claims also include surgery, heart attacks, car accidents, strokes, and extended illnesses. A unique feature of the IBIS Short Term Disability program is that employees are not required to be totally disabled to collect benefits. An employee can receive benefits even if they’re working part time due to a disability.

Either the employer or the employee can pay the premiums for the Short Term Disability plan, and all coverage is guaranteed issue. If you are interested in offering STD coverage to your employees, contact your IBIS marketing representative at (800) 532-4369. If you offer STD coverage through the IBBP and have questions about your STD plan, log in to the IBIS Group Benefits Portal and refer to the Short Term Disability Certificate of Coverage or contact your IBIS Marketing Representative at (800) 532-1423 for more information.

Long Term Disability

If a disability is severe enough to make an employee unable to return to work for a few months or even a few years, a Long Term Disability plan provides benefits for catastrophic illnesses and continues where Short Term Disability stops. However, Long Term Disability can be written as a stand-alone program without Short Term Disability.

Since the inception of the plan, a number of Long Term Disability claims have been paid, even though bankers, as a group, are in a safer occupation. Anyone can get sick, have a heart attack, suffer a stroke, or come in contact with a disease that may cause him or her to be unable to work.

The Long Term Disability plan pays employees 66 2/3% of their gross monthly wage up to Social Security Normal Retirement Age (SSNRA) or longer, depending on at what age the disability occurs. All coverage is guaranteed, and a partial benefit is also available if an employee is not totally disabled.

If you are interested in offering LTD coverage to your employees, contact your IBIS Marketing Representative at (800) 532-1423. If you offer your employees LTD coverage through the IBBP and have questions about your LTD plan, log into the IBIS Group Benefits Portal and refer to the Long Term Disability Certificate of Coverage or contact your IBIS Marketing Representative for more information.

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

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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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