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Four Steps to Securing Funeral Funding For Families

The process of grief and the stress of arranging a funeral can make it difficult for your clients to get together the money to pay for the mounting costs. When the funeral is over, nobody wants to be left with a huge bill they are unable to pay. It makes the grieving process even more difficult with additional anxiety. There are some measures the funeral home can take to ensure families find the immediate funds to cover these costs.

Here is a step by step guide to securing these funds through assignment funding companies like Heritage Memorial Funding:

1. Contact the Service

Funeral funding companies understand that it’s difficult to make big arrangements at the same time a family is grieving. Assignment funding takes the burden away from families and funeral directors by providing immediate funding upon receipt of a verified life insurance policy. One big benefit of assignment funding for funeral directors is that they can rely on one personal representative to handle insurance paperwork and negotiating with the life insurance company – saving valuable time and energy.

Most assignment companies are a call or email away. Look for a company who offers around-the-clock assistance and always has a live person on call to help you.

2. See What Services Are Offered

Most financial worries concerning funerals involve finding a way to pay deposits and other costs while waiting for the life insurance policy to be paid. This can take weeks and sometimes even months, while deposits, accommodation, and transportation have to be paid immediately.

Look for a funding company who offers a quick return – such as funding within 24 hours of verifying the life insurance policy benefits. You are able to start providing relief to a grieving family when you provide a way to help them quickly cover their loved one’s funeral costs.

Non-recourse funeral funding is also a benefit to funeral homes. When a funding company offers non-recourse funding, it simply means “debt protection” for the funeral home. In the event an insurance company does not pay the claim, the funding company absorbs this loss so that the funeral home keeps a clean financial statement.

3. Let Payments be Made

Once you have hired an assignment company, submit any requested forms as soon as you’re able. You’ll likely need to fax or email a life insurance proceeds form and a bill of sale signed by the beneficiary. Once the company verifies the policy, the funeral home should receive the funds. Upon receipt of the funds, you’ll likely need to provide a certified copy of the death certificate.

Sometimes there are excess funds available after the funeral costs have been covered. Look for an assignment company that offers the benefit of direct beneficiary funding. Families will immediately receive these excess funds to cover outside expenses –avoiding the long wait for a payout from the insurance company. The extra funds will be greatly appreciated!

4. Put Your Worries Aside

Once you sign over the insurance policy, your job is finished. It will be on the shoulders of the assignment company to handle the paperwork and negotiations with the life insurance company on you and your client’s behalf. You can focus your attention on the family, and they can focus their attention on planning a beautiful memorial service.

If you are interested in providing life insurance assignment funding options to the families you serve, contact Heritage Memorial Funding and find out how they can help you.