Your funeral home has several moving parts that all work together to give families the best care and help your business run smoothly. One of those important pieces is life insurance assignments. While this is a vital part of your business, handling life insurance assignments in-house can present a number of problems for you and your staff.
The truth is, you and your staff may not have the time or resources available to commit to just one part of your business. Falling behind on life insurance policies can lead to negative accounts receivables, spending too much time on phone calls with insurance companies, and stealing time away from your main mission – being there for families. Plus, by handing assignments yourself, your funeral home could risk more problems down the road, forcing you to spend even more time that you don’t have on assignments.
That’s why using a life insurance assignment company is so important to the health of your business and the level of care you can provide families.
Here are 3 benefits you will notice when working with an insurance assignment service. Not every provider is the same, so be sure that the company you choose can follow through on each of these 3 benefits.
1. Fast funding before the funeral
Every funeral home owner understands the importance of positive cash flow for their business. We’ve talked to several funeral homes and continue to hear the same concerns regarding funding.
“Slow insurance processes keep us from receiving funding. The funeral is over, and we haven’t been paid.”
“We have to keep families waiting to know if they can pay for the funeral with insurance.”
“Insurance companies say everything is good, but they come back later and say it isn’t.”
Whether your funeral home is a small or large business, you need to get paid for your services before the funeral, not after. Instead of risking the possibility of an assignment being slow to process or rejected, it makes sense to work with a partner to get your funeral home the funds needed to remain cash flow positive.
Another thing to look for: some companies don’t even require the death certificate before starting the funding process. You can file the assignment, receive payment, then submit the death certificate once you receive it. Talk about convenience.
And remember, not all funding companies are created equal. Some life insurance assignment companies may require repayment of the advanced funds plus interest if the claim is denied. Be sure to find a company that guarantees its own verification process and offers risk-free funds. That way, you can always feel confident in knowing you’ll receive payment for your services and keep your cash flow moving forward and never backward.
2. Reduced workload for your staff
Does this situation sound familiar? You’ve got a to-do list that’s a mile long, and you’re in the middle of trying to process an insurance assignment. You get stuck on hold with an insurance company, then something comes up that needs your attention. You’re forced to hang up and now have to start all over again later. How frustrating!
It happens all the time to funeral professionals who, like you, feel like there just aren’t enough hours in the day. And you certainly don’t have time to waste playing phone tag with insurance companies.
A good insurance assignment company will never let this happen. They’ll guarantee that the assignment process is fast and simple and that a team of experts is readily available to answer your questions.
Plus, whichever company you choose should be able to help your staff by completing paperwork, so you’ll know that everything is filed correctly the first time.
3. Happy and satisfied families
We’ve heard many funeral professionals express the stress that comes from having unnecessary write-offs because their funeral home was unable to collect on a life insurance assignment. Or even worse, they had to ask a family weeks or months after the funeral for payment. It’s a conversation no funeral home wants to have. If you work with the right life insurance assignment company, you’ll never have to worry about going back to a family asking for money.
The right life insurance assignment company can make sure the policy is verified and processed quickly, the funds are deposited just as fast, and you and your families won’t have to worry about how the funeral will be paid for. Since most families’ biggest concern is how to pay for a funeral, showing them the insurance policy is good and the money has been received is a wonderful gift you can give them.
Also, make sure that your insurance assignment company stands behind their verification process 100%. Some clients have unfortunately had their life insurance companies come back to them requesting their money back PLUS INTEREST for a bad policy because they didn’t do their due diligence in the first place. Make sure to read the fine print!
Once the family learns that payment won’t be a problem, they’ll be able to think about creating a healing funeral that will properly honor the life of their loved one.
What a gift, indeed, for you and your families.
CLAIMCHECK makes life insurance assignments easier than ever.
At CLAIMCHECK, we understand that caring for your families and remaining cash flow positive are important to you and your business. That’s why we are always looking for ways to serve you, so you can better serve your families.
- On average, 85 percent of all insurance assignments we receive are processed within 3 business days.
- We’ll work on paperwork and with insurance companies, so you don’t have to. Plus, we don’t need a death certificate to get started!
- We stand behind our fully guaranteed verification process. We take on all the risk because we believe it is our duty to make sure the policy is good in the first place!
- Using CLAIMCHECK is like having an additional member of your staff committed to insurance assignments, giving you time to focus on your families.
CLAIMCHECK can do all this and more for your funeral home. Request a demo to learn more.