QUESTION
Can a funeral home be the beneficiary of an insurance policy?
Asked on May 28th, 2014 on Estate Planning - Illinois
More details to this question:
In Illinois, can a funeral home be named as the beneficiary of an insurance policy being used as collateral security for a pre need arrangement not yet in a trust?
1 ANSWER
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A funeral home may be named as a beneficiary but that may not be the best arrangement. It would require a firm contractual agreement acknowledging the beneficiary identification and the death benefit as payment under a firm contract for a funeral arrangement. It may be best to continue the collateral assignment of insurance policy benefits to the funeral home.
Answered on May 29th, 2014 at 7:15 PM