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Receiving Life Insurance Payment It typically takes six to eight weeks for insurance companies to process the claim, verify it, and make the payment. However, the funeral typically needs to happen within a week or two of your loved one's death.
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.
Policy Assignment OptionsThe recipient will complete a form to designate the benefits directly to the funeral provider or a third party, who then files a claim with the life insurance company. Policyholders can choose this option when pre-planning a funeral by naming the funeral home as the primary beneficiary.
Assignment funding is a simple process where a 3d party like Trinity Funeral Funding funds the cost of your funeral services through an assignment of proceeds from an insurance policy. The Assignment is generally a 1 page legal document that is signed and notarize.