An Optum Bank Wealth Management AccountSM gives beneficiaries of insurance proceeds time to decide how to use the funds, plus safe and convenient ways to access their money.
Benefits of an Optum Bank Wealth Management Account
Our Wealth Management Accounts are an added feature of some life insurance policies available through employers. Benefits include:
- Security – Our Wealth Management Accounts are FDIC-insured, so you can be sure that your insurance proceeds are secure and will be there when you are ready to use them.
- Convenience – Funds from the account are readily accessible by either writing a check or using the Wealth Management Account Debit MasterCard®. Monthly account statements are provided to show all transactions made to the account.
- Competitive Interest Rates – Even if you need time to decide what to do with the money in the account, you will still earn a competitive interest rate from the day the account is established. Interest is paid on the last day of each month.
- Flexibility – There is no limit on the number of debit card transactions or checks. You can withdraw all or part of the money at any time, without penalty.
How They Work
Here's what to expect if you are the beneficiary of an insurance policy with an Optum Bank Wealth Management Account:
- Once the claim has been filed and you've returned the required paperwork, a Wealth Management Account will be established in your name.
- You will receive a welcome letter with your account number within five days of returning the paperwork.
- Start using the Wealth Management Account Debit MasterCard® as soon as you activate it by following the instructions that come with the card.
- Access your funds and make deposits with a free initial checkbook.