Life insurance proceeds can be paid directly to a funeral home, cemetery or other entity if the beneficiary executes an assignment of proceeds instrument. Funeral homes and cemeteries typically have their own assignment of proceeds forms. In order for us to honor an assignment of proceeds, the beneficiary's signature must be witnessed by a notary public affirming the identity of the person that signed the assignment. Additionally, all policy/certificate numbers subject to assignment must be written on the assignment and the specific maximum amount to be paid by assignment must be clearly stated.
Assignment Funeral Withdrawal Form
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Multi-State
Control #:
US-02581BG
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Word;
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FAQ
Funds held in funeral bonds are invested in your name, for the specific purpose of being used towards your funeral expenses. Funeral bonds can only be withdrawn upon the death of the accountholder so the money can't be touched until they have died. Any remaining funds will go into the deceased person's estate.
There is no law requiring you to use a funeral director or undertaker. Neither is there a legal requirement to hold a funeral. You do not have to accept responsibility for disposing of someone who has died. If no one accepts responsibility for disposing of a dead person, it becomes the job of the state.
A funeral bond is an investment offered by a friendly society or life insurance company to allow you to set aside money to cover your funeral costs. A funeral bond provides benefits only upon the death of the nominated person and cannot be accessed earlier.
The best place to start is with the Funeral Planning Authority. The trace a plan system means you can easily check with a large range of funeral plan providers to see if they have a plan registered under the person's name. Sadly not all funeral plan companies are registered providers with us but most are.
Can I cancel a prepaid funeral plan and get my money back? If your prepaid funeral plan is funded through a revocable trust, you can cancel the contract and get most of your money back (the trust keeps a cancellation fee to cover administration costs). On the other hand, an irrevocable trust cannot be canceled.
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Need to change your beneficiary? Download and print the form you need, then mail the completed form to us.The completed form may be faxed. Assignment of Life Insurance Policy as Collateral. If so, the beneficiary will be asked to sign an assignment form, which will guarantee that the funeral expense will be paid from the death benefit. Forms. Please reference the contract number on each page of all forms and any accompanying correspondence. A newly completed form is required for all requests. If you reported the death online, you may have already completed this step. Who sends the Funeral Assignment to. Most funeral homes accept life insurance policies as a form of payment.