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Disability insurance is administered through the MBA and coverage is provided by Voya Financial. Voya is a leading provider of long and short term disability.
Why enroll in disability plans through the MBA?
A.M. Best rates Voya Financial as "Excellent"
Rates may be significantly lower as all banks are pooled together through MBA’s group plan.
Through Voya we are able to provide financial assistance via benefit checks as well as support and assistance to employees in improving their quality of life and overcoming obstacles in returning to productive employment.
Definition of Eligible Employees
Active, full-time employees (who work a minimum of 30 hours per week) of a member of the Minnesota Bankers Association. All full-time employees become eligible on the first of the month on or after the date of hire.
It is very important that employers with contributory premium policies make sure that their eligible employees apply for the coverage within 31 days of the eligibility date. Applications received after that date will require the completion of a health statement satisfactory to the insurance company.
Part-time employees, temporary employees and those who have not completed the service requirement are not considered eligible employees.
Participation Requirements for Non-Contributory Cases
If a bank is paying the entire premium, 100% of all eligible employees must be enrolled.
Participation Requirements for Contributory Cases
If the employees are paying any portion of the premium, the participation requirements are as follows:
Number of Eligible
Minimum Number to be Enrolled
11 or more
75% of eligible
Minimum Number to be Enrolled: 3
Applicable to Long Term Disability Plan Only
* Coverage is written with a 3/3/12 pre-existing condition clause. This means that if an insured was treated for a medical condition 3 months prior to their effective date, it will not be covered unless the insured is treatment free for 3 months after their effective date of coverage or after they have been insured and are still actively at work for 12 months.
Applicable to Short Term Disability Buy-up Plan Only
* Coverage is written with a 3/12 pre-existing condition clause. This means that if an insured was treated for a medical condition 3 months prior to their effective date, it will not be covered unless the insured has been insured and still actively at work for 12 months.
Short Term Disability (STD) & Long Term Disability (LTD)
Short Term Disability (STD) has a twelve-week or twenty-five week benefit duration that can be linked with the commencement of Long Term Disability (LTD).
STD benefits commence on the first day for an accident and eighth day due to a sickness. We also offer a more economical plan with a 14-day wait.
LTD benefits commence after three or six months.
Benefit is 60% of basic earnings (including commissions and bonuses). We also offer STD plans that allow the employee to buy-up coverage up to 60% that fits their financial situation.
Maximum insurable salary of $200,000 annually.
Coverage begins the first of the month on or after the date of hire.
Member bank may choose to pay the entire cost of coverage or a portion.
Member bank may choose to enroll in STD, LTD, or both.
Short Term Disability
1st day accident/8th day sickness
15th day accident/sickness
Duration of Claim
Long Term Disability
If you would like us to prepare a quotation for your bank or have questions, please contact