KBA Employee Benefit Plans
KBA Medical And Dental Plan
The KBA medical and dental plan is a self-funded plan that pools the risks of all of the participating banks in a multiple employer plan. This allows banks to offer competitive benefits in a consistent and affordable manner taking advantage of economies of scale which lower the administrative costs. The plan is administered by the KBA with BCBS of Kansas providing stop loss protection, claims administration, and the network of providers with negotiated allowances and discounts that assist in minimizing claim costs and help keep premiums low.
KBA Group Term Life Plan
The KBA group term life plan allows banks to provide their employees with group term life insurance. The insurance amount is based on a multiple of salary selected by each participating bank. In addition to the employee life benefit there is a matching amount of accidental death coverage on the employee and a $4,000 term life benefit on spouses and eligible dependent children. The bank can also elect to offer voluntary employee and dependent life insurance which is designed to be elected on an employee by employee basis and paid for by the employee via payroll deduction.
KBA Long Term Disability Plan
KBA Voluntary Accidental Death & Dismemberment Plan
The KBA voluntary AD&D plan provides a benefit to employees and their dependents if they are killed in an accident. The plan is ideal for bank employees that have spouses involved in vocations that are more risk-prone than banking. The plan is designed to be elected by the employee and paid for via payroll deduction. Some banks opt to purchase a determined level of coverage for all of their full-time employees.
KBA Felonious Assault Plan
The KBA felonious assault plan enables a bank to pay a $50,000 benefit to a bank employee’s family if the bank employee is killed in either a crime involving the bank’s assets or in an accident while traveling on bank business. The very low premium is paid annually and is based on the total number of employees and the number of physical locations.
Bank Insurance Products
FINANCIAL INSTITUTION BOND
Financial institution bonds protect banks from loss caused by illegal acts perpetrated by employees or vendors.
MANAGEMENT LIABILITY POLICY
Protection for your directors, your employees, and your bank.
CYBER LIABILITY POLICY
Fee Income And Collateral Protection Products
CREDIT LIFE AND DISABILITY PROTECTION
MORTGAGE LIFE & DISABILITY COVERAGE
TERM LIFE INSURANCE
Premium guaranteed for terms up to 30 years with level death benefits. This is very affordable coverage for large agricultural and commercial borrowers. An easy one page application and streamlined underwriting simplifies this process for lenders.