Immediate benefit accounts

Take time to plan while protecting and growing your funds with an immediate benefit account (IBA).

A smiling woman sitting at a table in her living room uses her mobile phone to access her immediate benefit account online.

Explore the advantages of immediate benefit accounts

An IBA is an interest-bearing draft account. It offers easy and immediate access to your benefit funds and the opportunity to earn interest while you make financial decisions.

Secure fund growth

Grow your benefit funds at a competitive interest rate.¹

3 ways to access funds

Write checks to pay bills, make investments or make purchases.
Link your account to PayPal, Venmo or CashApp.
Withdraw your entire balance.

Simple account management

Get 24/7 online access to view and manage your funds.
Receive free checks and regular account reports.
Close your account at any time.

How an IBA works

See how an IBA works to determine if it could help you take the time you need to make critical financial decisions.

Eligibility and requirements

Qualify for an IBA with benefit funds of $25,000 or more and keep it active by maintaining a $5,000 minimum balance.

Strategic time to plan

Take the time you need to decide how to use your benefit funds. Access your money right away as you plan your next steps.

How to use an IBA

Receive a checkbook after we approve your claim. Use it to pay bills, make purchases ($250+) or move money. Connect your account to digital payment tools for added convenience.

How to close an IBA

Withdraw your full balance and close your account at any time by calling IBA customer service at 1-866-412-2071 to receive a check for the remaining funds.

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IBA frequently asked questions

What are the advantages of an immediate benefit account (IBA) compared to other claim payment options?

Can I deposit money into an IBA?

Can I use an IBA for ACH withdrawals or digital payment tools, such as PayPal or Venmo?

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¹ Interest rate and APY are subject to change without notice at any time before and after an Immediate Benefit Account is opened.

² The National Average APY is the Money Market Account (MMA) & Savings rates reported by https://www.fdic.gov/national-rates-and-rate-caps as of January 21, 2025. Rate is adjusted periodically at our discretion.

Under the Immediate Benefit Account, the Account balance will earn interest that compounds daily and helps your money work for you. The interest rate will be adjusted periodically. The interest rate credited to your Account is not related to the rate of return on the assets of Protective's general account. The Account will be backed by the claims-paying ability of the company (or its successor) that issued your contract.

The Account is not insured or guaranteed by the FDIC or any other government agency, but is guaranteed by your State Guaranty Association. Contact the National Organization of Life and Health Insurance Guaranty Associations (nolhga.com) to learn more about coverage limitation applicable to your Account. For further information, please contact your State Department of Insurance (naic.org/state_web_map.htm).

In the event there is no activity (i.e., withdrawals) on your Account within any one (1) year period, we will attempt to contact you at your last known address in order to discuss the Account and any options available to you. In addition, other available settlement options are preserved and may be used until the entire balance is withdrawn or the balance falls below $5000.

A spouse, and other similar terms, will include a bona fide domestic partner in states that afford legal recognition to same-sex Civil Unions.

Immediate Benefit Accounts are available to select beneficiaries of Protective Life Insurance Company, Protective Life & Annuity Insurance Company, The Lincoln National Life Insurance Company for which Protective serves as Administrator and MONY Life Insurance Company, which are affiliates of Protective, as well as select beneficiaries of Equitable Financial Life Insurance Company of America and Zurich American Life Insurance Company for which Protective Life Insurance Company serves as administrator. Protective and Protective Life, wherever used, refer to any or all of these companies.

Protective Life Insurance Company is located in Omaha, NE; and Protective Life & Annuity Insurance Company is located in Birmingham, AL; MONY Life Insurance Company is located in Syracuse, NY; and each is solely responsible for the financial obligations accruing under the products it issues.

PAYPAL is a trademark of PayPal, Inc., VENMO is a trademark of PayPal, Inc. and CASH APP is a trademark of Square, Inc.

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