Final Expense Companies That Pay the Fastes

[RonRoberts]

I would have to agree with you on Americo....they are horrible at paying there claims when it comes to the contestability period. As for Lincoln Heritage I've had two claims that were contestable and both got paid within less than 60 days. One lady had the policy for 2 months and the other died on the 23rd month. Each company is different but lets not forget that what also holds up the process is the APS's from the Dr.'s and Hospitals. Sometimes that in it's self is like pulling teeth.

Talked with a friend today who sells LH exclusively and he has had two claims paid within the contestability period as well within the last year. I do wish that all companies were required to report their % of their policies that were paid in the contestable period...just to remind everyone Settlers does.

 

[WinoBlues]

Scott, please help me out here:

If I have a $35K policy and pass and it is outside of the 2 year period. My family goes down to the funeral home and tells them they have a policy on me and that is what they will use to pay for my funeral.

1. Will my family have to assign the entire $35K policy over to the funeral home or just the portion to cover the funeral?

2. If they have to assign the entire policy over to the funeral home I realize that the funeral home will not get to keep the entire $35K so how long before my family is paid the difference?

3. If they only assign the cost of the funeral over then how long before my family is paid their portion of the proceeds?

4. Will the funeral home charge 5% of the policy face amount or 5% of the funeral charges?

Thank you very much.

I set up arrangements last week for a family member on Hospice. The insurance company will mail me a check for the overage the same day they mail the funeral home theirs. If they overnight it we could have the money before the service. This is an independent funeral home. The policy is well out side of the contestable period.

 

[RonRoberts]

I set up arrangements last week for a family member on Hospice. The insurance company will mail me a check for the overage the same day they mail the funeral home theirs. If they overnight it we could have the money before the service. This is an independent funeral home. The policy is well out side of the contestable period.

Now that is servicing your client.

 

[WinoBlues]

Now that is servicing your client.

I think you may have misunderstood. This is a policy I own.

I had better do a good job or I am going to be pissed at me.

 

[Todd King]

I think you may have misunderstood. This is a policy I own.

I had better do a good job or I am going to be pissed at me.

And if you do a good job, is there a bonus you'll be paying yourself? Maybe take yourself out on a date?

 

[Newby]

I set up arrangements last week for a family member on Hospice. The insurance company will mail me a check for the overage the same day they mail the funeral home theirs. If they overnight it we could have the money before the service. This is an independent funeral home. The policy is well out side of the contestable period.

What runs into problems is with companies that want to hold things up over needing a certified death certificate. Especially in states where that takes a month to get.

 

[WinoBlues]

And if you do a good job, is there a bonus you'll be paying yourself? Maybe take yourself out on a date?

I am married now Todd.

 

[VolAgent]

I am married now Todd.

When did that happen and does he know yet?

 

[WinoBlues]

What runs into problems is with companies that want to hold things up over needing a certified death certificate. Especially in states where that takes a month to get.

That is very true. This is a company like the others you mentioned that pays on submission of the claim from a Funeral Home. I am leaning to only offering those. Or at a minimum offering that as a choice.
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When did that happen and does he know yet?

LOL, I said now not to.

 

[Todd King]

I am married now Todd.

I know that. All the more reason you'll eventually learn to take yourself out on a date!