Did you know that according to the American Council of Life Insurers (ACLI), more than $300 million in life insurance claims were disputed in 2021? That’s a lot of claims and potentially many funeral homes that weren’t paid for their services!
And since almost 40% of families plan to use life insurance to pay for their funerals, your funeral home may be at risk if you accept life insurance policies without a guaranteed verification system.
Handling assignments in-house or using a funeral funding company that doesn’t promise risk-free advanced funds can put your funeral home’s finances in a tough spot.
So, how do you plan on protecting your funeral home from bad assignments?
Here are 5 ways a funeral funding company can keep your bottom line healthy, protect your cash flow, and reduce your stress with a verification process that offers 100% risk-free advanced funds.
1. Protect Your Cash Flow
Your funeral home’s cash flow is a delicate and essential part of your business. Just one bad assignment can create problems for your finances and make you unable to pay your vendors.
With a guaranteed verification process, your funeral funding partner will thoroughly and diligently review every policy you submit so your cash flow always moves forward and never backward.
2. Avoid Repaying Advanced Funds
Have you ever been paid for a policy that ended up being denied?
Some funeral funding companies try to get you funded as fast as possible, and that’s great for your business! However, some companies approve and advance funds before verifying every detail of the policy, which isn’t great for your business.
Several funeral homes have told us they received funds for a bad assignment and were forced to repay the money PLUS INTEREST, even though they did nothing wrong! That’s not fair! These funeral homes weren’t paid for their services and had to pay additional fees out of pocket to cover the unassignable policy.
A guaranteed verification process makes sure that once you receive payment, the funds are yours. No takebacks!
3. Save Staff Time
Your funeral home’s staff has a lot to do. The last thing they need is to spend precious time on hold with insurance companies to see if a policy is good.
That’s the beauty of using a funeral funding partner!
A funeral funding company will work with insurance companies so you can spend time on more important tasks. Plus, when the advanced funds are guaranteed, your staff can relax and never worry about getting bad news on a policy after the funeral is finished. You only have to worry about helping a family plan a meaningful funeral.
4. Lower Your Stress
Processing insurance assignments yourself can be one of the most stressful parts of your job. And if you don’t have the help of an insurance expert, it could create an unnecessary burden on your funeral home.
Keep your stress levels low using a funeral funding company that guarantees its verification process with risk-free funds. The peace of mind you feel knowing the funds are approved and in your account will convince you to never process assignments yourself again.
Plus, if you have peace of mind about your policies, you’ll be able to focus more on serving families with care and compassion. Now that’s a win-win!
5. Create Happy and Satisfied Families
Did someone mention serving families with care and compassion? We couldn’t agree more! And using a funeral funding partner can help!
A family’s number one concern when planning a funeral at the time of need is the cost, and if they’re worried about paying for the funeral, they won’t be focused on creating a healing experience.
Give families confidence and peace of mind by partnering with a funeral funding partner that offers 100% risk-free funds. Families will relax and be open to discussing the funeral details when they know their money is deposited and ready to use.
The Right Funeral Funding Partner is Just Around the Corner
Not all funeral funding companies are the same, so be sure to read the fine print before making a decision!
Choose an insurance assignment service that guarantees its verification process and offers 100% risk-free advanced funds. That way, your funeral home’s finances, time, and service to families are never in danger.
If you’re ready to partner with a funeral funding company that has your best interests in mind, contact us today to learn how we can serve you and your funeral home!
Or watch the video below to learn more about CLAIMCHECK!