The Process
The process is quite simple. See the flow chart above:
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The funeral home faxes the advance request form to Beta Capital. Beta Capital immediately faxes
an insurance claim form to the funeral home.
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Beta approves the claim and notifies the funeral home. The funeral home faxes copies of the forms to Beta.
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Beta pays the funeral home immediately.
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The funeral home overnights the original forms to Beta in a United Parcel envelope provided by Beta Capital.
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Beta Capital will pay the funeral home within 24 hours of verification of the life insurance coverage on the deceased. On average 50% of claims are paid the same day that Beta Capital receives the request.
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All Beta cases are non recourse to the funeral home once the insurance company verifies the coverage and the proper forms are faxed to Bata Capital
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Beta Capital’s fee is 4.75% of the assignment. For large volume customers, the standard fee can be reduced.
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The fee actually amounts to your average credit card fee.
As several of our funeral home customers have stated:
“The benefits of increased cash flow far outweigh the small fee you charge.”
“I got tired of dealing with insurance companies and listening to every excuse they could
find to keep my money as long as possible. Now your staff deals with the insurance
companies and we get our money in days, not weeks or months.”
Solution for all parties: a funding company that has a proven track record over the years of working with funeral homes. Of course, the old maxim still holds true,” you pay for what you get. Lowest is not always best.”
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