Funeral funding can be a great option that allows funeral homes to better serve their clients. Funeral financing companies can also help families who are looking for a way to afford their loved one’s funeral expenses instead of waiting to hold the funeral. Regardless of whether you represent a funeral home or you are a family looking for assistance, there are certain elements you must look for to help you find the right funeral finance company.

A Long History

Many funeral funding companies only last a short time in the business due to the lack of adequate procedures. Without the right experience, it can be difficult for these companies to manage their finances and provide the best services for their clients. After just a few years, these funeral finance companies often go out of business and leave funeral homes liable for unpaid insurance assignments. If you can find a company that has been in business for many years, you can count on their reliability and experience to provide you with the funding you need to move forward with funeral plans.

An Insurance Assignment Guarantee

Life insurance companies often take more time than most funeral homes want to wait to be paid for the funeral. In these situations, funeral funding can give you an insurance assignment guarantee or nonrecourse funding. This paid guarantee offers protection against unpaid funerals. If you choose the right funeral funding company, a team of CPAs and attorneys will complete all the funding, tracking and enforcement that is necessary to generate payments and keep the funeral home’s cash flow moving. This is an extremely important element when you want to use a funeral finance program.

Check the Fees

While a funeral funding company will charge for their services, these fees are often much lower than hiring someone to do the work for you. However, not all funeral finance companies charge the same amount. Before you commit yourself to the first company you find, compare the rates of various companies so you can pinpoint the one with the best rates. Watch out for the companies who advertise the lowest rates. This is a sure sign that they do not use a team of CPAs and attorneys. These companies are usually new to the business and the funeral home usually ends up being liable for claims, due to their inadequate procedures. Some companies offer one low rate for all types of claims they process, rather than offering tiered rates, which is often easier for funeral homes and families to understand.

Excellent Customer Service

If you will be working with a funeral finance company, you need to be sure they are easy to work with. Without the highest level of customer service, you could face difficulty in navigating the funeral funding process. For instance, if you are left wondering whether the verification process is under way, it will lead to more stress than working with a company that communicates with you every step along the way.

Funeral funding is a critical element for funeral homes that want to improve their cash flow, avoid unpaid funerals and make the process easier for their clients. It is also easier for families who would otherwise be left to wait for their insurance payments. If you need assistance covering funeral costs, be sure to find the right funeral financing company to fulfill your needs.

Mortuary Financial Services encompasses all of the elements of a successful funeral funding company. For more information about why you should choose us for your funeral financing, contact us to speak with a representative.