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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

As a fundamental element of any benefits package, group term life insurance helps you protect your loved ones from financial hardships related to an untimely death. Group term life insurance is the easiest and least expensive way to obtain life insurance. Your employer may offer the following term life insurance plans: basic term life, supplemental term life, dependent term life, director term life, and retiree term life.

Basic Term Life Insurance

All basic term life coverage is guaranteed, which means you cannot 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 your group term life insurance, AD&D gives you added peace of mind.

Supplemental Term Life Insurance

If your employer offers GTL insurance, you may have the option of increasing your basic term coverage by an additional one to three times your annual salary up to a maximum of $200,000 in supplemental life coverage. Since premiums for supplemental life are lower than for other traditional life products, the program is an affordable way for you 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 your employer offers GTL insurance, you may have the option of purchasing affordable dependent term life coverage for your spouse and eligible children at group rates. For a small premium, you can purchase $25,000 of dependent term life insurance on your 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.

Contact your employer’s plan administrator for information about group term life insurance coverage. If your employer offers GTL insurance through the IBBP, contact IBIS Customer Service at 800-258-1415 if you have questions about your coverage.

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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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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