Group Term Life

Group Life For Bank Employees

Group Term Life Insurance is the easiest and least expensive way to buy life insurance. Similar to other IBIS insurance packages, premiums are pooled for the group with claims paid from this premium pool. Funds which remain in the pool at the end of each policy year may be returned to the premium payor.

Coverage is available on either a multiple of salary or flat benefit basis (with a maximum per employee of $500,000), and all coverage is guaranteed, which provides that no one can be refused coverage because of a prior medical condition. The Group Life Insurance program also includes Accidental Death & Dismemberment benefits which double the face amount of coverage if the employee dies due to an accident. Group Life Insurance is the lowest cost employee benefit available and the easiest to administer. For a quote or more information, please contact IBIS' Group Life Department.

MEDEX Travel Assist

MEDEX Travel Assist is a worldwide medical assistance service. This benefit can provide an additional sense of security when you and your family members travel more than 100 miles away from home or internationally. A single phone call can provide assistance with medical care situations and other legal or travel emergencies that arise during travel. Click here for more information.

Optional Group Life Insurance Programs

Many banks see the value of providing options to help broaden their benefit package. The following are programs which may be added with either the employer or the employee paying the premium.

Additional Life

If your employees would like an inexpensive way to increase their existing life insurance package, they can do so through the Additional Life program. Employees may elect up to three times their salary in Additional Life coverage and includes Accidental Death and Dismemberment similar to the Group Life plan. Since premiums are lower than other traditional life products, the Additional Life program is an affordable way for employees to supplement their current insurance program.

Dependent Life Coverage

For a very small premium, an employee can purchase $25,000 of life insurance on their spouse and $10,000 on each child under the age of 23. This is a very affordable program whether or not the employee has children or just a spouse. Regardless of prior medical history, dependents can not be denied coverage under this program.

$35,000 and $50,000 spouse optional plans are available with Evidence of Insurability required for the spouse. Please contact your Marketing Representative for further details.

Directors Life Coverage

Looking for an incentive or a reward for your bank’s directors other than traditional ways? Many banks have chosen to provide extra life insurance to bank directors. The Directors Life program allows you to purchase up to $50,000 in life insurance on each director with no health questions asked.

Retirees Life

To reward employees who have provided you and your customers with many years of service, consider offering these employees a Retirees Life program. 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 is available on either an employee pay or employer pay basis.