This is an assignment of life insurance proceeds to a funeral home for the purpose of pre-arranging a funeral.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
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A life insurance policy is designed to help your family cover the cost of funeral expenses and other costs such as, capital gains, legal fees, and estate taxes as well as even small cash gifts for beneficiaries upon your death. It is usually a low-cost option that can provide peace of mind for you and your loved ones.
Does life insurance cover burial costs? Yes, life insurance policies will pay a lump sum when you die to a beneficiary of your choice. That money can be used to pay for your funeral or for any other general financial needs of your survivors.
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. Yes, NYL GBS does accept Funeral Assignments.
The 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.
Pre-planning a funeral involves making decisions on the service (music selection, readings, burial options, etc.). Many people think of funeral planning as part of their estate planning. Pre-funding involves setting aside money to cover the costs of the funeral in the future.
There is also a type of insurance called pre-need insurance, which is typically offered through funeral homes (on behalf of insurance companies). Pre-need insurance requires premium payments over a set period of time and issues a death benefit directly to the funeral home when you die.
