For all funeral directors, finding the most effective and quickest method to ensure that your customers can pay their bills quickly can be difficult and cumbersome. Fortunately, non-recourse funeral funding is available and straightforward to arrange.
How Is Non-Recourse Funeral Funding Arranged?
Funeral funding companies make the process as easy as possible. The process can begin before an individual has died or as is often the process when the family first meet with the funeral director immediately after the death.
Essentially the life insurance policy of the deceased is assigned so that the funeral funding company can receive the funds as soon as the death is confirmed and validated.
This means that the funds are available for the funeral director so that the company can be paid for their services, often within 24 hours.
The process involves completing an assignment funding request. All the documentation will be managed by the funeral funding company, making this easier for the deceased’s family, the funeral director and everyone involved.
The funeral funding company will complete all the necessary documentation and submit it to the life insurance company. Because the assignment is legal, the life insurance company is obliged to pay the claim on demand.
Instead of waiting for months or more than a year for probate to have cleared, the deceased’s family do not have to worry about the delays in receiving funds to be able to pay the funeral director.
The death certificate will need to be provided by the family. As well as providing signatures, the process is quick and easy for the family of the deceased. Where this is being arranged ahead of the event, the procedures will be in place for the funeral director to be able to collect the non-recourse funeral funding on request.
For everyone involved, the process ensures that the correct funds change hands through an accurate system.
