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Non-recourse Funeral Funding 101

Funeral directors make a living by helping families plan dignified memorial services for their loved ones. Naturally, being a part of such a trying time for families is often difficult. However, truly caring funeral directors take pride in helping to provide a fitting memorial to meet their clients’ requests. Unfortunately, this process is often complicated by financial factors and hoops to jump through for benefit verification, which create even more uncomfortable situations for all involved. Either the funeral costs exceed the family’s cash on hand and forces them to make sacrifices, or the funeral director assumes financial risk by accepting assignments hastily - which further amplifies risk and delays payment. Neither of these options is ideal. Funeral directors also know that insurance companies and employers often delay or dispute payout on life insurance policies, which further complicates the situation. To avoid delaying or denying a service due to finances, assignment funding is a viable solution to the financial problem. This option eases stress on families and relieves the funeral director of any financial risk that could result - resulting in the ideal memorial service for a grieving family.

What is Funeral Assignment Funding?

It’s no secret that memorial services are expensive affairs that cost thousands of dollars to include all of the provisions desired by the family. In many cases, the family is awarded the benefits of a life insurance policy and uses those funds to cover the funeral costs. Problems can arise, however, when the payout process is delayed, under paid, or not paid at all. With funeral assignment funding, funeral directors have an option to eliminate any risk of delayed payment or non-payment and proceed with the desired memorial preparations as planned.

At Heritage Memorial Funding, we purchase life insurance policies and provide funeral homes their payment upfront. We relieve the funeral home of the task of dealing with the life insurance company and ensure the funeral home has the cash within 24 hours of verifying the life insurance policy. This service allows funeral directors to proceed with what they do best - providing and organizing a memorial service - without having to worry about the financial details or assuming financial risk.

Why non-recourse funding is a step above the rest:

What happens if Heritage funds the funeral home for a verified life insurance policy, but the insurance company doesn’t pay the claim? Don’t worry! Our commitment to true non-recourse funeral funding means that if the insurance company doesn’t pay, the funeral home is NOT responsible for paying back the funds received. True non-recourse funding is rare in the funeral factoring business, but we think it is an essential service to offer our clients. (And it does NOT cost extra to receive this protection!) By utilizing our service, funeral homes are protected from debt and bad credit when and if an insurance company declines to pay the claim. Many of our competitors claim to provide non-recourse funding; however, the “fine print” includes provisions forcing the funeral homes to repay these outstanding debts due to common occurrences - thereby the service is not TRUE non-recourse!

The Heritage Difference

Funding with Heritage Memorial Funding is the simplest and most effective funding service on the market. Once you become our client, we will send necessary funds within 24 hours of verifying insurance benefits. We then file the necessary documentation to the life insurance company for payment and collect a modest, never-changing fee from the assigned proceeds. (As an additional benefit, most funeral homes include our fee into their clients’ statement of good and services. By doing this, our services are FREE to the funeral home and no out-of-pocket expense to the families they serve!)

What happens if there are excess funds from the insurance claim available after the service bill has been paid? Unlike most funeral assignment funding companies, Heritage Memorial Funding offers beneficiary funding. Any leftover policy funds can be immediately disbursed to the beneficiaries directly from Heritage or through the funeral home, and they can use this money to pay for travel, lodging, paying off debt, or however they wish.

We urge you to consider our services for all of your assignment funding needs going forward. Let us handle the financial details so you can focus on what you do best. Call us to speak with one of our knowledgeable representatives. 1-877-463-8630.