Life insurance pays the face amount to the beneficiary who can then use the money to pay for the funeral expenses. You can also sign over the policy to the funeral home and the company would pay the funeral home directly. How you choose to set it up depends on the circumstances and size of he policy. If you or your loved one is in poor health and may be going into a nursing home a good agent familiar with Medicaid laws can help you make the right choice and provide options that will protect you from Medicaid spend down. A younger person with a large face amount would want to make his spouse or trust the beneficiary. Again, a good agent can help set this up for you.
Life insurance pays the benefit at death and is paid tax-free. That makes it the perfect emergency fund to cover funeral expenses.
Some policies are actually designed to pay funeral expenses with. Thy pay the death claim within 24-hours of death and do not require a death certificate to settle the death claim. They will work with your funeral director to verify the death.
ForeThought Life Insurance Company would be. Popular choice for this type of policy.
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Some policies are actually designed to pay funeral expenses with. Thy pay the death claim within 24-hours of death and do not require a death certificate to settle the death claim. They will work with your funeral director to verify the death.
ForeThought Life Insurance Company would be. Popular choice for this type of policy.