Get Policy Assignment Form

A Funeral Assignment is an agreement that is signed by a beneficiary of a life insurance policy. The beneficiary assigns all or a portion of the life insurance benefits at the Funeral Home which allows payment for funeral expenses to be made directly to the funeral home.

Assignment of a life insurance policy means transfer of rights from one person to another. ... The person who assigns the insurance policy is called the Assignor (policy owner) and the one to whom the policy has been assigned, i.e. the person to whom the policy rights have been transferred is called the Assignee.

Be forward with the funeral director, tell the director that you would prefer to pay for the services by assigning a portion of the insurance proceeds. The funeral home will ask you to sign an assignment form assigning the amount of the funeral be paid from the proceeds of the policy.

It's not uncommon for families to expect to pay for a funeral with life insurance benefits, but the truth is, there can be many unexpected complications. With life insurance, your family is required to pay the funeral home upfront at the time of the funeral.

A life insurance assignment is a document that allows you to transfer the ownership rights of your policy to a third party, transferring to that third party all rights of ownership under your policy, including the rights to make decisions regarding coverage, beneficiary and investment options.

There are two types of assignments which can be done: 1. Absolute Assignment - Absolute assignment means the complete assignment of the ownership, benefits, liabilities under the life insurance policy from assignor to assignee without any terms and conditions.

Funeral homes will accept payment via a life insurance assignment. If your loved one had a life insurance policy you will need the details of the insurance company to verify to the funeral home that you have a genuine policy that will pay-out and cover the funeral costs.

The two kinds of life insurance assignments are conditional and absolute.

Most major insurance companies do, however, handle such claims efficiently and speedily. Pay-outs are usually made within 30 days of the insured individual's death. Assuming claims are straightforward, and all documents provided are in order, they can often even be processed and paid out within just 10 to 14 days.