The Benefits of Life Insurance Assignments as Funeral Payment

Posted by: Erin Ward in Funeral Planning Resources, Funeral Advice, Technology | July 8, 2021

Whether a loved one died unexpectedly or not, life insurance assignments as funeral payment may be the right solution for you. With this payment method, you can submit a claim to use a loved one’s life insurance assignment to cover the funeral expenses. 



Check with your local funeral home to see if they offer life insurance assignments, as many firms partner with companies that specialize in this funeral payment type. They may even offer it directly on their funeral home’s website, so you can begin the process from the comfort of your living room. 



To see if life insurance assignments as funeral payment is a good fit for you, let’s further discuss the benefits below. 


 

Keep Your Emergency Savings Instead of Depleting It 


No one wants to deplete their emergency savings unless it’s a last resort. As the name suggests, it should be for emergencies only and if there are no other options. With life insurance assignments as funeral payment, you can save your funds for other expenses that are bound to come up. Whether it’s upgrading an appliance in your home or fixing your vehicle, you can keep your savings instead of using it up. 


 

Pay for the Funeral Expenses All at Once 


Another major benefit of this payment option is that you can pay for the funeral expenses all at once, rather than making payments over time. Funeral financing is a great option for some families, but for others, they may prefer not to take on a loan. Whether it’s for financial reasons like their funds being tight or personal preference of paying the expenses all at once, there are many reasons why families may prefer an option like life insurance assignments.  


 

Avoid Potential Uncomfortable Conversations About the Funeral Payment 


If your loved one didn’t prepay for their funeral or have a plan, it can be an uncomfortable conversation for your family. Deciding who is going to pay for it brings about unnecessary stress during an already stressful time. By choosing life insurance assignments as funeral payment, you can avoid this potentially awkward situation. 



Have Peace of Mind with Life Insurance Assignments as Funeral Payment 


Choosing this payment option means that you don’t need to worry about how you’re going to pay for the funeral. You also have peace of mind in knowing that you still have your emergency savings and didn’t have to dip into those funds. This way, your attention can be focused on where it should be: grieving and honoring your loved one. 


 

Along with life insurance assignments, two other common funeral payment options are funeral fundraising and financing. Click the links to learn more about them!


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