How much damage is caused by mishandling Insurance Assignment policies?

Funeral Home directors are entrepreneurs, business owners serving their community and seeking to earn a fair profit.  It’s a good business, but like all businesses every sale and every family is important.  Today more than ever, competition is fierce and all aspects of your funeral home must be running on all cylinders, including your cash-flow.  I’m often surprised by how different directors think when it comes to life insurance assignment funding.  Here are some popular approaches:

1.     We don’t accept Insurance Assignments

2.     We discourage the use of Insurance Assignments but reluctantly accept them

3.     We only accept Assignments from Life Insurance companies we like

4.     We take life insurance Assignments for anyone and any life policy

All of these approaches miss the mark, negatively impacting sales and profits.  Funeral Financing or Funeral Funding through the use of life insurance assignments is a key to:

1.     Increasing revenue – families spend 25-30% more when using insurance

2.     Using a funding company to verify & fund life insurance guarantees your upfront payment

3.     Life Insurance is a “family retention” program

4.     Life insurance assignments when managed correctly increase revenue, profit, cash-flow and customer satisfaction.

Having a good insurance assignment funding company on your team is essential to maximizing insurance and increasing revenue and profit.  Funding companies are generally very knowledgeable; they verify and fund thousands of policies and many fund your funeral home the same day.  For more information visit http://www.trinityfuneralfunding.com/ or call Cristina Terc at 201-750-1117.

Org Documents to Fedx to Trinity for Assignments

Don't let Monumental or Transamerica Life Insurance Claims slow you down.

Monumental Transamerica Life Insurance Claims made Easy.  Click to see a short video from Cristina or call her at 201-750-1117

Don't let Monumental or Transamerica Life Insurance Claims slow you down.

Monumental Transamerica Life Insurance Claims made Easy.  Click to see a short video from Cristina or call her at 201-750-1117

Don't let Monumental or Transamerica Life Insurance Claims slow you down.

Monumental Transamerica Life Insurance Claims made Easy.  Click to see a short video from Cristina or call her at 201-750-1117

Don't let Monumental or Transamerica Life Insurance Claims slow you down.

Monumental Transamerica Life Insurance Claims made Easy.  Click to see a short video from Cristina or call her at 201-750-1117

Transamerica Monumental Claims Processing for Funeral Homes

7 reasons to use a Funeral Funding Company for Insurance Assignments

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7 reasons to use a Funding Company for Insurance Assignments?

1. Getting paid fast eliminates your accounts receivable
2. Funding Companies reduce your administrative costs by verifying policies, organizing paperwork and chasing the insurance companies.
3. Having an expert verify reduces mistakes, trouble claims & short payments
4. Using an expert to verify and fund speeds payments to the beneficiary 
5. Rates are exceptionally low so the fees are minimal, normally passed on.
6. Your payments can be wired directly to your Bank account, ACH or Fed-X….your choice
7. Trinity can fund an entire policy, or just the burial services cost

Trinity eliminates the cash flow delay of processing life insurance death claims.  We’re family-owned, fast and knowledgeable.

About Assignments:  Insurance Assignment Funding is a simple process where a 3rd party like Trinity Funeral Funding pays the Funeral Home the cost of funeral services upfront through an assignment of proceeds from an insurance policy. Here’s how it works.  A one page insurance assignment is completed by the beneficiary and the Funeral Director, a claim form provided by either the insurance company or Trinity, and a death certificate are sent. Trinity Funeral Funding will advise on what if any added forms are needed for each claim. Once these documents are completed the policy is verified (normally within a day or two), funds are wired to the funeral home. The payments from the insurance company are then sent to Trinity and any additional proceeds are sent directly to the beneficiary. For more information visit http://www.trinityfuneralfunding.com/ or call Cristina at 201-750-1117.

What is a Life Insurance Assignment?

What is a Life Insurance Assignment?

The basic purpose of a life insurance policy is to create a financial windfall at the time of death. All sorts of life insurance products are available from various insurance companies to provide families with financial planning options. A life insurance assignment is a document that allows a beneficiary to transfer the ownership rights of a policy to a third party such as a funeral home or funeral assignment funding company. Transferring to that third party rights of ownership under a policy can be limited to certain costs related to burial and funeral services, or for amounts up to the value of the benefits to be paid out. The two kinds of life insurance assignments are conditional and absolute.

A conditional assignment, although you would transfer life insurance policy’s ownership rights to another party, the assignment sets forth that if a certain specified event occurs, the assignment can be suspended or revoked in whole or in part. Such event can not be something that the beneficiary or owner can cause to happen.

Assigning a life insurance policy to a Funeral Home and then a simultaneous re-assignment to a funeral funding company is very common in the event beneficiaries wish to fund or pay for funeral costs with these benefit proceeds. Assignment of an insurance policy is very useful to families who then have a known amount to spend, do not have to come up with funds out of pocket and importantly do not have to discuss between the deceased loved ones who is going to front the funds. Families also offload the pain of filling out all the required forms to the funeral director and assignment funding company. Likewise, funeral homes who are like any other small business must keep their cash flow working and oftentimes suffer from unpaid or delayed payments receive their money upfront from the funeral funding company through the assignment of insurance proceed. Thousands of families choose to utilize insurance assignments to expedite their receipt of funds and to pay for funeral costs each month. An estimated 1.6 million families use a life insurance assignment each year.

Here is some typical language you would find in a life insurance assignment document your funeral home director would utilize. Assignment-and-Reassignment-Form-.pdf

I/WE, THE undersigned beneficiary(ies) and/or claimant(s) legally entitled to the benefits from the above described insurance policy(ies) or employer/union death benefit certificate(s), do hereby irrevocably assign, set over, convey, and transfer unto _______________________

(hereafter The “Funeral Home”) c/o Trinity Funeral Funding, LLC, PO Box 31, Norwood, NJ 07648-1347 (hereafter “TRINITY”) its successors and assigns, the sum of ($______.____)Dollars to be paid from the benefits of the above described policy(ies) or certificate(s). The consideration for this assignment is the value received from the Funeral Home for the funeral services rendered and/or any (additional) monies advanced to me/us for the above named decedent. I/We hereby authorize and empower the above named insurance company or employer/union to make payment of the sum specified herein, and any un-earned and returned premiums, and any Post-Mortem Claim Interest calculated from date of death thru date of claim payment to TRINITY. I/We hereby guarantees the validity and sufficiency of the foregoing irrevocable assignment to the Funeral Home /Cemetery and TRINITY, and I/we further guarantees to warrant title to the policy(s) and defend TRINITY against any claims. I/We hereby irrevocably authorizes said Insurance Company and/or Employer to give Funeral Home/Cemetery and TRINITY all information that it may require regarding said policy(s). I/We hereby appoints TRINITY as their Attorney-infact and to act on their behalf with regard to the verification of, collection of, settlement of, and receipt of proceeds of said policy(s) or certificate(s), including but not limited to, giving TRINITY the right to endorse checks and all documents including claimant statement forms in my name.

If you have questions about life insurance assignments and how to best plan burial services for yourself or your loved one, it is a good idea to sit with your funeral director to become familiar with your options. Please also visit our website at http://www.trinityfuneralfunding.com/ or call Cristina at 201-750-1117.

Receiving Funds Fastest ACH, Wire, Fed-x

At Need Funding vs. Insurance Assignments

Often times we are asked about At-needs funding. These are short-term loans to families who are unable to pay for burial costs either out-of-pocket and do not have life insurance benefits to utilize. We generally suggest that our clients shy away from these type of short-term loans because the 3d party lenders have a more aggressive approach to collecting on these loans. 

At Trinity funeral funding, we process and fund life Insurance assignment claims for funeral homes and we do not handle at-needs funding.

Here's why: The beneficiary who owes this money oftentimes does not distinguish between the funeral home and the lending source. 

This could impact the relationship between the family and the Funeral Director and even impact the reputation of the funeral home negatively while the funeral home or director no longer has any involvement.

At Trinity Funeral Funding, our Advocacy is squarely behind our funeral home partner.  Our role is to make life Insurance assignment funding go very smoothly and thus improve and add to the relationship our Funeral Directors have with their families.

For more information about insurance assignment funding or At-needs funding, please give us a call at 201-750-1117 and please visit our website at www.Trinityfuneralfunding.com