Most families can’t afford an unexpected expense. According to the latest Bankrate Financial Security Index survey, only 39% of Americans have enough savings to cover an unexpected expense of $1,000.
The survey’s findings are alarming. If a family’s loved one dies, they may not be able to pay the funeral expenses out of pocket. Many families would need an alternative payment option like life insurance assignments. Plus, there are other necessary living expenses that they need to find the funds for as well.
That’s when Tribute Insurance Assignments’ cash advancements can help these families. Your funeral home can offer this service to your families to help them cover their everyday expenses.
What Is Tribute Insurance Assignments?
Tribute Insurance Assignments allows families to pay for the funeral expenses with a life insurance policy. It’s one part of our all-in-one payment platform Tribute Pay — which also offers crowdfunding, financing, credit card processing, and eChecks.
Our program is faster and easier than working with any other funding company. Within 24 to 48 hours, we’ll verify the claim for funding. Instead of waiting weeks or even months, your funeral home receives the payment in as little as 24 hours. So you and your families can focus on funeral planning and don’t have to worry about the expenses. Click here to learn more about Tribute Insurance Assignments.
How Do Families Benefit from a Cash Advancement?
Let’s say a family’s primary source of income passes away. Even if they planned ahead and have a life insurance policy — the funds can still take 30, 60, or sometimes 90 days for the insurance company to process and pay out to the beneficiary. That’s several months of basic needs that the family can’t afford.
“Some families may find it beneficial to request additional funds to cover basic expenses like mortgage, utility bills, groceries, or child care if applicable,” said Tribute Insurance Assignments Operations Manager Audrey Cassidy.
Cash advances of life insurance policies can help families pay for these basic necessities. Money may be tight after their loved one’s passing, so your funeral home can offer this service to help them out. Having the cash advancement to cover these expenses will help ease their minds while they’re funeral planning and grieving.
How Does the Process Work for the Funeral Home?
For a Tribute Insurance Assignments cash advancement, all the funeral home needs to do is add the amount that the family would like advanced to the assigned amount. Then, our insurance assignments specialists will ACH transfer the entire amount to your funeral home.
“We can actually fund up to the full amount of the policy directly to the funeral home or beneficiary to help the family be able to cover everyday expenses that they wouldn’t be able to otherwise,” said Cassidy.
It’s that easy for your funeral home to make sure that your families are taken care of during their time of need. The cash advancements are another small gesture that can make all the difference for grieving families who are tight on funds. Families are at the heart of everything you do, so this is just one more way that you can help create meaningful funeral experiences and healing journeys for your families.