Follow
Share

Hello,
I recently contacted my mothers life insurance company, since I will be making her premiums now. My mother has a policy for $10,000 enough to pay for her after life expenses.
She has moved to an assisted. Living community where she receives assistance for her living there based on her income.
The representative I spoke with told me that I could make the funeral home owner of her policy informing me she was not an attorney, but she knew a lot of people do this.
Is there a reason I should do this? My mothers policy is not very big, but it will cover her final after life expenses?

Thank you,

Sarah

This question has been closed for answers. Ask a New Question.
Find Care & Housing
Irrevocable Change of Ownership or Absolute Assignment is The Right method of protecting funds during life. Change of Ownership to funeral home under this method allows a family to "spend down" for financial reasons. No One can CASH OUT policy during life, and proceeds only available after death of insured.
Helpful Answer (0)
Report

Thank you for answering my question. The insurance agent was informing me to do this, since my mother receives assistance. I wasn't sure about it, and I didn't know if the state could take step in and take her funeral expenses monies.

Sincerely,

Sarah
Helpful Answer (0)
Report

Owner, NO, you keep ownership and make them Beneficiary IF they will accept that for payment. However, when my dad died, the funeral home wanted full payment within 30 days, and they did not want to wait for the insurance check to come in.
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.