Dearborn National® Freedom Account
Fast and Convenient Access to Life Insurance Funds
Deciding what to do with life insurance proceeds may be one of the most stressful decisions beneficiaries have to make. Having the freedom to use these much-needed funds in the way that best suits their needs is a great comfort during a difficult time.
Dearborn National helps ease this stress by providing the Dearborn National Freedom Account. The Dearborn National Freedom Account is an interest-bearing account available on all Group Life programs at no additional cost. Available on claim proceeds paid for all Group Life, Accidental Dismemberment and Accelerated Death Claims1 with life insurance payments of $10,000 or more, the program works as follows:
- Life insurance proceeds will be placed into an account immediately upon approval of the claim.
- Within 72 hours of claim approval, accountholders will receive a draft book providing them immediate access to their insurance proceeds.
- As long as proceeds remain in the account, accountholders will receive monthly statements detailing their account balances and activity.2
Freedom: More Than Just the Name
As the program name suggests, accountholders have complete freedom on how and when to access their accounts. They can write checks as needed (subject to a $250 minimum per check) to pay expenses, they can write one check for the entire benefit amount, or any combination in between (subject to a minimum account balance of $500). Amounts remaining in the account earn interest at competitive rates.
For more information on Dearborn National’s Freedom Account, contact us.
1Not available for residents of Alaska. Not available if claimant/insured is a minor, legally incompetent, or otherwise under the care of a guardian. In some states, the beneficiary may be required to chose a settlement option.
22The administration of the implementation kit and the accounts is provided by Northern Trust Corporation of Chicago, a global leader in delivering innovative investment, fiduciary and banking solutions for nearly 120 years.