MBA Insurance Program

Group Health Insurance

MBA member banks can enjoy the benefits of a group health insurance program by becoming a part of the Association’s group health plans. The Association group health insurance program has been in effect since 1951, with the Voluntary Employees’ Beneficiary Association Plan and Trust getting its start in 1990. Blue Cross & Blue Shield of Mississippi has administered the plan since 1998. The Mississippi Bankers VEBA Plan and Trust offers six different health plan designs to membersbanks. There are currently 50 banks participating in the plan, which is governed by a Board of Trustees. The Trustees strive for (1) good benefit design, (2) rate stability, (3) adequate reserves, and (4) good service. Stockett & Thomas Agency, L.L.P., in Jackson consults for the MBA on all Association insurance plans.  For more information about the MBA insurance program, contact Sherell Taylor at


Other Insurance Plans

Employer Paid Long Term Disability Plan: This salary continuation program provides long-term disability coverage for all employees and is underwritten by Cigna Group Insurance.

Voluntary Accidental Death and Dismemberment Plan: This provides high-limit coverage for accidental deaths and dismemberments and is underwritten by Cigna Group Insurance.

Employer-Paid Group Life and AD&D Plan: Includes coverage for spouses and dependents and offers five plans to choose from and underwritten by Cigna Group Insurance.

Voluntary Term Life Insurance Plan: Term life insurance underwritten by Cigna Group Insurance covers employees, spouses and dependent children.

Employer Paid Short-Term Disability Plan: Underwritten by Cigna Group Insurance.  Four plans to choose from that coordinate with the Cigna long-term disability plan.

Long-Term Disability WRAP Program: Long-term disability insurance for senior bank officials to provide higher coverage for executives in excess of the base LTD plan. The plan is underwritten by Unum and is used to supplement the Cigna-based LTD plan.

Dental Insurance Program: Comprehensive dental plans individually designed for employees and dependents underwritten by one of several major providers.

Vision Insurance Program: Comprehensive vision plans individually designed for employees and dependents underwritten by one of several major providers.

Cancer Plan: The voluntary cancer insurance program allows individual employees to select plans offered by Transamerica Worksite Marketing.

Cafeteria Plan: The Association endorses a Section 125 cafeteria plan administered by Southern Administrators.

Qualified Retirement Plans: Member banks can provide individually-designed 401(k), defined-benefit, defined-contribution or profit-sharing plans with a large range of funding options, eligibility periods, retirement ages and vesting. Administrative services are available through several TPAs in conjunction with Stockett & Thomas Agency, L.L.P.

Bank-Owned Life Insurance: American Benefits and Compensation, Inc., and Stockett & Thomas Agency, L.L.P., are endorsed to provide bank-owned life insurance products to Mississippi banks. Technical, regulatory and consulting services also may be provided through Ventis Financial and FICC.