You have done everything correctly and paid for a life insurance policy, but after losing a loved one, the policy doesn’t cover all of the funeral expenses and your family must pay for it out of their own pockets. It is troublesome during an already distressing time. Funeral insurance funding is one way you can cover these additional costs and alleviate your financial worries. Here is a quick guide to how it works:
1. Bring in Your Life Insurance Policy
Handling insurance is a hassle and sometimes takes months to sort out, meaning the immediate funeral costs have to be paid out-of-pocket with no guarantee that they will be reimbursed. The first step to avoiding this is to bring in your policy to a funeral funding service and allow them to process it for you.
2. Find Out if You Are Eligible
If it turns out that your funeral costs exceed the payout from your insurance, you can find out if you are eligible for additional beneficiary funding, which will make up the costs for only a small additional fee.
3. Receive the Funding
The funeral funding service will also arrange to distribute these funds to you without having to wait weeks or even months for the insurance company to do it.
4. Arrange the Funeral
With no more financial troubles to worry you or to put you in debt, you are free to spend the funds on funeral costs, transport, accommodation, or anything else you need to pay for. You can arrange the best funeral possible without the constant worry of paying for a hefty bill afterwards.
Grief is a difficult enough process as it is without money matters hanging over your shoulders. Check with your funeral funding service if you are eligible for additional beneficiary funding and you can get rid of these worries, allowing you to focus on the more important matters.