Life Insurance Assignments
Life Insurance Assignment
Whether your loss is unexpected or you are making pre-arrangements, we are here to ease the financial burden of caring for the death of your loved ones.
Your Funeral Professional will discuss the option of Insurance Assignments with you and provide the paperwork necessary to assign policy benefits as an accommodation to you at no additional charge. The funeral home receives no compensation for doing so.
Why Assign A Life Insurance Policy?
The expense of a funeral or memorial service poses a real challenge to many families. They may lack readily-available funds, or the sudden expense may require a disruption to the families financial investments. For these reasons, more and more families are turning to assigning the proceeds of a qualified insurance policy (or policies) as a convenient and affordable way to celebrate the life of a loved one in a dignified and meaningful fashion.
Memorial Funding.org has worked with reputable funeral professionals nationwide to create a simple and secure option for families wishing to assign the proceeds for qualified insurance policies.
Using Insurance To Honor A Loved One
In many instances, it can take 90 days or longer to receive benefits from a life insurance policy. In too may families, this means that the planned-for funds are not available to cover expenses at the time of a funeral or memorial service.
As an alternative, MemorialFunding.org can forward funds to cover your family’s funeral or memorial service costs to your funeral professional as soon as the policy or policies are verified as eligible.
Because life insurance claim forms and procedures can be very challenging and confusing, MemorialFunding.org works with the insurance carrier on your behalf to process and resolve your claims.
How Does It Work?
Your funeral professional will provide the necessary forms so you may assign the proceeds from the policy to the funeral home. The funeral director will then reassign the policy to MemorialFunding.org.
Once the policy is verified as eligible, MemorialFunding.org will forward funds to the funeral home to be applied to the expenses for the funeral or memorial services.
MemorialFunding.org will immediately start the claim process by working with the beneficiary or beneficiaries and the insurance carrier to obtain, complete and submit the required forms and information or resolve the claim as quickly as possible.
Are There Costs Involved?
MemorialFunding.org charges a processing and funds administration fee for services provided on the beneficiary’s behalf. These charges, as well as any out-of-pocket expenses, are charged against the policy’s proceeds. No upfront cash outlay is required of the policy beneficiary.
What if the policy proceeds are greater than the funds needed by MemorialFunding.org to pay for the funeral or memorial service, processing fees, and expenses?
Any funds received in excess of the pre-paid funeral or memorial service charges, processing and funds administration fee and expenses incurred will be forwarded directly to the beneficiary or beneficiaries.
What Expenses Are Covered?