PROTECTION FOR THE BANK & ITS EMPLOYEES
  • Employee Benefits – Available as part of our multiple employer benefit trust or on a stand-alone basis through our agency. Benefits may include, but are not limited to: health, dental, vision, short and long-term disability, life, accident, health savings accounts, flexible spending accounts, and TAFA.
  • Long Term Care Insurance (LTCI) – Options include group LTCI and life with LTC rider policies. (In cases where no other alternatives are available, we can also place Individual LTCI.)  LTC is not covered by health insurance or Medicare, so a specific policy is needed to cover this expensive contingency.
  • Individual Disability Income (IDI) – Group LTD does not typically cover incentive pay, and the policy’s maximum benefit may cap coverage for the highly compensated. A group-billed IDI program supplements group LTD to protect more of the employee’s compensation, making it an effective recruitment and retention tool for senior staff.
  • Voluntary Insurance – A variety of policies are available, including Accident Insurance, Cancer Insurance, and Critical Illness Insurance. Cost is paid by employees who purchase coverage.
  • Employee Assistance Program (EAP) – Program assists employees and family members with personal or work-related issues that may impact their job performance, health, mental and emotional well-being.
  • Online Enrollment and Billing
  • Administration of Employee Benefits

 

PROTECTION FOR THE BANK & ITS CUSTOMERS
  • Mortgage Loan Life and Disability Insurance – Insurance protection for your borrowers on real estate secured loans. Mortgage Life provides term life insurance that pays off the outstanding insured loan balance in the event of death.  Mortgage Disability provides coverage for an insured debtor’s monthly loan payment if the insured becomes totally disabled due to a covered illness or injury.
  • Installment Loan Life and Disability Insurance – Insurance protection for your borrowers on installment loans. Credit Life insurance provides coverage that pays off the insured loan balance in the event of the death. Credit Disability provides coverage for an Insured debtor’s monthly loan payment if the insured becomes totally disabled due to a covered injury or illness.
  • Open-End Line of Credit Life Insurance – Provides coverage for the outstanding balance for secured and unsecured lines of credit (including home equity lines) in the event of death, up to $50,000. Single or joint life available.
  • Lender-placed Hazard Insurance – Residential and Commercial properties can be covered by these policies, as well as Real Estate Owned (REO) by the bank. Includes a compliant letter cycle and coverage options.
  • Lender-placed Flood Insurance – Provides immediate protection for any uninsured properties or insufficient coverage situations. Enables a lender to maintain full compliance with federal flood insurance requirements. Available for commercial structures and residential properties, both occupied and vacant.
  • Insurance Tracking – We offer alternatives for outsourcing the tracking of insurance on your loan portfolio. Whether large or small, we’ll help you find a vendor that meets your needs.
  • Mortgage Impairment – Covers the bank’s interest when a loan is impaired (in foreclosure), and includes other important coverages such as errors and omissions associated with the bank’s handling of insurance, real estate taxes, flood zone determinations, etc. Some policies may allow the bank to stop tracking hazard insurance cancellations. (Subject to secondary market requirements.)
  • Blanket Mortgage – Available for all or part of the lender’s mortgage portfolio; no loan impairment is required. Coverage is available for entire portfolio, or by loan type, i.e., seconds and HELOCs only.
  • Lenders Single Interest (LSI) – This policy eliminates the need for tracking insurance on your consumer loan portfolio. LSI covers all types of consumer loan/lease collateral, including direct & indirect loans.  Flexible and comprehensive coverage options available.
  • Equity Protection – Program allows for increased LTV while protecting the bank from loss due to borrower default. Eligible loans include closed-end home equity, HELOCs, purchase money seconds and home improvement loans.
  • Gap Insurance – Program covers loans and leases for new and used vehicles, with generous maximum financing of LTV. GAP covers the difference between loan payoff and the amount of the settlement made by the borrower’s primary insurance, including the borrower’s deductible.
  • Debt Protection – Debt Protection protects the borrower in the event of an unexpected injury, accident, sickness, involuntary unemployment, hospitalization, or death by cancelling the loan balance or reducing the repayment of the loan debt. This coverage is not insurance, but rather an addendum to the loan agreement between the lender and borrower. It helps safeguard the bank against the risk of bad debt as well as costly charge-offs and delinquencies.

 

For additional information, contact Marcia Ferguson at